Common use of Vesting of the Restricted Shares Clause in Contracts

Vesting of the Restricted Shares. (a) Except as otherwise provided in Section 2(b) below, the Restricted Shares held by each Stockholder shall become vested in accordance with the following schedule, if, as of each such date, (i) the Management Services Agreement has not been terminated, (ii) there has not been a Cessation of Active Practice by such Stockholder (as defined in Section 2(c) below), (iii) such Stockholder has not become permanently disabled (as described in Section 3(a)(iii) below), and (iv) such Stockholder has not died: Anniversary Date Percentage of of this Agreement Restricted Shares Vested ----------------- ------------------------ First 25% Second 25% Third 25% Fourth 25% For purposes of this Agreement, "Anniversary Date of this Agreement" means September 1 of each year after 1997. Restricted Shares which have become vested are referred to herein as "Vested Shares" and all other Restricted Shares are referred to herein as "Unvested Shares." (b) Notwithstanding the foregoing, in the event of the death of such Stockholder, in addition to any shares that have vested in accordance with Section 2(a) above, the number of Unvested Shares, if any, that would have become Vested Shares during the 12-month period immediately following the date of death had such death not occurred shall be deemed Vested Shares as of the date of death. (c) For purposes of this Agreement, "Cessation of Active Practice" means a physician Stockholder's resignation from or termination of employment with the Medical Group (other than by reason of death or permanent disability).

Appears in 3 contracts

Samples: Restricted Stock Agreement (BMJ Medical Management Inc), Restricted Stock Agreement (BMJ Medical Management Inc), Restricted Stock Agreement (BMJ Medical Management Inc)

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Vesting of the Restricted Shares. (a) Except as otherwise provided in Section 2(b) below, the Restricted Shares held by each Stockholder shall become vested in accordance with the following schedule, if, as of each such date, (i) the Management Services Agreement has not been terminated, (ii) there has not been a Cessation of Active Practice by such Stockholder (as defined in Section 2(c) below), (iii) such Stockholder has not become permanently disabled (as described in Section 3(a)(iii) below), and (iv) such Stockholder has not died: Anniversary Date Percentage of of this Agreement Restricted Shares Vested ----------------- ------------------------ First 25% Second 25% Third 25% Fourth 25% For purposes of this Agreement, "Anniversary Date of this Agreement" means September August 1 of each year after 1997. Restricted Shares which have become vested are referred to herein as "Vested Shares" and all other Restricted Shares are referred to herein as "Unvested Shares." (b) Notwithstanding the foregoing, in the event of the death of such Stockholder, in addition to any shares that have vested in accordance with Section 2(a) above, the number of Unvested Shares, if any, that would have become Vested Shares during the 12-month period immediately following the date of death had such death not occurred shall be deemed Vested Shares as of the date of death. (c) For purposes of this Agreement, "Cessation of Active Practice" means a physician Stockholder's resignation from or termination of employment with the Medical Group (other than by reason of death or permanent disability).

Appears in 1 contract

Samples: Restricted Stock Agreement (BMJ Medical Management Inc)

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