Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the Director, within thirty (30) days after the Effective Date, a restricted stock award of 0.71% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director and repurchase by the Company such that the Director shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director shall resign from his service as Chairman of the Board, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director shall remain continuously as the Chairman of the Board of Directors of the Company as of such date.
Initial Restricted Stock Award. The Company shall make an initial signing award to the Executive as of the Effective Date of 100,000 restricted shares of the Company's common stock under and subject to the terms and conditions of the Stock Compensation Plan (the "Stock Plan"), a copy of which is attached hereto as Exhibit A. The Executive shall vest in 50% of such shares on the 90th day following the Effective Date and 50% on the six month anniversary of the Effective Date. The foregoing award of restricted stock shall be evidenced by a restricted stock award agreement, which is attached hereto as Exhibit B and made a part of this Agreement.
Initial Restricted Stock Award. On the date of signing this Agreement, Executive shall be granted 600,000 shares of the Company's common stock ("Common Stock"), which shares shall initially be subject to forfeiture and shall vest and become non-forfeitable in accordance with the provisions of this Section 3 (the “Restricted Stock Award”). The Restricted Stock Award shall be made pursuant to the Company’s 2004 Equity Incentive Plan, which was previously approved by the Company’s stockholders at its annual meeting held on June 21, 2005.
Initial Restricted Stock Award. As of the Effective Date, the Board shall grant to the Executive an initial restricted stock award consistent with the terms and conditions set forth in paragraph 3(d) for 750,000 shares of Common Stock of the Employer.
Initial Restricted Stock Award. The Company shall make an initial signing award to the Executive of 500,000 restricted shares of the Company's common stock under and subject to the terms and conditions of the Company's Stock Compensation Plan dated January 1, 2004 or as thereafter amended (the "Stock Plan").
Initial Restricted Stock Award. On the Effective Date, Employee shall be granted 5,000 shares of restricted stock of the Company. The restricted shares shall vest on the one-year anniversary of the grant date, subject to Employee’s continued employment with the Company through such date.
Initial Restricted Stock Award. In consideration for Executive entering into this Agreement, effective as of January 1, 2015 and subject to the Executive’s continued employment on such date, the Company shall grant Executive 850,000 shares of the Company’s common stock subject to that certain Restricted Stock Award Agreement between the Company and Executive (“Initial Restricted Stock”). The Initial Restricted Stock shall vest ratably over the 3-year period beginning on January 1, 2015, and shall be subject to such other terms and conditions and set forth in a separate Restricted Stock Award Agreement between Executive and the Company, which agreement shall include an acceleration of vesting in the event of (A) a Change in Control (as defined in Section 8(g) below), (B) the Executive’s termination of employment with the Company without Cause (as defined in Section 8(b) below) and (C) the Executive’s death
Initial Restricted Stock Award. Subject to approval by the Board, on the Effective Date or as soon as reasonably practicable thereafter, the Company shall grant to the Executive an award of 150,000 shares (“Shares”) of restricted stock (the “Initial Restricted Stock Award”). The Initial Restricted Stock Award shall vest as to one-third of the underlying Shares (rounded down to the nearest whole share) on each of the first three six-month anniversaries of the Effective Date (that is 50,000 Shares of the Initial Restricted Stock Award shall vest six months after the Effective Date, 50,000 Shares of the Initial Restricted Stock Award shall vest twelve months after the Effective Date, and 50,000 Shares of the Initial Restricted Stock Award shall vest eighteen months after the Effective Date), subject to the Executive’s continued employment with the Company on each such vesting date. During the Term, the Executive shall be eligible to receive such other grants of equity awards in such amounts and subject to such terms as determined by the Compensation Committee in its sole discretion.
Initial Restricted Stock Award. As of the Commencement Date, Executive is granted an award of 2,000 restricted shares of Selective common stock under the Selective Insurance Group, Inc. 2005 Omnibus Stock Plan ("Stock Plan") which award shall fully vest on December 31, 2008, provided Executive remains employed by the Company through such vesting date, provided however, if Executive's employment is terminated by the Company for any reason other than for Cause, or by the Executive for any reason other than Good Reason, such award shall fully and immediately vest upon the Termination Date. Both Company and Selective represent and agree that, for purposes of such vesting, the vesting conditions set forth and agreed to in this Paragraph 2.4(c) shall constitute an irrevocable exercise of the Committee's (as such term is defined in the Stock Plan) lawful discretion under the Stock Plan.
Initial Restricted Stock Award. On the Effective Date, the Company shall grant the Employee an award in the form of 33,000 restricted stock units (“Initial RSU Grant”). The Initial RSU grant shall vest in equal amounts on the first, second, third and fourth anniversary of the date of grant and shall otherwise be subject to the terms and conditions of any stock award plan and associated agreements by which the Company makes grants of restricted stock units to its executive officers.
