Common use of Time-Based Restricted Shares Clause in Contracts

Time-Based Restricted Shares. A restricted stock award of 40,000 shares of the Company’s common stock. In the event that the Executive’s employment is terminated for Cause or is voluntarily terminated by the Executive other than for Good Reason, any such shares that are unvested at the time of such termination of employment shall be forfeited to the Company (in exchange for no consideration). Such shares will vest as to 10,000 shares on the first anniversary of the Employment Date and as to an additional 2,500 shares at the end of each successive three-month period following the first anniversary of the Employment Date until the fourth anniversary of the Employment Date.

Time-Based Restricted Shares. A restricted stock award of 40,000 50,000 shares of the Company’s common stock. In the event that the Executive’s employment is terminated for Cause or is voluntarily terminated by the Executive other than for Good Reason, any such shares that are unvested at the time of such termination of employment shall be forfeited to the Company (in exchange for no consideration). Such shares will vest as to 10,000 12,500 shares on the first anniversary of the Employment Date and as to an additional 2,500 3,125 shares at the end of each successive three-month period following the first anniversary of the Employment Date until the fourth anniversary of the Employment Date.

Time-Based Restricted Shares. A restricted stock award of 40,000 100,000 shares of the Company’s common stockstock to be granted from the Company’s 2011 Incentive Plan upon its approval by the stockholders of the Company. In the event that the Executive’s employment is terminated for Cause or is voluntarily terminated by the Executive other than for Good Reason, any such shares that are unvested at the time of such termination of employment shall be forfeited to the Company (in exchange for no consideration). Such shares will vest as to 10,000 25,000 shares on the first anniversary of the Employment Date and as to an additional 2,500 6,250 shares at the end of each successive three-month period following the first anniversary of the Employment Date until the fourth anniversary of the Employment Date.

Time-Based Restricted Shares. A restricted stock award of 40,000 100,000 shares of the Company’s common stock. In the event that the Executive’s employment is terminated for Cause or is voluntarily terminated by the Executive other than for (including with Good Reason), any such shares that are unvested at the time of such termination of employment shall be forfeited to the Company (in exchange for no consideration). Such shares will vest as to 10,000 33,333 shares on the first anniversary of the Employment Date and as to an additional 2,500 33,333 shares at on the end of each successive three-month period following the first second anniversary of the Employment Date until and as to the fourth remaining 33,334 shares on the third anniversary of the Employment Date.