Lapse of Restriction Period Clause Samples
The "Lapse of Restriction Period" clause defines the point at which certain contractual restrictions or limitations no longer apply. Typically, this clause specifies a set duration or event after which obligations such as confidentiality, non-compete, or transfer restrictions are lifted, allowing parties to act without those prior constraints. For example, after a restriction period ends, a party may freely sell shares or disclose information that was previously protected. The core function of this clause is to provide certainty about when restrictions expire, ensuring parties know when their obligations end and reducing the risk of ongoing liability.
Lapse of Restriction Period. The Restriction Period shall lapse when the RSU Award is vested as set forth in this Agreement.
Lapse of Restriction Period. When a Share ceases to be a Restricted Share, all restrictions on disposing of or otherwise dealing or purporting to deal with that Share, provided in or under these Rules, will cease.
Lapse of Restriction Period. Upon the lapse of the RESTRICTION PERIOD, the COMPANY shall deliver a stock certificate for, or other appropriate documentation evidencing, the number of shares of COMPANY STOCK with respect to which restrictions have lapsed to the PARTICIPANT.
Lapse of Restriction Period. The Restriction Period lapses on or after the following anniversaries of the Grant Date as to the following cumulative percentages of the Restricted Stock Units: On or after the first anniversary 25% On or after second anniversary 25% additional On or after third anniversary 25% additional On or after fourth anniversary 25% additional In accordance with this schedule, on or after the fourth anniversary of the Grant Date, all restrictions on the Restricted Stock Units shall have lapsed; provided, however, that each of the foregoing anniversaries of the Grant Date shall be deemed automatically extended (i) by the total period of time that the Grantee spends on unpaid leave(s) of absence between the Grant Date and each such anniversary, and (ii) for the duration of any regular or special blackout on trading in Common Stock in effect pursuant to the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Policy when the anniversary occurs.
Lapse of Restriction Period. The Restriction Period lapses on or after the following anniversaries of the Grant Date of the Restricted Stock (or as otherwise noted) as to the following number of shares of the Restricted Stock: On or after the _________ anniversary _______ shares On or after the _________ anniversary _______ shares In accordance with this schedule, on or after the ____________ anniversary of the Grant Date, all restrictions on the Restricted Stock shall have lapsed.
Lapse of Restriction Period. The Restriction Period lapses on or after the following anniversaries of the Grant Date of this Restricted Stock (or as otherwise noted) as to the following cumulative percentages of the shares covered by this Restricted Stock: On or after the first anniversary 25% On or after second anniversary 25% additional On or after third anniversary 25% additional On or after fourth anniversary 25% additional In accordance with this schedule, on or after the fourth anniversary of the Grant Date, all restrictions on this Restricted Stock shall have lapsed; provided, however, that each of the foregoing anniversaries of the Grant Date shall be deemed automatically extended by the total period of time that the Grantee spends on unpaid leave(s) of absence between the Grant Date and each such anniversary.
Lapse of Restriction Period. The forfeiture provision described in Section 5a. shall, subject to the Participant's continuous employment with the Company through the applicable date of lapse, lapse during the Restriction Period with respect to the Applicable Percentage of the Restricted Stock. For purposes of this Award Agreement, the "APPLICABLE PERCENTAGE" means the greater of
(1) 0% if the Participant's termination of employment occurs on or before the first anniversary hereof; (2) 15% if the termination occurs on or after the first anniversary hereof but before the second anniversary hereof; (3) 35% if the termination occurs on or after the second anniversary hereof but before the third anniversary hereof; (4) 65% if the termination occurs after the third anniversary hereof but before the fourth anniversary hereof; (5) 85% if the termination occurs on or after the fourth anniversary hereof but before the fifth anniversary hereof; and (6) 100% if the termination occurs on or after the fifth anniversary hereof; or
(1) 50% if the Fair Market Value (as defined in the Plan) during any five consecutive trading days during the Restriction Period equals or exceeds $5.00 and (2) 100% if the Fair Market Value during any five consecutive trading days during the Restriction Period equals or exceeds $6.00.
Lapse of Restriction Period. The Restriction Period lapses as detailed in the attached Appendix A.
Lapse of Restriction Period. The Restriction Period lapses on the date of the next annual shareholders’ meeting of the Corporation; provided, however, that the Restriction Period shall be deemed automatically extended for the duration of any regular or special blackout on trading in Common Stock in effect pursuant to the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Policy when the annual shareholders’ meeting occurs.
Lapse of Restriction Period. The Restriction Period shall lapse when the LTI Units vest as set forth above or as otherwise set forth in this Agreement.