Restricted Common Shares definition
Examples of Restricted Common Shares in a sentence
If the Restricted Common Shares in respect of which such securities or other property was issued are forfeited to the Company pursuant to Section 2(c) of this Agreement, then such securities or other property shall be immediately forfeited to the Company and automatically transferred to and reacquired by the Company at no cost to the Company, to the same extent and in accordance with Section 2(c) of this Agreement as if such securities or other property were Restricted Common Shares hereunder.
All cash distributions on the Restricted Common Shares shall be paid directly to the Trustee and shall not be held in escrow.
During the Period of Restriction, the Trustee shall not sell, transfer, pledge, hypothecate, assign, exchange or otherwise dispose of the Restricted Common Shares.
Notwithstanding Section 2 of this Agreement, if the Trustee holds Restricted Common Shares at the time a Change in Control (as defined below) occurs, the Period of Restriction with respect to such Restricted Common Shares granted in Section 1 shall automatically lapse immediately prior to the consummation of such Change in Control.
If the Trustee makes an election under Section 83(b) of the Internal Revenue Code of 1986 (the “Code”) with respect to the Restricted Common Shares, the grant made pursuant to this Grant shall be conditioned upon the prompt payment to the Company of any applicable withholding obligations or withholding taxes by the Trustee (“Withholding Taxes”).