Lapse of Restrictions; Restricted Period Sample Clauses
The "Lapse of Restrictions; Restricted Period" clause defines when and how certain limitations or conditions placed on assets, rights, or shares will expire or be lifted. Typically, this clause specifies a set timeframe or the occurrence of specific events after which the restrictions no longer apply, such as the vesting of employee stock or the end of a lock-up period for securities. Its core practical function is to provide clarity and predictability regarding when parties will gain full rights or control, thereby reducing uncertainty and facilitating planning.
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted Stock shall become freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as set forth in this Section 2(b) and on Exhibit A.
(i) The Company’s total shareholder return (as defined in more detail on Exhibit A, “TSR”) over the period beginning on [______________] and ending on [______________] (the “Performance Period”), as calculated by comparison to the indices stipulated on Exhibit A to this Agreement (and using the methodology set forth on such Exhibit A), shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit A to determine the “Vesting Portion” (as defined on Exhibit A) of the Stock Award as a percentage of the Target Award. Such calculations shall be determined by the Committee no later than [______________] (the date of such determination, the “Determination Date”). Restrictions with respect to 100% of the related Vesting Portion of the Stock Award set forth on Exhibit A shall lapse as of the later of the Determination Date and [______________] (the “Vesting Date”).
(ii) Except as set forth in Section 3, such lapse of restrictions shall occur only if the Recipient has remained employed by the Company through the Vesting Date, as the case may be (the “Restricted Period”). The portion of the Restricted Stock which does not vest as of the Vesting Date based on TSR performance, and any related accrued but unpaid dividends that are at that time subject to restrictions as set forth herein, shall, as of the Vesting Date, be forfeited to the Company without payment of any consideration by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such shares of Restricted Stock or certificates.
(iii) In order to enforce the foregoing restrictions, the Committee may (A) require that the certificates representing the shares of Restricted Stock remain in the physical custody of the Company or in book entry until any or all of such restrictions expire or have been removed, and (B) cause a legend or legends to be placed on the certificates or book entry which make appropriate reference to the restrictions imposed under the Plan.
(iv) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.
Lapse of Restrictions; Restricted Period. Except as provided in Sections 3 and 5 below, the restrictions set forth in Section 1 above shall lapse and all of the Restricted Shares shall become unrestricted and freely tradable on May 20, 2011, if Recipient is a member of the board of trustees of the Company or any of its affiliates.
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows: (i) 18,750 of the Restricted Shares on January 13, 2018; (ii) 18,750 of the Restricted Shares on January 13, 2019; (iii) 18,750 of the Restricted Shares on January 13, 2020; and (iv) 18,750 of the Restricted Shares on January 13, 2021.
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted Stock shall become freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as follows: as to one-third (1/3) of the Restricted Stock on [_____________]; as to one-third (1/3) of the Restricted Stock on [_____________]; and as to one-third (1/3) of the Restricted Stock on [_____________] (the “Restricted Period”). In order to enforce the foregoing restrictions, the Board may (i) require that the certificates representing the shares of Restricted Stock remain in the physical custody of the Company or in book entry until any or all of such restrictions expire or have been removed, and (ii) may cause a legend or legends to be placed on the certificates which make appropriate reference to the restrictions imposed under the Plan.
Lapse of Restrictions; Restricted Period. Except as provided in Sections 3 and 5 below, the restrictions set forth in Section 1 above shall lapse and all of the Restricted Shares shall become unrestricted and freely tradable on the earlier of (i) , 20 , or (ii) the date of the next annual shareholders meeting of the Company, if Recipient is a member of the board of trustees of the Company or any of its affiliates on such date.
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable only as follows: (i) 25% of the Restricted Shares on the day (the “First Measurement Date”) on which the Total Return to the Company’s shareholders for the period beginning February 23, 2010 through the First Measurement Date shall equal at least 40% for ten (10) consecutive Business Days; provided, however, the First Measurement Date shall not occur later than February 23, 2016;
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, if any, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows:
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows: (i) 25% of the Restricted Shares on _______, 20___; (ii) 25% of the Restricted Shares on _______, 20___; (iii) 25% of the Restricted Shares on _______, 20___; and (iv) 25% of the Restricted Shares on _______, 20___.
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units shall become freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable on the 12-month anniversary of the Date of Grant (the "Vesting Date") and will be Vested LTIP Units on the Vesting Date; provided, that the Recipient remains continuously employed by or in service as a director of or consultant or advisor to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary through the Vesting Date. Prior to the Vesting Date, the LTIP Units shall be Unvested LTIP Units.
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted Stock shall become freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as set forth in this Section 2(b)