Common use of Vesting and Lapse of Restrictions Clause in Contracts

Vesting and Lapse of Restrictions. (a) Subject to Section 3.1, the Award shall vest in full on the first anniversary of the Award Date (the “Vesting Date”) if the Participant is serving on the Board on such date. (b) If the Participant dies or becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Vesting Date and while the Participant is serving on the Board, the Award shall vest in full upon the date of the Participant’s death or disability. (c) If, prior to the Vesting Date, the Participant ceases to serve on the Board for any reason other than removal for cause, a portion of the Award shall vest on the last day of Board service in an amount equal to the product of (a) the total number of shares of Restricted Stock subject to the Award and (b) the quotient of (i) the number of days elapsed between the Award Date and the date the Participant’s service on the Board ended, divided by (ii) 365 (rounded down to the nearest whole share). All remaining unvested shares shall thereupon be forfeited immediately and without further action by the Company.

Vesting and Lapse of Restrictions. (a) Subject to Section 3.1, the Award shall vest in full on the first anniversary of the Award Date (the “Vesting Date”) if the Participant is serving on the Board on such date. (b) If the Participant dies or becomes permanently and totally disabled (within the meaning of Section #PageNum# 22(e)(3) of the Code) prior to the Vesting Date and while the Participant is serving on the Board, the Award shall vest in full upon the date of the Participant’s death or disability. (c) If, prior to the Vesting Date, the Participant ceases to serve on the Board for any reason other than removal for cause, a portion of the Award shall vest on the last day of Board service in an amount equal to the product of (a) the total number of shares of Restricted Stock subject to the Award and (b) the quotient of (i) the number of days elapsed between the Award Date and the date the Participant’s service on the Board ended, divided by (ii) 365 (rounded down to the nearest whole share). All remaining unvested shares shall thereupon be forfeited immediately and without further action by the Company.

Vesting and Lapse of Restrictions. (a) Subject to Section 3.1, the Award shall vest in full on the first anniversary of the Award Date [INSERT DATE] (the “Vesting Date”) if the Participant is serving on the Board on such date. (b) If the Participant dies or becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Vesting Date and while the Participant is serving on the Board, the Award shall vest in full upon the date of the Participant’s death or disability. (c) If, prior to the Vesting Date, the Participant ceases to serve on the Board for any reason other than removal for cause, a portion of the Award shall vest on the last day of Board service in an amount equal to the product of (a) the total number of shares of Restricted Stock subject to the Award and (b) the quotient of (i) the number of days elapsed between the Award Date [INSERT GRANT DATE] and the date the Participant’s service on the Board ended, divided by (ii) 365 1,096 (rounded down to the nearest whole share). All remaining unvested shares shall thereupon be forfeited immediately and without further action by the Company.