Common use of Vesting and Lapse of Restrictions Clause in Contracts

Vesting and Lapse of Restrictions. Subject to Section 3.2(b) and Sections 3.4, 3.5 and 3.6, shares of Restricted Stock shall vest and become nonforfeitable in the hands of the Holder as follows: (a) One third (1/3) of the shares of Restricted Stock or One Thousand Eight Hundred and Thirty-three (1,833) shares shall become vested, and the Restrictions on such shares shall lapse, upon August 1, 2005 provided that Holder’s Termination of Employment shall not have occurred as of such date. (b) The Restrictions on the remaining two-thirds (2/3) of the shares of Restricted Stock shall thereafter lapse monthly at the rate of one-twenty fourth (1/24) per month or One Hundred and Fifty-Two (152) shares per month commencing on September 1, 2005 and on the 1st day of each month thereafter, provided that any unvested shares of Restricted Stock shall vest on September 1, 2007 and provided further that Holder’s Termination of Employment shall not have occurred as of the 1st day of a month. (c) Notwithstanding Section 3.2(a) above, no shares of Restricted Stock shall become vested following the Holder’s Termination of Employment.

Vesting and Lapse of Restrictions. Subject to Section 3.2(b) and Sections 3.4, 3.5 and 3.6, shares of Restricted Stock shall vest and become nonforfeitable in the hands of the Holder as follows: (a) One third (1/3) of the shares of Restricted Stock or One Thousand Eight Hundred and Thirty-three (1,833) shares shall become vested, and the Restrictions on such shares shall lapse, upon August 14, 2005 provided that Holder’s Termination of Employment shall not have occurred as of such date. (b) The Restrictions on the remaining two-thirds (2/3) of the shares of Restricted Stock shall thereafter lapse monthly at the rate of one-twenty fourth (1/24) per month or One Hundred and Fifty-Two (152) shares per month commencing on September 14, 2005 and on the 1st 4th day of each month thereafter, provided that any unvested shares of Restricted Stock shall vest on September 14, 2007 and provided further that Holder’s Termination of Employment shall not have occurred as of the 1st 4th day of a month. (c) Notwithstanding Section 3.2(a) above, no shares of Restricted Stock shall become vested following the Holder’s Termination of Employment.

Vesting and Lapse of Restrictions. Subject to Section 3.2(b) and Sections 3.4, 3.5 and 3.6, shares of Restricted Stock shall vest and become nonforfeitable in the hands of the Holder as follows: (a) One third (1/3) of the shares of Restricted Stock or One Thousand Eight Six Hundred and ThirtySixty-three seven (1,833667) shares shall become vested, and the Restrictions on such shares shall lapse, upon August 1, 2005 provided that Holder’s Termination of Employment shall not have occurred as of such date. (b) The Restrictions on the remaining two-thirds (2/3) of the shares of Restricted Stock shall thereafter lapse monthly at the rate of one-twenty fourth (1/24) per month or One Hundred and Fifty-Two five (15255) shares per month commencing on September 1, 2005 and on the 1st day of each month thereafter, provided that any unvested shares of Restricted Stock shall vest on September 1, 2007 and provided further that Holder’s Termination of Employment shall not have occurred as of the 1st day of a month. (c) Notwithstanding Section 3.2(a) above, no shares of Restricted Stock shall become vested following the Holder’s Termination of Employment.

Vesting and Lapse of Restrictions. Subject to Section 3.2(b) and Sections 3.4, 3.5 and 3.6, shares of Restricted Stock shall vest and become nonforfeitable in the hands of the Holder as follows: (a) One third (1/3) of the shares of Restricted Stock or One Thousand Eight Hundred and Thirty-three (1,833) shares shall become vested, and the Restrictions on such shares shall lapse, upon August 1January 10, 2005 2006 provided that Holder’s Termination of Employment shall not have occurred as of such date. (b) The Restrictions on the remaining two-thirds (2/3) of the shares of Restricted Stock shall thereafter lapse monthly at the rate of one-twenty fourth (1/24) per month or One Hundred and Fifty-Two (152) shares per month commencing on September 1February 10, 2005 2006 and on the 1st 10th day of each month thereafter, provided that any unvested shares of Restricted Stock shall vest on September 1February 10, 2007 2008 and provided further that Holder’s Termination of Employment shall not have occurred as of the 1st 10th day of a month. (c) Notwithstanding Section 3.2(a) above, no shares of Restricted Stock shall become vested following the Holder’s Termination of Employment.