Examples of Stock Vesting in a sentence
Unless either Section 3.5(b)(ii) or 3.5(b)(iii) shall apply, if Executive’s employment is terminated prior to the Restricted Stock Vesting Date, all shares of Restricted Stock awarded pursuant to Section 3.5(a) hereof shall be forfeited without payment of consideration by the Company.
The number of shares of Common Stock subject to the awarded restricted stock units (the “Shares”) and the applicable vesting schedule for the restricted stock units and the underlying shares shall be as set forth in the “Restricted Stock: Vesting Details” linked to the restricted stock unit grant number for the Award in the Participant’s portfolio provided on the E-Trade Stock Plan Services website.
The Company has been advised that for U.S. federal income tax purposes, in the opinion of counsel, as of each Restricted Stock Vesting Date, you will be treated as receiving compensation taxable as ordinary income equal to the fair market value of the shares that vest on that date.
Beginning on the Grant Date, you will have full voting rights with respect to the shares of Restricted Stock granted in connection with this award, and you will receive cash dividends paid, if any, with respect to those shares (in each case, until you forfeit those shares as provided in this Letter Agreement or sell those shares after the applicable Restricted Stock Vesting Date).
In addition, you will vest in the shares of Restricted Stock that would have vested on the Restricted Stock Vesting Date immediately following your termination of employment, at the same time and on the same basis as if you had remained an employee.
A Restricted Stock Agreement may also specify Designated Performance Criteria which must be satisfied within the Restricted Stock Vesting Period.
Except as otherwise stated in this Section 2, you shall become vested in the Performance Shares on the third anniversary of the Grant Date specified in Annex 1, subject to the Corporation’s achievement of the Performance Goals specified in Annex 1 during the Performance Cycle as certified by the Committee (hereinafter the “Performance Shares Vesting Date” and, together with the Restricted Stock Vesting Date, the “Vesting Date”).
Following expiration of the Restriction Period, on the Restricted Stock Vesting Date, vested shares of Restricted Stock will be redelivered by the Company to the Director and nonvested shares of Restricted Stock will be forfeited and the Company will have the right to complete the blank stock power with respect to such shares.
Except as expressly provided herein, the Stock Vesting Agreement, the Change of Control Severance Agreement, and the Employee Proprietary Information and Inventions Agreement shall remain in full force and effect according to their respective terms.
Upon the lapse or expiration of the Restricted Stock Vesting Period with respect to a portion of the Shares, the Company shall deliver to the Grantee (or in the case of a deceased Grantee, to his legal representative) the certificate in respect of such Shares and the related stock power held by the Company pursuant to Section 4 above.