Vesting of Stock Award. The unvested portion of the Stock Award is subject to forfeiture. Subject to the terms of the Plan and this Agreement, including without limitation, fulfillment of the employment requirements in paragraph 5 below, the Stock Award will vest and become free of restrictions in accordance with the following schedule (except in the case of the Award Recipient’s earlier death or Disability or an earlier Change of Control of the Company): 50% of the Shares covered by this Stock Award shall vest and become free of restrictions on the third anniversary of the Effective Date of this Stock Award and 25% of the Shares covered by this Stock Award shall vest and become free of restrictions on each of the fourth and fifth anniversaries of the Effective Date. Any fraction of a Share that would otherwise vest on any date will be rounded down to the next lowest whole number, with any such fraction added to the portion of the Stock Award that vests and becomes free of restrictions on the next vesting date. As soon as administratively feasible after the vesting of any portion of the Stock Award and the satisfaction of any applicable taxes pursuant to paragraph 13 of this Agreement, the Company will deliver to the Award Recipient (or to the designated Beneficiary of the Award Recipient if the Award Recipient is not then living) evidence of his or her ownership (by book entry or certificate), of the Shares subject to the Stock Award that have vested and for which any applicable taxes have been paid.
Vesting of Stock Award. Until it is vested, the Stock Award is subject to forfeiture. Subject to the terms of the Plan and this Agreement, including without limitation, paragraph 5 and fulfillment of the employment requirements in paragraph 4 below, the Stock Award will vest and become free of restrictions on the fifth anniversary of the Effective Date of this Stock Award. As soon as administratively feasible after the vesting of the Stock Award and the satisfaction of any applicable taxes pursuant to paragraph 12 of this Agreement, the Company will deliver to the Award Recipient (or to the designated Beneficiary of the Award Recipient if the Award Recipient is not then living) evidence of his or her ownership (by book entry or certificate), of the Shares subject to the vested Stock Award for which any applicable taxes have been paid.
Vesting of Stock Award. Until it is vested, the Stock Award is subject to forfeiture. Subject to the terms of the Plan and this Agreement, including without limitation, paragraph 5, and fulfillment of the employment requirements in paragraph 4 below, the Stock Award will vest and become free of restrictions on the fifth anniversary of the Effective Date of this Stock Award. Notwithstanding the foregoing, unless otherwise permitted under the EESA Guidance, even after vesting, the Stock Award may not be transferred until the Company has repaid any obligation arising from the financial assistance provided to it under the Capital Purchase Program (the “CPP”) under the Troubled Asset Relief Program (“TARP”) (other than warrants to purchase common stock), except that (1) if the Stock Award vests prior to the Company’s repayment of its obligation arising from the financial assistance provided to it under the CPP and (2) in such a case, provided that the Award Recipient has not made an election under section 83(b) of the Code with respect to this Stock Award, then from the date on which the Stock Award vests through December 31 of the calendar year that includes such vesting date, a portion of the Stock Award shall become transferable as is reasonably required to pay any federal, state, local or foreign taxes that are anticipated to apply to the income recognized due to this vesting, with such portion to be determined by the Company in its sole discretion. As soon as administratively feasible after the vesting of the Stock Award and the satisfaction of any applicable taxes pursuant to paragraph 12 of this Agreement, the Company will deliver to the Award Recipient (or to the designated Beneficiary of the Award Recipient if the Award Recipient is not then living) evidence of his or her ownership (by book entry or certificate), of the Shares subject to the vested Stock Award for which any applicable taxes have been paid.
Vesting of Stock Award. The restrictions on transfer set forth in the Plan and in this Agreement on such Restricted Stock shall lapse at such time as the shares are vested. The Restricted Stock shall vest in equal installments of shares on each of the succeeding anniversaries of the Date of Grant, provided that the Grantee shall have been continuously employed by, or providing services to, the Company since the Date of Grant, except as may be provided under the provisions of Section 6, below. If the Grantee is serving as a consultant to the Company, vesting shall occur under this section if the Grantee is available to perform consulting services on such anniversary date, whether or not such services are actually being performed on that date. The determination as to whether the Grantee is available to perform services to the Company will be made by the Compensation Committee of the Board of Directors of the Company (the “Committee”), in its sole discretion, and shall be binding.
