Vesting Forfeiture and Transfer Restrictions Sample Clauses

Vesting Forfeiture and Transfer Restrictions. The Shares of Restricted Stock Shares granted under this Agreement are subject to the Vesting conditions and restrictions set forth below.
Sample 1Sample 2
AutoNDA by SimpleDocs
Vesting Forfeiture and Transfer Restrictions. All Restricted Stock granted to Employee shall be issued and delivered on the Grant Date. Restricted Stock is comprised of “Unvested Shares” and “Vested Shares.” As of the Grant Date, all of the shares of Restricted Stock granted under this Agreement are “Unvested Shares” and will continue to be Unvested Shares for purposes of this Agreement until the Unvested Shares become Vested Shares in accordance with the following schedule: Date Vested Shares 2 20% 3 40% 4 60% 5 80% 6 100% Notwithstanding the preceding, in the event Employee terminates employment with the Bank, or the Employee is terminated for any reason whatsoever prior to the date any Unvested Shares become Vested Shares, or if Employee, Employee’s legal representative, or other holder of the Restricted Stock attempts to sell, exchange, transfer, pledge, or otherwise dispose of any Unvested Shares, other than by the Last Will and Testament of the Employee or the laws of descent, prior to the date Unvested Shares become Vested Shares, any Unvested Shares will be immediately forfeited by the Employee without any further action by the Bank or Company.
Sample 1
Vesting Forfeiture and Transfer Restrictions. All Restricted Stock granted to Employee shall be issued and delivered on the Grant Date. Restricted Stock is comprised of "Unvested Shares" and "Vested Shares." As of the Grant Date, all of the shares of Restricted Stock granted under this Agreement are "Unvested Shares" and will continue to be Unvested Shares for purposes of this Agreement until the fifth (5th) anniversary of the Grant Date, at which time all Unvested shares of Restricted Stock shall become Vested shares of Restricted Stock. Notwithstanding the preceding, in the event Employee terminates his employment with the Company or has his employment terminated for any reason whatsoever prior to ___________, 200__, or if Employee, Employee's legal representative, or other holder of the Restricted Stock attempts to sell, exchange, transfer, pledge, or otherwise dispose of any Unvested Shares, all shares, Unvested or Vested, will be immediately forfeited without any further action by the Company. In the event of such forfeiture, such forfeited Unvested Shares shall be immediately repurchased by the Company, subject to any necessary regulatory approvals, within ninety (90) days from such forfeiture. The Employee shall receive from the Company an amount equal to the lesser of (i) the Xxxxx Xxxxx for the forfeited shares, or (ii) the Fair Market Value of the forfeited shares as of the date of the forfeiture. Any payments due pursuant to this provision shall be shall occur within ninety (90) days of the date of such forfeiture or such longer period as may be agreed to by the Company and the Employee. Any Restricted Stock granted may not be assigned, transferred, pledged or otherwise disposed of in any way other than by the Last Will and Testament of the Employee or the laws of descent, subject to the bylaws of the Company and any S corporation restrictions, if applicable. Any Restricted Stock held by a beneficiary shall be subject to the restrictions imposed on such
Sample 1
Vesting Forfeiture and Transfer Restrictions. As of the Grant Date, all shares of Restricted Stock granted under this Agreement will be subject to the conditions and restrictions set forth in this Agreement.
Sample 1
Vesting Forfeiture and Transfer Restrictions 
Sample 1Sample 2Sample 3See All (7)

Related to Vesting Forfeiture and Transfer Restrictions

  • Vesting; Forfeiture Subject to the terms and conditions of this Agreement and provided that the Participant continues to provide services until the Vesting Date (as defined below):

  • Lapse of Forfeiture Restrictions The Forfeiture Restrictions shall lapse as to the Restricted Shares in accordance with the following schedule provided that Employee has been continuously employed by the Company or a Subsidiary or Affiliate from the date of this Agreement through the lapse date. Date Percentage of Total Number of Restricted Shares as to Which Forfeiture Restricted Lapse May 15, 2004 16 % May 15, 2005 18 % May 15, 2006 20 % May 15, 2007 22 % May 15, 2008 24 % Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse as to all of the Restricted Shares on the earlier of (i) the occurrence of a Change of Control (as such term is defined in the Plan), or (ii) the date Employee's employment with the Company, its Subsidiaries and Affiliates is terminated for any reason other than a termination by the Employee's employer for "Cause" or a voluntary termination by the Employee. In the event Employee's employment is terminated for any reason, the Compensation Committee of the Board (the "Committee"), may, in the Committee's sole discretion, approve the lapse of Forfeiture Restrictions as to any or all Restricted Shares still subject to such restrictions, such lapse to be effective on the date of such approval or Employee's termination date, if later. To the extent that any Restricted Shares are vested solely as a result of the Employee's termination of employment pursuant to the foregoing, such shares shall be subject to a right of first refusal in favor of the Company with respect to all (but not less than all) of such shares in the event the Employee proposes to sell or otherwise transfer such shares to any other person. The Employee shall notify the Company prior to any such transfer (and in the absence of such prior notice any such transfer shall be void). The Company's right of repurchase shall be exercisable with respect to such shares within the thirty (30) day period following the date the Employee gives notice to the Company of the proposed transfer. The purchase price of the shares repurchased by the Company hereunder shall be "Fair Market Value" (as defined in the Plan). If the Company exercises its right of first refusal, the sale shall be consummated within five (5) days of the date the Company elects to exercise its right.

  • Restrictions; Vesting Subject to the terms and conditions of the Plan and this Agreement, Participant’s rights in and to Restricted Stock Units shall vest, if at all, as follows:

  • Forfeiture of Restricted Shares Subject to Section 4(b), if your Service to the Company or any Affiliate terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.

  • Vesting and Lapse of Restrictions Subject to Sections 2.2(a) and 2.2(c), the Award shall vest and Restrictions shall lapse in accordance with the vesting schedule set forth on the Grant Notice.

  • Restrictions; Forfeiture The Restricted Shares are restricted in that they may not be sold, transferred or otherwise alienated or hypothecated until these restrictions are removed or expire as described in Section 5 or 6 of this Agreement. The Restricted Shares are also restricted in the sense that they may be forfeited to the Company (the “Forfeiture Restrictions”). You hereby agree that if the Restricted Shares are forfeited, as provided in Section 6, the Company shall have the right to deliver the Restricted Shares to the Company’s transfer agent for, at the Company’s election, cancellation or transfer to the Company.

  • Forfeiture Restrictions The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions, and in the event of termination of the Employee’s employment with the Company for any reason other than as provided in Section 2(b), the Employee shall, for no consideration, forfeit to the Company all Restricted Shares then subject to the Forfeiture Restrictions. The prohibition against transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares.

  • Expiration of Restrictions and Risk of Forfeiture Unless otherwise provided in Section 7 below, the restrictions on the Restricted Stock Units granted pursuant to this Agreement, including the Forfeiture Restrictions, will expire on September 30, 2014, and shares of Stock that are nonforfeitable and transferable will be issued to you in payment of your vested Restricted Stock Units as set forth in Section 5, provided that you remain in the continuous employ of, or a service provider to, the Company or its Subsidiaries until September 30, 2014.

  • Lapse of Restrictions If, for any reason, Shares are issued to the Employee within six months of the Grant Date, the Employee agrees that he or she will not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

  • Restrictions and Forfeiture (i) All Class B Units when issued shall be subject to forfeiture and shall constitute “Restricted Class B Units” and shall remain subject to forfeiture as provided in this Section 16.2(a) until the requirements of this Section 16.2(a) have been satisfied.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!