Escrow of Share Certificates. As soon as reasonably practicable after the Award Date, the Company shall issue stock certificates in the Awardee’s name that correspond to the Restricted Shares (the “Certificates”), and shall hold such Certificates in escrow for the Awardee’s benefit, properly endorsed for transfer, until such time as the Restricted Shares are forfeited to the Company or all restrictions thereon lapse. The Company shall not be liable for any act it may do or fail to do with respect to the holding of the Certificates in escrow hereunder, provided it acts or fails to act in good faith and in the exercise of its sound judgment.
Appears in 2 contracts
Sources: Restricted Stock Award Agreement (Virpax Pharmaceuticals, Inc.), Restricted Stock Award Agreement (Lakeland Bancorp Inc)
Escrow of Share Certificates. As soon as reasonably practicable after the Award Date, the Company shall issue stock certificates in the Awardee’s 's name that correspond to the Restricted Shares (the “"Certificates”"), and shall hold such Certificates in escrow for the Awardee’s 's benefit, properly endorsed for transfer, until such time as the Restricted Shares are forfeited to the Company or all restrictions thereon lapse. The Company shall not be liable for any act it may do or fail to do with respect to the holding of the Certificates in escrow hereunder, provided it acts or fails to act in good faith and in the exercise of its sound judgment.
Appears in 1 contract
Sources: Restricted Stock Grant Agreement (Phase Iii Medical Inc/De)