Lapsing of Awards Clause Samples

The "Lapsing of Awards" clause defines the conditions under which unexercised or unvested awards, such as stock options or restricted stock units, become void or are forfeited. Typically, this clause outlines scenarios like an employee's resignation, termination, or failure to meet certain performance milestones, after which any outstanding awards are no longer valid or accessible. Its core practical function is to clarify when and why participants may lose their rights to awards, thereby managing expectations and reducing disputes over entitlement.
Lapsing of Awards. An Award will lapse upon the earlier to occur of: (a) an unauthorised dealing in, or hedging of, the Award occurring, as governed by Rule 6.3(c); (b) a Vesting Condition in relation to the Award is not satisfied by the due date, or becomes incapable of satisfaction, as determined by the Board in its absolute discretion, unless the Board exercises its discretion to waive the Vesting Condition and vest the Award under Rule 7.2 (Vesting Condition Exceptions) or Rule 10.1(c)(ii) applies; (c) in respect of an unvested Award only, a Relevant Person ceases to be an Eligible Participant, unless the Board: (i) exercises its discretion to vest the Award under Rule 7.2 (Vesting Condition Exceptions); or (ii) in its absolute discretion, resolves to allow the unvested Award to remain unvested after the Relevant Person ceases to be an Eligible Participant; (d) in respect of a vested Award only, a Relevant Person ceases to be an Eligible Participant and, where required by the Board in its absolute discretion, the vested Performance Right is not exercised within a one (1) month period (or such other period as the Board determines) as notified by the Board to the Participant after the date the Relevant Person ceases to be an Eligible Participant; (e) the Board deems that an Award lapses due to fraud, dishonesty or other improper behaviour of the holder/Eligible Participant under Rule 10.2 (Fraud and Related Matters); (f) the Company undergoes a Change of Control or a winding up resolution or order is made, and the Award does not vest in accordance with Rule 7.2 (Vesting Condition Exceptions); and (g) the Expiry Date of the Award.
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Related to Lapsing of Awards

  • Vesting of Award Subject to Section 2(b) below and the other terms and conditions of this Agreement, this Award shall become vested in three equal annual installments on the first, second and third anniversaries of the date hereof. Unless otherwise provided by the Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section 4(c) of the Plan shall be subject to the vesting schedule in this Section 2(a).

  • Forfeiture of Awards The Restricted Stock Units granted hereunder (and gains earned or accrued in connection therewith) shall be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to the Employee or as required by applicable law, and are otherwise subject to forfeiture or disgorgement of profits as provided by the Plan.

  • Payment of Awards The payment of the Award shall be made in shares of Common Stock. The payment of an Award shall be made within 70 days following the end of the Restricted Period.

  • Settlement of Awards Pursuant to Section 5 of this Agreement, the Corporation shall deliver to the Employee one Share for each vested Restricted Stock Unit included in the Award and, as applicable, one share for each vested Restricted Stock Unit that corresponds to an accrued dividend equivalent. Any vested Restricted Stock Units payable to the Employee (including Shares payable pursuant to Section 3 above) shall be paid solely in Shares. Any fractional Share will be rounded to the closest whole Share.

  • Accelerated Vesting of Equity Awards One hundred percent (100%) of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).