Lapse of the Period of Restriction Clause Samples

Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to forty percent (40%) of the Restricted Shares, on or after the date which is eight months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is fourteen months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is twenty-six months after the Date of Award; as to the remaining twenty percent (20%) of the Restricted Shares, on or after the date which is thirty-five months after the Date of Award. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlier, the Period of Restriction will lapse with respect to Restricted Shares then held by Employee upon the termination by the Corporation of Employee's services to the Corporation without cause (as such term is defined in the Employment Agreement) or upon the termination by the Employee of his services to the Corporation for good reason (as such term is defined in the Employment Agreement).
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Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Executive according to the following schedule: (a) the Period of Restriction shall lapse as to 41,666 of the Restricted Shares on the first anniversary of the Date of Award, provided that Executive shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse; (b) the Period of Restriction shall lapse as to an additional 10,416 of the Restricted Shares on August 1, 2004, provided that Executive shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse; (c) the Period of Restriction shall lapse as to the remaining 72,918 of the Restricted Shares on May 1, 2006, provided that Executive shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse; and (d) except as provided below, in the event that Executive's employment with the Corporation is terminated for any reason under the Employment Agreement, other than Executive's voluntary resignation without "good reason" (as such term is defined in Section 14.4 of the Employment Agreement) or by the Corporation for "cause" (as such term is defined in the Employment Agreement), during the period beginning on the first anniversary of the Date of Award and ending on May 1, 2006, then, as of the date of such termination, the Period of Restriction shall lapse as to the final 72,918 of the Restricted Shares according to the following schedule: in seven equal quarterly installments on the first day of each August, November, February and May beginning with November 1, 2004 and ending on May 1, 2006. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to the subsequent installment. In the event that the Corporation shall terminate the Employment Agreement without "cause", as such term is defined in the Employment Agreement, or Executive shall resign for "good reason" under clauses (i), (ii) or (iii) of Section 14.4 of the Employment Agreement, within the first year after the Commencement Date of the Employment Agreement, the Period of Restriction shall immediately lapse with respect to 12,500 of the Restricted Shares. The Period of Restriction shall also lapse with respect to Restri...
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Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 2 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to 23,810 shares of the Restricted Shares, on or after the date which is twelve months after the Date of Award; as to 23,810 shares of the Restricted Shares, on or after the date which is twenty-four months after the Date of Award; as to the remaining 23,809 shares of the Restricted Shares, on or after the date which is thirty-six months after the Date of Award. If earlier, the Period of Restriction will lapse with respect to Restricted Shares then held by Employee upon the termination by the Corporation of Employee’s services to the Corporation without cause (as such term is defined in the Employment Agreement), or (ii) the termination by the Employee of his or her services with the Corporation for “good reason” (as such term is defined in the Employment Agreement).
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Related to Lapse of the Period of Restriction

  • Period of Restriction The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 2; for purposes of this Agreement, “Period of Restriction” means the period of time after which the Award shall be deemed “vested” and settled in cash as provided in the Plan and this Agreement. The Restricted Stock Units awarded hereunder, and all rights with respect to such Restricted Stock Units, may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.

  • Lapse of Restrictions If, for any reason, Shares are issued to the Employee within six months of the Grant Date, the Employee agrees that he or she will not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

  • Extension of Restriction Period The Restriction Period shall be tolled for any period during which the Executive is in breach of any of Sections 4.2, 4.3 or 4.4 hereof.

  • Expiration of Restrictions and Risk of Forfeiture Unless otherwise provided in Section 7 below, the restrictions on the Restricted Stock Units granted pursuant to this Agreement, including the Forfeiture Restrictions, will expire on September 30, 2014, and shares of Stock that are nonforfeitable and transferable will be issued to you in payment of your vested Restricted Stock Units as set forth in Section 5, provided that you remain in the continuous employ of, or a service provider to, the Company or its Subsidiaries until September 30, 2014.

  • Termination of Restrictions Except as set forth in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof.