Common use of Restrictions and Terms Clause in Contracts

Restrictions and Terms. (i) The Award shall be held in escrow by the Company until the lapsing of restrictions placed upon the Award. The Employee shall not have the right to sell, transfer, assign, or otherwise dispose of Restricted Stock Units granted in the Award until the escrow is terminated. Except as set forth below, the Award shall be forfeited and the related Restricted Stock Units canceled upon the Employee’s Termination of Employment with the Company prior to vesting in accordance with paragraph (a) above. Restrictions shall lapse on the Restricted Stock Units as they become vested in accordance with paragraph (a) above, except to the extent that the Employee has elected to delay lapsing of the restrictions by filing with the Administrator in a timely manner on a properly completed form an election to so do. Restrictions shall lapse on the Restricted Stock Units granted in the Award on the day following the Employee’s Termination of Employment with the Company, if the Award has not been canceled prior to that day. Upon the lapsing of restrictions, the number of shares of unrestricted Stock equal to the number of shares of Restricted Stock Units for which the restrictions have so lapsed shall be registered in the Employee’s name, and the related shares of Restricted Stock Units shall be canceled; provided, however, that in places where it is determined by the Administrator that payout in the form of unrestricted Stock is prohibited by law, regulation, or decree, or where the cost of legal compliance to issue the unrestricted Stock would be unreasonably expensive, the Fair Market Value of such unrestricted Stock shall be paid in cash instead of settlement of the Award in unrestricted Stock. Cash payouts are only permitted where such legal restrictions exist. Settlement of the Award in unrestricted Stock or cash payout, if any, shall be made when the restrictions lapse, but in any event, shall be made no later than March 15 of the year following the year in which such restrictions lapse.

Appears in 2 contracts

Samples: Inducement Grant Agreement (Conocophillips), Conocophillips

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Restrictions and Terms. (i) The Award shall be held in escrow by the Company until the lapsing of restrictions placed upon the Award. The Employee shall not have the right to sell, transfer, assign, or otherwise dispose of Restricted Stock Units granted in the an Award until the escrow is terminated. Except as set forth below, the Award shall be forfeited and the related Restricted Stock Units canceled upon the Employee’s Termination of Employment with the Company prior to vesting in accordance with paragraph (a) above. Restrictions shall lapse on the Restricted Stock Units as they become vested in accordance with paragraph (a) above, except to the extent that the Employee has elected to delay lapsing of the restrictions by filing with the Administrator in a timely manner on a properly completed form an election to so doDesignated Date. Restrictions shall lapse on the Restricted Stock Units granted in the an Award on the day following date that is the Employeeearliest of the Grantee’s death, or six months after the Grantee’s Termination of Employment with the Company, if Date for a reason other than death unless the Award has not been previously forfeited and the related Restricted Stock Units canceled prior to that dayin whole or in part. Upon the lapsing of restrictions, the number of shares of unrestricted Stock equal to the number of shares of Restricted Stock Units for which the restrictions have so lapsed shall be registered in the Employee’s name, and the related shares of Restricted Stock Units shall be canceled; provided, however, that in places where it is determined by the Administrator that payout in the form of unrestricted Stock is prohibited by law, regulation, or decree, or where the cost of legal compliance to issue the unrestricted Stock would be unreasonably expensive, the Fair Market Value of such unrestricted Stock shall be paid in cash instead of settlement of the Award in unrestricted Stock. Cash payouts are only permitted where such legal restrictions exist. Settlement of the Award in unrestricted Stock or cash payout, if any, shall be made when upon the lapsing of restrictions lapseon the Award, but but, in any event, shall be made no later than March 15 of the year following the year in which such restrictions lapse.. Effective April 4, 2012

Appears in 1 contract

Samples: Restricted Stock Units Agreement (Conocophillips)

Restrictions and Terms. (i) The Award shall be held in escrow by the Company until the lapsing of restrictions placed upon the Award. The Employee shall not have the right to sell, transfer, assign, or otherwise dispose of Restricted Stock Units granted in the Award until the escrow is terminated. Except as set forth below, the Award shall be forfeited and the related Restricted Stock Units canceled cancelled upon the Employee’s Termination of Employment with the Company prior to vesting in accordance with paragraph (a) above. Restrictions shall lapse on the Restricted Stock Units as they become vested in accordance with paragraph (a) above, except to the extent that the Employee has elected to delay lapsing of the restrictions by filing with the Administrator in a timely manner on a properly completed form an election to so dorestrictions. Restrictions shall lapse on the Restricted Stock Units granted in the Award on the day following the Employee’s Termination of Employment with the Company, if the Award has not been canceled prior to that day[ ]. Upon the lapsing of restrictions, the number of shares of unrestricted Stock equal to the number of shares of Restricted Stock Units for which the restrictions have so lapsed shall be registered in the Employee’s name, and the related shares of Restricted Stock Units shall be canceled; provided, however, that in places where it is determined by the Administrator Authorized Party that payout in the form of unrestricted Stock is prohibited by law, regulation, or decree, or where the cost of legal compliance to issue the unrestricted Stock would be unreasonably expensive, the Fair Market Value of such unrestricted Stock shall be paid in cash instead of settlement of the Award in unrestricted Stock. Cash payouts are only permitted where such legal restrictions exist. Settlement of the Award in unrestricted Stock or cash payout, if any, shall be made when the restrictions lapse, but in any event, shall be made no later than March 15 of the year following the year in which such restrictions lapse.

Appears in 1 contract

Samples: Conocophillips

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Restrictions and Terms. (i) The Award shall be held in escrow by the Company until the lapsing of restrictions placed upon the Award. The Employee shall not have the right to sell, transfer, assign, or otherwise dispose of Restricted Stock Units granted in the Award until the escrow is terminated. Except as set forth below, the Award shall be forfeited and the related Restricted Stock Units canceled cancelled upon the Employee’s Termination of Employment with the Company prior to vesting in accordance with paragraph (a) abovethe lapsing of restrictions. Restrictions shall lapse on one-third of the Restricted Stock Units as they become vested granted in accordance with paragraph the Award (a) above, except rounded down to the extent that nearest whole share) on the Employee has elected to delay lapsing first anniversary of the grant date of the award; restrictions by filing with shall lapse on one-third of the Administrator Restricted Stock Units granted in a timely manner the Award (rounded down to the nearest whole share) on a properly completed form an election to so do. Restrictions the second anniversary of the grant date of the award and restrictions shall lapse on the remaining Restricted Stock Units granted in the Award on the day following third anniversary of the Employee’s Termination grant date of Employment with the Company, if the Award has not been canceled prior to that dayaward. Upon the lapsing of restrictions, the number of shares of unrestricted Stock equal to the number of shares of Restricted Stock Units for which the restrictions have so lapsed shall be registered in the Employee’s name, and the related shares of Restricted Stock Units shall be canceled; provided, however, that in places where it is determined by the Administrator that payout in the form of unrestricted Stock is prohibited by law, regulation, or decree, or where the cost of legal compliance to issue the unrestricted Stock would be unreasonably expensive, the Fair Market Value of such unrestricted Stock shall be paid in cash instead of settlement of the Award in unrestricted Stock. Cash payouts are only permitted where such legal restrictions exist. Settlement of the Award in unrestricted Stock or cash payout, if any, shall be made when the restrictions lapse, but in any event, shall be made no later than March 15 of the year following the year in which such restrictions lapse.

Appears in 1 contract

Samples: Retention Award (Conocophillips)

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