When Restrictions Lapse. (a) Subject to Section 3(b), Section 3(c) and Section 3(d), the Restricted Shares shall vest and the Restrictions shall lapse with respect to 25% of the Restricted Shares on December 31 of the calendar year in which an Initial Public Offering occurs (the “IPO Year”) and on December 31 of each of the first three calendar years following the IPO Year (each such December 31, an “IPO Vesting Date”); provided that the Executive remains continuously employed with the Company from the Grant Date through the applicable IPO Vesting Date.
When Restrictions Lapse. (a) Subject to Sections 3(b), 3(c) and 3(d), the Restricted Shares shall vest and the Restrictions shall lapse: (i) with respect to 20% of the Restricted Shares on the Grant Date; (ii) with respect to 20% of the Restricted Shares on the first anniversary of the Grant Date; (iii) with respect to 20% of the Restricted Shares on the second anniversary of the Grant Date; (iv) with respect to 20% of the Restricted Shares on the third anniversary of the Grant Date; and (v) with respect to 20% of the Restricted Shares on the fourth anniversary of the Grant Date; provided, in each case that Executive is employed by the Company on such date. Each installment of Restricted Shares that may become vested pursuant to Section 3(a)(i) - (v) shall be referred to herein as an "Installment."
When Restrictions Lapse. The Restricted Shares shall vest in five annual installments, on _________, 20__ and the next four anniversaries of such date, or at such earlier time as the restrictions may lapse pursuant to Sections 6, 7 or 8 of this Agreement. In the absence of any accelerated vesting and lapse of the restrictions under Sections 6, 7 or 8, the restrictions set forth in this Agreement shall lapse with respect to the following numbers of shares on the following dates: NUMBER OF SHARES DATE THAT BECOME VESTED ---- ------------------ _________, 20__ _____ shares _________, 20__ _____ shares _________, 20__ _____ shares _________, 20__ _____ shares _________, 20__ _____ shares
When Restrictions Lapse. Subject to Section 3.4:
When Restrictions Lapse. Subject to Section 3(b), Section 3(c) and Section 3(d), the Restricted Shares shall vest and the Restrictions shall lapse with respect to 25% of the Restricted Shares on December 31 of the calendar year in which an Initial Public Offering occurs (the "IPO Year") and on December 31 of each of the first three calendar years following the IPO Year (each such December 31, an "IPO Vesting Date"); provided that the Executive remains continuously employed with the Company from the Grant Date through the applicable IPO Vesting Date. Notwithstanding Section 3(a), but subject to Section 3(c) and Section 3(d), all Restricted Shares shall vest and all Restrictions shall lapse with respect to all of the Restricted Shares (to the extent not already vested or lapsed pursuant to Section 3(a)) immediately prior to (and subject to the consummation of) a Change in Control (the effective date of such Change in Control, the "CIC Vesting Date"); provided that such Change in Control results in the Principal Stockholders receiving Proceeds in an amount that, when aggregated with all Proceeds received by the Principal Stockholders in connection with any Initial Public Offering or any secondary public offering occurring prior to the CIC Vesting Date, is greater than or equal to the Target Amount; and, provided further that the Executive remains continuously employed with the Company from the Grant Date through the CIC Vesting Date. If, prior to any IPO Vesting Date or the CIC Vesting Date, the Executive's employment with the Company is terminated (i) by reason of the Executive's death or (ii) by the Company for any reason other than (A) for Cause (as defined in the Employment Agreement), (B) for the Executive's insubordination or failure to carry out any lawful directive of the Company's Chief Executive Officer or the Board of Directors of the Company (the "Board") or (C) for the Executive's failure to satisfactorily perform his duties or responsibilities with the Company (each as determined by the Board in its sole discretion), then, effective the business day immediately prior to the effective date of such termination of employment, the Restricted Shares shall vest and the Restrictions shall lapse with respect to all of the Restricted Shares (to the extent not already vested or lapsed pursuant to Section 3(a) or Section 3(b)). If, prior to an IPO Vesting Date or the CIC Vesting Date, the Executive's employment with the Company is terminated either by the Executive or by the Compa...
When Restrictions Lapse. The Restricted Shares shall vest in a single installment, six (6) months after the date of the grant, so that the restrictions under this Agreement shall lapse with respect to all of the Restricted Shares on ___________, 20__ (or at such earlier time as the restrictions may lapse pursuant to Sections 6, 7 or 8).
When Restrictions Lapse. Subject to the limitations herein, ¼ of the Restricted Stock Units shall vest and the restrictions on such Restricted Stock Units shall lapse on and after each of May 14, 2020, August 14, 2020, November 14, 2020 and February 14, 2021, provided that Board Member continues to serve as a Board Member of the Corporation on each such date.
When Restrictions Lapse. The Restricted Shares shall vest and the restrictions set forth in this Agreement shall lapse with respect to such vested shares as follows:
When Restrictions Lapse. The Restricted Shares shall vest and the restrictions set forth in this Agreement shall lapse with respect to one-half of the Restricted Shares on each of the first and second anniversaries of the Expiration Date, as set forth and defined in the Corporation's offer to purchase Participant's Options, respectively, provided that Participant is employed by the Corporation or a Subsidiary on such anniversary date. The foregoing notwithstanding, in the event of a pending or threatened change in control, in connection with any merger, consolidation, acquisition, separation, reorganization, liquidation or like occurrence in which the Corporation is involved, the Board of Directors may, in its sole discretion, take such actions as permitted under the Plan.
When Restrictions Lapse. Provided that Participant is employed by the Corporation or a Subsidiary on the applicable date, the Restricted Shares shall vest and the restrictions set forth in this Agreement shall lapse with respect to such vested shares as follows: Date Vested Shares or at such earlier time as the restrictions may lapse pursuant to Sections 6 or 8 of this Agreement. The foregoing notwithstanding, in the event of a pending or threatened change in control, in connection with any merger, consolidation, acquisition, separation, reorganization, liquidation or like occurrence in which the Corporation is involved, the Board of Directors may, in its sole discretion, take such actions as permitted under the Plan.
