Termination of the Forfeiture Restriction Clause Samples

Termination of the Forfeiture Restriction. (i) Participant shall vest in the Issued Shares, and the Forfeiture Restriction shall concurrently lapse with respect to the Issued Shares, upon Participant’s completion of Service in accordance with the Vesting Schedule set forth in the Grant Notice. For the avoidance of doubt, except to the extent provided in Paragraph 3(d)(ii) below, in the case of a Participant termination between vesting dates, no pro rata portion of the Issued Shares shall vest. (ii) Notwithstanding subparagraph (i) above, Participant shall vest in the Issued Shares, and the Forfeiture Restriction shall concurrently lapse with respect to the Issued Shares, upon Participant’s death or Disability.
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Termination of the Forfeiture Restriction. Subject to the terms and conditions of the Plan and this Agreement, the Forfeiture Restriction shall lapse and cease to apply with respect to any and all Issued Shares in which Participant vests in accordance with the following schedule: (i) Participant shall vest in twelve and one-half percent (12.5%) of the Issued Shares, and the Forfeiture Restriction shall concurrently lapse with respect to those Issued Shares, upon Participant’s completion of six (6) months of Service measured from , 20 . (ii) Participant shall vest in the remaining eighty-seven and one-half percent (87.5%) of the Issued Shares, and the Forfeiture Restriction shall concurrently lapse with respect to those Issued Shares, in a series of forty-two (42) successive equal monthly installments upon Participant’s completion of each additional month of Service over the forty-two (42)-month period measured from the date on which the first twelve and one-half percent (12.5%) of the Issued Shares vests hereunder. All Issued Shares as to which the Forfeiture Restriction lapses shall, however, remain subject to (i) the Repurchase Right, (ii) the First Refusal Right and (iii) the Market Stand-Off.
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Termination of the Forfeiture Restriction. The Forfeiture Restriction shall terminate and cease to be applicable with respect to any and all Purchased Shares in which Participant vests in accordance with the following Vesting Schedule: Participant shall acquire a vested interest in, and the Forfeiture Restriction shall lapse with respect to, the Purchased Shares in a series of twelve (12) successive equal monthly installments upon Participant's completion of each calendar month of service as a member of the Board during calendar year 2006, with the first such installment to become vested upon Participant's continuation in Board service through January 31, 2006. In the event any Unvested Shares are released from the Forfeiture Restriction, any dividends or other distributions paid on such shares and held by the escrow agent pursuant to Paragraph A.4 shall be promptly paid by the escrow agent to Participant.
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Termination of the Forfeiture Restriction. Subject to the terms and conditions of the Plan and this Agreement, the Forfeiture Restriction shall lapse and cease to apply with respect to any and all Issued Shares in which Participant vests in accordance with the following schedule: (i) Participant shall vest in the Issued Shares, and the Forfeiture Restriction shall concurrently lapse with respect to those Issued Shares, in four equal successive annual installments of twenty-five percent (25%) each upon Participant’s completion of each year of Service over the four (4) year period measured from the Grant Date. All Issued Shares as to which the Forfeiture Restriction lapses shall, however, remain subject to (i) the First Refusal Right, (ii) the Market Stand-Off and (iii) the Repurchase Right.
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Related to Termination of the Forfeiture Restriction

  • Forfeiture Restrictions The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions, and in the event of termination of the Employee’s employment with the Company for any reason other than as provided in Section 2(b), the Employee shall, for no consideration, forfeit to the Company all Restricted Shares then subject to the Forfeiture Restrictions. The prohibition against transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares.

  • Lapse of Forfeiture Restrictions The Forfeiture Restrictions -------------------------------- shall lapse as to the Restricted Shares in accordance with the following schedule provided that Employee has been continuously employed by the Company from the date of this Agreement through the lapse date: Percentage of Total Number of Restricted Shares as to Which Forfeiture Lapse Date Restrictions Lapse ---------- -------------------------- First Anniversary of the date of this Agreement 10% Second Anniversary of the date of this Agreement 10% Third Anniversary of the date of this Agreement 10% Fourth Anniversary of the date of this Agreement 10% Fifth Anniversary of the date of this Agreement 10% Sixth Anniversary of the date of this Agreement 10% Seventh Anniversary of the date of this Agreement 10% Eighth Anniversary of the date of this Agreement 10% Ninth Anniversary of the date of this Agreement 10% Tenth Anniversary of the date of this Agreement 10% Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse as to all of the Restricted Shares on the earlier of (i) the occurrence of a Corporate Change (as such term is defined in the Plan), (ii) the date Employee's employment with the Company is terminated by reason of death, disability (as determined by the Company or employing subsidiary) or normal retirement on or after age sixty-five or (iii) the date on which Employee shall become entitled to the severance benefits set forth in Section 3.3 of that certain Executive Employment Agreement of even date herewith by and among Employee, NUMAR Corporation and the Company. In the event Employee's employment is terminated for any other reason, including retirement prior to age sixty-five with the approval of the Company or employing subsidiary, the Committee which administers the Plan (the "Committee") or its delegate, as appropriate, may, in the Committee's or such delegate's sole discretion, approve the lapse of Forfeiture Restrictions as to any or all Restricted Shares still subject to such restrictions, such lapse to be effective on the date of such approval or Employee's termination date, if later.

  • 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.

  • 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.

  • Forfeiture of Restricted Shares Subject to Section 4(b), if your Service to the Company or any Affiliate terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.