Unrestricted Shares definition
Examples of Unrestricted Shares in a sentence
In addition, the Committee may grant Awards hereunder in the form of unrestricted shares (“Unrestricted Shares”), which shall vest in full upon the date of grant or such other date as the Committee may determine or which the Committee may issue pursuant to any program under which one or more Eligible Persons (selected by the Committee in its sole discretion) elect to receive Unrestricted Shares in lieu of cash bonuses that would otherwise be paid.
In addition, any stock or other non-cash distributions issued on or in respect of Unrestricted Shares will be equally and contemporaneously issued on or in respect of such Award Shares, but will be held in escrow and will be subject to the transferability restrictions and forfeiture conditions imposed under this Agreement on Award Shares.
In the event that Employee ceases to be a Service Provider for any or no reason (including death or disability) at any time prior to the consummation of an IPO, any then Unrestricted Shares shall be subject to a right (but not an obligation) of repurchase by Company.
Company's right of repurchase with respect to Unrestricted Shares shall lapse upon the consummation of an IPO or upon expiration of the above referenced sixty (60) day period.
Following the consummation of an IPO, any Unrestricted Shares shall be freely transferable subject only to the restrictions set forth in Sections 6 and 8 hereof.