Common use of Xxxxx on Expiration of CARES Act Compensation Limitations Clause in Contracts

Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least March 24, 2022 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the CARES Act, the Company shall grant to Executive an additional seven thousand five hundred (7,500) shares of restricted stock (the “Additional Restricted Stock”) under the Company’s 2016 Long-Term Incentive Plan provided that the Executive remains actively employed as of such date. The Additional Restricted Stock will vest on the first anniversary of the date of grant. In the event a Change of Control transaction is consummated prior to the forfeiture of the Additional Restricted Stock, any unvested Additional Restricted Stock shall automatically vest. The Additional Restricted Stock will be subject to the terms of a Restricted Stock Agreement to be entered into between the Company and Executive to evidence this grant. From and after grant, Executive shall be entitled to vote all vested and unvested shares of the Additional Restricted Stock and to receive all dividends paid thereon, until and unless such time as such shares of Additional Restricted Stock are forfeited in accordance with the terms of the Restricted Stock Agreement evidencing such grant.

Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least March 24, 2022 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the CARES Act, the Company shall grant to Executive an additional seven thousand five hundred (7,500) 10,000 shares of restricted stock (the “Additional Restricted Stock”) under the Company’s 2016 Long-Term Incentive Plan provided that the Executive remains actively employed as of such date. The Additional Restricted Stock will vest on the first anniversary of the date of grant. In the event a Change of Control transaction is consummated prior to the forfeiture of the Additional Restricted Stock, any unvested Additional Restricted Stock shall automatically vest. The Additional Restricted Stock will be subject to the terms of a Restricted Stock Agreement to be entered into between the Company and Executive to evidence this grant. From and after grant, Executive shall be entitled to vote all vested and unvested shares of the Additional Restricted Stock and to receive all dividends paid thereon, until and unless such time as such shares of Additional Restricted Stock are forfeited in accordance with the terms of the Restricted Stock Agreement evidencing such grant.