Lapse of Restrictions on Restricted Shares Sample Clauses

Lapse of Restrictions on Restricted Shares. The Restricted Shares remain subject to forfeiture until the restrictions covering the Restricted Shares lapse. Provided that you remain an employee of the Company in accordance with and as set forth in the Plan, the restrictions on the Restricted Shares lapse as follows: .
Sample 1
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Lapse of Restrictions on Restricted Shares. On the Effective Date, the restrictions on transferability on the 75,000 shares of the Corporation's common stock issued in connection with that certain Restricted Stock Agreement by and between the Corporation and the Employee dated September 16, 1999 shall lapse and the Corporation shall promptly issue to the Employee, upon satisfaction of the Corporation's withholding and payroll tax obligations, in exchange for such restricted shares, certificates without restrictive legends evidencing 75,000 shares of Corporation common stock.
Sample 1
Lapse of Restrictions on Restricted Shares. The Restricted Shares remain subject to forfeiture until the restrictions covering the Restricted Shares lapse. The lapse of restrictions on an aggregate of shares of the Restricted Shares is tied to the achievement of annual performance targets for the Company over a three (3) year period. Specifically and assuming you are employed by the Company on the relevant date, restrictions lapse on shares per year on the anniversary of the Grant Date in 2007, 2008 and 2009 upon the Company’s achievement of the annual goals set by the Company’s Board of Directors with respect to revenue, earnings and strategic imperatives for the Company in each of the fiscal years ending in 2006, 2007 and 2008, respectively. The lapse of restrictions on the remaining shares of the Restricted Shares is tied to the Company’s achievement of the three-year EBITDA goal, as determined by the Board of Directors, with restrictions lapsing on the third anniversary of the Grant Date if such EBITDA goals are achieved. For the sake of clarity, none of the restrictions on the Restricted Shares lapse on the expiration of time only.
Sample 1
Lapse of Restrictions on Restricted Shares. Subject to subsections 3(c) below, upon the vesting of the Restricted Shares, the Grantee shall be free to dispose of the Restricted Shares in any manner and at any time without restriction.
Sample 1
Lapse of Restrictions on Restricted Shares. The Restricted Shares remain subject to forfeiture until the restrictions covering the Restricted Shares lapse. The lapse of restrictions covering the Restricted Shares is tied to the achievement of the three (3) year performance triggers for the Company over the three-year period, ending December 31, 2009. Specifically and assuming you are employed by the Company through the end of such period, restrictions lapse on all or a portion of the Restricted Shares at the end of the three-year period depending upon the Company’s achievement of predetermined revenue and EBITDA goals, as determined by the Board of Directors and/or its Compensation Committee, for the three-year period ending on December 31, 2009. For the sake of clarity, none of the restrictions on the Restricted Shares lapse on the expiration of time only.
Sample 1

Related to Lapse of Restrictions on Restricted Shares

  • Lapse of Restrictions If, for any reason, Shares are issued to the Employee within six months of the Grant Date, the Employee agrees that he or she will not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

  • Restrictions on Transfer of Restricted Shares The Restricted Shares subject to this grant may not be assigned, exchanged, pledged, sold, transferred or otherwise disposed of by Grantee, except to the Company, until the Restricted Shares have become nonforfeitable in accordance with Sections 3, 4 and 5 hereof. The Grantee’s rights with respect to such purported transfer in violation of the provisions of this Section 2 of this Agreement shall be null and void, and the purported transferee shall obtain no rights with respect to such Restricted Shares.

  • Non-Transferability of Restricted Stock The Restricted Stock and this Restricted Stock Agreement shall not be transferable.

  • Termination of Restrictions Except as set forth in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof.

  • Vesting and Lapse of Restrictions Subject to Sections 2.2(a) and 2.2(c), the Award shall vest and Restrictions shall lapse in accordance with the vesting schedule set forth on the Grant Notice.

  • Release of Restrictions Upon vesting of any portion of the shares of Restricted Stock and satisfaction of any other conditions required by the Plan or pursuant to this Restricted Stock Agreement, the Company shall promptly either issue a stock certificate, without such restricted legend, for any shares of the Restricted Stock that have vested, or, if the shares are held in book entry form, the Company shall remove the notations on the book form for any shares of the Restricted Stock that have vested.

  • Vesting of Restricted Shares The Restricted Shares are subject to forfeiture to the Company until they become nonforfeitable in accordance with this Section 2. While subject to forfeiture, the Restricted Shares may not be sold, pledged, assigned, otherwise encumbered or transferred in any manner, whether voluntarily or involuntarily by the operation of law.

  • Grant of Restricted Shares (a) The Company hereby grants to the Grantee an award (the “Award”) of shares of Common Stock of the Company (the “Shares” or the “Restricted Shares”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.

  • Stock Restrictions Optionee understands that at the time of the execution of this Option Agreement, the shares of the Stock issuable upon exercise of this Option have not been registered under the Securities Act of 1933, as amended (the "Act"), or under any state securities law, and that the Company currently does not intend to effect any such registration. Optionee agrees that the shares of the Stock which Optionee may acquire by exercising this Option shall be purchased by Optionee for investment without a view to distribution within the meaning of the Act, and shall not be sold, transferred, assigned, pledged, or hypothecated unless such transfer has been registered under the Act and applicable state securities laws, or the transfer duly qualifies for an applicable exemption from the registration requirements of the Act and any applicable state securities laws. In any event, Optionee agrees that the shares of the Stock which Optionee may acquire by exercising this Option shall not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable securities laws, whether federal or state. In addition, Optionee agrees that (i) the certificates representing the shares of the Stock purchased under this Option may bear such restrictive legend or legends as the Company's legal counsel deems appropriate in order to assure compliance with applicable securities laws, (ii) the Company may refuse to register the transfer of the shares of the Stock purchased under this Option on the stock transfer records of the Company if such proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities laws, and (iii) the Company may give related instructions to its transfer agent to stop registration of the transfer of the shares of Stock purchased under this Option.

  • Forfeiture of Restricted Shares Subject to Section 4(b), if your Service to the Company or any Affiliate terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.

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