Common use of Restrictions on Transfer and Restricted Period Clause in Contracts

Restrictions on Transfer and Restricted Period. Except as otherwise provided in Section 3 or Section 8 of this Agreement, during the period (the “Restricted Period”) commencing on the date of this Agreement and terminating on November 5, 2015, Shares with respect to which the Restricted Period has not lapsed may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee. Shares with respect to which the Restricted Period has lapsed shall sometimes be referred to herein as “Vested.” Except as otherwise provided in Section 3 or Section 8 of this Agreement and subject to Section 10(b) of the Employment Agreement, provided that the Grantee is then serving as a Director or an Employee of the Corporation or any Subsidiary, Shares shall become Vested in accordance with the following schedule: Date of Vesting Cumulative Shares Vested November 5, 2013 5,000 November 5, 2014 10,000 November 5, 2015 15,000 November 5, 2016 20,000 November 5, 2017 25,000

Appears in 2 contracts

Samples: Separation and Settlement Agreement (Banc of California, Inc.), Employment Agreement (First Pactrust Bancorp Inc)

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Restrictions on Transfer and Restricted Period. Except as otherwise provided in Section 3 or Section 8 of this Agreement, during the period (the “Restricted Period”) commencing on the date of this Agreement and terminating on November 514, 20152017, Shares with respect to which the Restricted Period has not lapsed may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee. Shares with respect to which the Restricted Period has lapsed shall sometimes be referred to herein as “Vested.” Except as otherwise provided in Section 3 or Section 8 of this Agreement and subject to Section 10(b) of the Employment Agreement, provided that the Grantee is then serving as a Director or an Employee of the Corporation or any Subsidiary, Shares shall become Vested in accordance with the following schedule: Date of Vesting Cumulative Shares Vested November 514, 2013 5,000 November 514, 2014 10,000 November 514, 2015 15,000 November 514, 2016 20,000 November 514, 2017 25,000

Appears in 1 contract

Samples: Employment Agreement (First Pactrust Bancorp Inc)

Restrictions on Transfer and Restricted Period. Except as otherwise provided in Section 3 or Section 8 of this Agreement, during the period (the “Restricted Period”) commencing on the date of this Agreement and terminating on November 5September 25, 20152017, Shares with respect to which the Restricted Period has not lapsed may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee. Shares with respect to which the Restricted Period has lapsed shall sometimes be referred to herein as “Vested.” Except as otherwise provided in Section 3 or Section 8 of this Agreement and subject to Section 10(b) of the Employment Agreement, provided that the Grantee is then serving as a Director or an Employee of the Corporation or any Subsidiary, Shares shall become Vested in accordance with the following schedule: Date of Vesting Cumulative Number of Shares Vested November 5September 25, 2012 12,000 September 25, 2013 5,000 November 512,000 September 25, 2014 10,000 November 512,000 September 25, 2015 15,000 November 512,000 September 25, 2016 20,000 November 5, 2017 25,00012,000

Appears in 1 contract

Samples: Employment Agreement (First Pactrust Bancorp Inc)

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Restrictions on Transfer and Restricted Period. Except as otherwise provided in Section 3 or Section 8 of this Agreement, during the period (the “Restricted Period”) commencing on the date of this Agreement and terminating on November 5August 22, 2015, Shares with respect to which the Restricted Period has not lapsed may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee. Shares with respect to which the Restricted Period has lapsed shall sometimes be referred to herein as “Vested.” Except as otherwise provided in Section 3 or Section 8 of this Agreement and subject to Section 10(b) of the Employment Agreement, provided that the Grantee is then serving as a Director or an Employee of the Corporation or any Subsidiary, Shares shall become Vested in accordance with the following schedule: Date of Vesting Cumulative Number of Shares Vested November 5August 22, 2013 5,000 November 51,666 August 22, 2014 10,000 November 53,333 August 22, 2015 15,000 November 5, 2016 20,000 November 5, 2017 25,0005,000

Appears in 1 contract

Samples: Employment Agreement (First Pactrust Bancorp Inc)

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