Vesting of Stock Award. The unvested portion of this Stock Award is subject to forfeiture. Subject to the terms of this Agreement, including without limitation, the Executive's fulfillment of the employment requirements in Section 5 below, the Stock Award will vest and become free of restrictions in accordance with the following schedule (except in the case of the Executive's termination of employment due to his death, Disability, without Cause or for Good Reason or an earlier Change of Control of the Company): Date Percentage of Stock Award That Will Vest And Become Free of Restrictions On the third anniversary of the Effective Date 25% On the fourth anniversary of the Effective Date 25% On the fifth anniversary of the Effective Date 25% On the sixth anniversary of the Effective Date 25% As soon as administratively feasible after the vesting of any portion of the Stock Award and the Executive's payment of any applicable taxes, the Company will deliver to the Executive (or to the Executive's designated Beneficiary if the Executive is not then living) evidence of the Executive's ownership (by book entry or certificate), of the Shares subject to the Stock Award that have vested and for which the Executive has paid any applicable taxes. The Executive will have a taxable event on the date that each tranche of the Executive's Stock Award vests. By accepting the Stock Award, the Executive, his Beneficiary(ies), or legal representative shall be conclusively deemed to have indicated his or their acceptance and ratification of, and consent to, any action taken by the Committee or the Company.
Vesting of Stock Award. Subject to the provisions of this Section 3 and Section 4 below, the Stock Award will become nonforfeitable if and to the extent and, if applicable, on the terms set forth in the Vesting Schedule on Annex A-1 hereto.
Vesting of Stock Award. The restrictions on transfer set forth in the Plan and in this Agreement on the Restricted Stock shall lapse at such time as the shares are vested; provided, however, that with respect to the shares vesting upon the effective date of this Agreement, Grantee agrees not to sell one-half of such shares for a period of six (6) months following the date hereof. Subject to adjustment pursuant to Section 5, below, all the shares of Restricted Stock granted hereby shall vest upon the effective date of this Agreement. If the Grantee is a consultant to the Company, vesting shall occur under this section if the Grantee is available to perform the consulting services contemplated under this Agreement on each such anniversary date, whether or not such services are actually being performed on these dates. In the event of a question as to whether the Grantee is available to perform services to the Company, the decision of the Compensation Committee of the Board of Directors of the Company (the “Committee”), in its sole discretion, shall be binding.
Vesting of Stock Award. Effective October 30, 2008, the vesting of the first tranche of the Stock Award (66,666 shares) is postponed from January 7, 2009 to January 7, 2010. Effective January 1, 2010, the vesting of the first tranche and second tranche of the Stock Award (133,333 shares) is postponed from January 7, 2010 to January 7, 2011.
Vesting of Stock Award. Unless earlier (a) vested or forfeited pursuant this Section 3 or Section 4 below or (b) vested upon the occurrence of a Change in Control pursuant to Section 5 below, the Participant’s right to receive shares of Common Stock (if any) under this Stock Award Agreement shall vest on the Vesting Date. No later than 60 days after the Vesting Date, the Committee shall determine the extent to which each Performance Goal has been achieved. Upon completing its determination of the level at which the Performance Goals have been achieved, the Committee shall notify the Participant of the number of shares of Common Stock (if any) under this Stock Award Agreement that will be issued to the Participant pursuant to Section 6. Except as provided in Sections 4 and 5 below, the Participant must be in continuous Employment during the Vesting Period in order for the Common Stock to vest; otherwise, all such shares shall be forfeited as of the Participant’s Termination Date.
Vesting of Stock Award. The unvested portion of your Stock Award is subject to forfeiture. Subject to the terms of the Plan and this Agreement, including without limitation, your fulfillment of the employment requirements in paragraph 4 below, your Stock Award will vest and become free of restrictions in accordance with the following schedule (except in the case of your earlier death or Disability or an earlier Change of Control of the Company): Percentage of Stock Award That Will Vest Date and Become Free of Restrictions ---- ------------------------------- On ________[generally 3 years from grant date] ___% On ________[generally 4 years from grant date] ___% On ________[generally 5 years from grant date] ___% As soon as administratively feasible after the vesting of any portion of your Stock Award and your payment of any applicable taxes, the Company will deliver to you (or to your designated beneficiary if you are not then living) evidence of your ownership (by book entry or certificate), of the shares subject to the Stock Award that have vested and for which you have paid any applicable taxes. You will have a taxable event on the date that each tranche of your Stock Award vests.
