Examples of Initial Restricted Stock Award in a sentence
Non-Employee Directors shall be eligible to receive both an Initial Restricted Stock Award and an Annual Restricted Stock Award (as defined below) in his or her initial year of service.
The Initial Option and the Initial Restricted Stock Award shall be granted on or about the date on which such person first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy; provided, however, that an Inside Director who ceases to be an Inside Director, but who remains a Director, will not receive an Initial Option or an Initial Restricted Stock Award.
Members of the Board who are employees of the Company who subsequently retire from the Company and remain on the Board will not receive an Initial Restricted Stock Award pursuant to the first sentence above, but to the extent that they are otherwise eligible, will receive, after retirement from employment with the Company, Subsequent Options and Subsequent Restricted Stock Awards as described in the preceding sentence.
The balance of such unvested Initial Stock Option and shares of Initial Restricted Stock Award shall be forfeited to the Company (without further action on the part of the Company or the Executive) as of the date of termination and the Executive shall have no further rights with respect to such balance.
Except for the Initial Restricted Stock Award, no other equity granted to Executive (whether now or in the future) shall become vested and transferable as a Severance Benefit under this Agreement.
In such event, the Initial Stock Option and shares of the Initial Restricted Stock Award to the extent not vested as of the date of termination shall be forfeited to the Company (without any further action on the part of the Company or the Executive) and the Executive shall have no further rights in such regard.
Notwithstanding anything to the contrary in Section 7(b), the Period of Restriction applicable to each Initial Restricted Stock Award and each Annual Restricted Stock Award shall lapse on the earlier of the first anniversary of the date of grant or the date of the first annual meeting of the stockholders of the Company immediately following the date of grant, in either case, provided that the Participant continues to serve as a Director through such date.
Conservation Authority OperationsOne proposal is from the Ministry of the Environment, Conservation and Parks (MECP), titled “Modernising conservation authorities operations – Conservation Authorities Act” (ERO Number: 013-5018).
Executive shall be entitled to the vested portion of his Restricted Stock Award as of the date of termination, including such portion thereof that becomes vested as a result of Executive’s termination, all as determined under Section 3, Initial Restricted Stock Award, of this Agreement.
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