Examples of Escrow Stock in a sentence
In the event of Executive's death, Executive's estate or his designated beneficiary shall be paid by the Company all of the compensation and benefits due to Executive through the date of his death, including without limitation, the Escrow Stock and stock option benefits to which Executive was entitled as of the date of his death.
Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Stock held hereunder.
If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Stock with any court it reasonably deems appropriate.
During the Escrow Period, all dividends payable in cash with respect to the Escrow Stock shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.
The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Stock in accordance with this Section 3.