Initial Restriction Period definition
Examples of Initial Restriction Period in a sentence
If the Grantee’s employment is terminated by the Company without Cause prior to the expiration of the Initial Restriction Period by the Company, any unvested RSUs shall be forfeited immediately as of the Date of Termination.
If the Grantee retires or voluntarily terminates his or her employment for any reason other than for Good Reason (as defined above) after the expiration of the Initial Restriction Period, the outstanding unvested RSUs shall immediately be forfeited as of the Date of Termination.
During the Extended Restriction Period, subject to continued compliance by Employee with Section 6 and Section 9 hereof and in consideration of Employee's continuing obligations during the Extended Restriction Period, the Company shall pay Employee the same amounts and provide the same benefits that were provided to Employee during the Initial Restriction Period pursuant to Section 7.2 at such times and subject to such restrictions as provided in Section 7.2.
Upon the closing of the IPO, Purchaser shall not Transfer any shares until 180 days after the effective date of the registration statement of the Company filed under the Securities Act of 1933, as amended (the “Act”) for the IPO (the “IPO Restriction Period” and together with the Initial Restriction Period and the Interim Restricted Period, each a “Restriction Period”).
If the Company has not closed its first underwritten public offering of its Common Stock (the “IPO”) during the Initial Restriction Period, then, from the [***] of the Effective Date until the closing of the IPO (the “Interim Restricted Period”), Purchaser shall be free to Transfer the Stock subject to the restrictions in Sections 2(b) and 2(c) hereof.
Varde agrees that, during the 180-day period beginning on the date immediately following the last day of the Initial Restriction Period, it will not sell any Common Units without the approval of the Managing General Partner, except that such approval shall not be required for (a) any Permitted Sales or (b) sales made as part of a block trade involving no less than 2% of the outstanding Common Units.
The restrictions set forth in Sections 9.1, 9.2 and 9.3 shall initially apply for a period of twelve (12) months subsequent to the termination of Employee's employment for any reason (the "Initial Restriction Period") and, in the event the Employee's employment is terminated within two years of the Effective Date, then the Company may, at its option, extend the Initial Restriction Period by an additional twelve (12) month period (such additional twelve (12) month period, the "Extended Restriction Period").
From and after the Initial Restriction Period until the first anniversary of an IPO, without the prior written consent of Licensor, which consent may be withheld by Licensor in its sole and absolute discretion, PJLC shall not, and shall cause Licensee and its affiliates not to, Transfer, in one or a series of transactions, an aggregate of 50% or more of the Pepe Europe Shares to any Third Party or Third Parties.
Upon the expiration of the Initial Restriction Period, notwithstanding anything herein to the contrary, during each quarter an amount of shares, in the aggregate, divided pro-rata among all Holders, equal to 5% of the average daily volume of the prior quarter (the "Leakout Shares") shall be released from the lock-up provisions set forth in this Agreement, subject to lawful resale restrictions conferred by federal and state securities rules and regulations.
If, during the Second Restriction Period, the Shareholder sells at least 4 million of the Covered Shares, not including any Covered Shares sold during the Initial Restriction Period, then the Quarterly Sales Limit shall continue in force and effect for a subsequent twelve-month period commencing at the end of the Second Restriction Period (the "Final Restriction Period").