Initial Restricted Stock Sample Clauses
The Initial Restricted Stock clause defines the terms under which a specified number of company shares are granted to an individual, typically an employee or founder, with certain restrictions attached. These shares are usually subject to vesting schedules, meaning the recipient earns full ownership over time, and may be forfeited if certain conditions, such as continued employment, are not met. The core function of this clause is to incentivize long-term commitment and align the interests of the recipient with the company’s success, while protecting the company from immediate loss of equity if the individual departs early.
Initial Restricted Stock. On the Effective Date, Cosi shall grant to Mr. Hyatt 275,000 restricted shares of Common Stock, (the "Ini▇▇▇▇ ▇▇▇▇ricted Stock"), pursuant to the LTIP, subject to the terms and conditions set forth in Section 8 below and any additional terms and conditions prescribed by the Compensation Committee in the Initial Restricted Stock Award Agreement.
Initial Restricted Stock. Cosi shall grant to M▇. ▇▇▇▇▇▇▇▇▇ 300,000 shares of Cosi’s authorized but unissued common stock, $0.01 par value, (the “Initial Restricted Stock”), pursuant to the Cosi, Inc. 2005 Long-Term Incentive Plan (“LTIP”). The grant of Initial Restricted Stock shall be awarded to M▇. ▇▇▇▇▇▇▇▇▇ on May 9, 2005, pursuant to the LTIP, subject to the terms and conditions of Section 7 of this Agreement and further subject to any additional terms and conditions prescribed by the Compensation Committee in the Initial Restricted Stock Award Agreement.
Initial Restricted Stock. Effective as of the Commencement Date, the Executive will also be granted an award of restricted stock units equivalent in value to 30,000 shares of common stock of the Company (the “Initial Restricted Stock Units”). The Initial Restricted Stock Units shall not be vested as of the Commencement Date and shall be subject to forfeiture in the event of termination of the Executive’s employment with the Company until it becomes vested in accordance with this Section III-C-2. The Initial Restricted Stock Units shall become vested in three equal annual installments of 10,000 shares on each of the first three anniversaries of the Commencement Date, subject to the Executive’s continued employment with the Company through each such date. The Initial Restricted Stock Units shall be evidenced by a Restricted Stock Unit Award Agreement to be entered into between the Company and the Executive, which agreement shall reflect the terms of the Initial Restricted Stock Units as set forth in this Agreement and such additional terms established by the Company consistent with the terms of similar awards made to other senior executives of the Company and not inconsistent with the terms of this Agreement.
Initial Restricted Stock. As of the Effective Date, Executive will be granted restricted stock awards (the "Initial Restricted Stock Awards") as follows: (i) under the LTIP, a restricted stock award of 205,488 shares of RRI Common Stock and (ii), under the REI LTIP, a REI restricted stock award with respect to a number of shares of REI Common Stock determined by taking the product of (A) 205,488 and (B) the RRI Common Stock closing market price on the Effective Date, divided by (C) the REI Common Stock closing market price on the Effective Date. These two Initial Restricted Stock Awards shall be tandem stock awards, meaning that the Executive must elect at the time hereinafter provided to receive one or the other, and the choice of the RRI Common Stock award cancels the related or companion REI Common Stock award and vice-versa. Executive must choose which stock award to keep at Distribution and forfeit the other. If Distribution does not occur, Executive shall choose at time of vesting. The Initial Restricted Stock Award denominated in REI Common Stock will become a CenterPoint Stock Award which will be adjusted at Distribution as necessary to account for the decrease in the value of such award as a result of the Distribution and such adjustment will be made in the same manner as similar REI awards made after May 4, 2001. So long as Executive remains continuously employed by the Company, these Initial Restricted Stock Awards shall become vested 66 2/3% on July 29, 2004 and 33 1/3% on July 29, 2005 (unless accelerated pursuant to the LTIP, the REI LTIP or another provision of this Agreement) such that the Initial Restricted Stock Awards shall become 100% vested on July 29, 2005. Regardless of the above, if Distribution occurs prior to July 29, 2004, then 33 1/3% of the Initial Restricted Stock Award retained by Executive will have the vesting accelerated from July 29, 2004 to the later of July 29, 2003 or the date of Distribution. The remaining vesting schedule would be 33 1/3% on July 29, 2004 and 33 1/3% on July 29, 2005. The Initial Restricted Stock Awards will be evidenced in the same manner as all other time-based restricted stock grants to executive employees under the LTIP or REI LTIP to the extent that the terms of such grant agreements are not inconsistent with and not less favorable to Executive than the provisions of this Agreement and (i) in the case of a termination under Section 4.A., 4.B., 4.C., 4.D.(iv) or 4.E., Executive shall be 100% vested and (ii) in the case of...
Initial Restricted Stock. You and the Company hereby acknowledge that pursuant to the terms of the Original Letter, as of the date of the closing of the initial public offering of shares of the REIT’s common stock (the “IPO Date”), the REIT granted you a number of shares of the REIT’s common stock (the “Initial Restricted Stock”) equal to the quotient obtained by dividing (x) $250,000 by (y) the initial public offering price of a share of the REIT’s common stock. The Initial Restricted Stock was granted to you under the Amended and Restated 2003 Incentive Award Plan of ▇▇▇▇▇▇▇ Properties, Inc., ▇▇▇▇▇▇▇ Properties Services, Inc. and ▇▇▇▇▇▇▇ Properties, L.P. (the “Incentive Plan”) at a per share purchase price of $0.01 per share and was vested in full as of the IPO Date. The terms and conditions of the Initial Restricted Stock are set forth in a Restricted Stock Agreement, dated June 27, 2003, between you and the REIT.
Initial Restricted Stock. As soon as practicable following the Employment Commencement Date, Executive shall purchase five hundred thousand (500,000) shares of Company common stock at a purchase price of $0.01 per share (the "Initial Restricted Stock"). The Initial Restricted Stock shall vest (i.e., the Company's right to repurchase the Initial Restricted Stock at its original purchase price shall lapse) as to one hundred twenty-five thousand (125,000) shares subject to the Initial Restricted Stock grant each year thereafter through May, 10, 2003, conditioned upon Executive's continued employment or consulting relationship with the Company on such dates. The Initial Restricted Stock shall be subject to the terms and conditions of the Initial Restricted Stock purchase agreement dated May 10, 1999 by and between Executive and the Company (the "Initial Restricted Stock Purchase Agreement"), which is incorporated herein by reference. The Initial Restricted Stock shall be registered by the Company on Form S-8 prior to the date of purchase.
Initial Restricted Stock. Subject to the terms and conditions set forth in this Agreement, the LTIP, and the Initial Restricted Stock Award Agreement:
(A) Twenty percent (20%) of the Initial Restricted Stock grant shall be fully vested on the Effective Date.
(B) On each anniversary of the Effective Date in 2008, 2009, 2010, and 2011, an additional twenty percent (20%) of the Initial Restricted Stock grant shall become fully vested on each such date, provided that Mr. Hyatt remains in the continuous employ of Cosi ▇▇▇▇ ▇▇▇ after the Effective Date and through each such anniversary date.