Lapse of Restrictions Clause Example with 12 Variations from Business Contracts
This page contains Lapse of Restrictions clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Lapse of Restrictions. Subject to Sections 5, 6 and 7 below: (a) During Employment. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 percent; (ii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , provided the Company's prior year return o...n equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 percent; and (iv) any Units for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day of February 202 and/or 202 , provided that the Company's applicable prior year return on equity is a minimum of 12 percent, and provided further that no more than one-third of the Units will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date of Disability.View More
Variations of a "Lapse of Restrictions" Clause from Business Contracts
Lapse of Restrictions. Subject to Sections 5, 6 and 7 the provisions of Section 5 below: (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: 3 (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_1st_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse... on the last business day of February 201 , «M_2nd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_3rd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, «4th_yr_vest» and/or 202 , «5th_yr_vest», provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. above. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs twelve consecutive months of Disability. View More
Lapse of Restrictions. Subject to the provisions of Sections 5, 5 and 6 and 7 below: (a) During Employment. While the Employee is employed with the Company or its Subsidiaries: 3 (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_1st_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of ...February 201 , «M_2nd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_3rd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, «4th_yr_vest» and/or 202 , «5th_yr_vest», provided that the Company's applicable prior year return on equity is a minimum of 12 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs 12 consecutive months of Disability. View More
Lapse of Restrictions. Subject to the provisions of Sections 5, 6 and 7 below: (a) During Employment. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_1st_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February... 201 , «M_2nd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , «M_3rd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, «4th_yr_vest» and/or 202 , «5th_yr_vest», provided that the Company's applicable prior year return on equity is a minimum of 12 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. 5 (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs 12 consecutive months of Disability. View More
Lapse of Restrictions. Subject to Sections 5, 6 and 7 below: (a) During Employment. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units will lapse on the last business day of February 201 , «M_1st_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; (ii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , «M_2nd_yr_vest», provided... the Company's prior year return on equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , «M_3rd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 percent; and (iv) any Units for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, «4th_yr_vest» and/or 202 , «5th_yr_vest», provided that the Company's applicable prior year return on equity is a minimum of 12 percent, and provided further that no more than one-third of the Units will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date of Disability. 6 5. Change in Control. In the event of a Change in Control, the entity surviving such Change in Control or the ultimate parent thereof (referred to herein as the "Surviving Entity") may assume, convert or replace this Award with an award of at least equal value (determined using the same value for purchasing Company shares as used for purchasing Company shares not subject to this Agreement on the date of the Change in Control) with terms and conditions not less favorable than the terms and conditions provided in this Agreement, in which case the new award will vest according to the terms of the applicable award agreement. If the Surviving Entity does not assume, convert or replace this Award, the Restrictions shall lapse on the date of the Change in Control. If the Surviving Entity does assume, convert or replace this Award, then in the event the Employee's Termination (i) occurs within the time period beginning six (6) months immediately before a Change in Control and ending two (2) years immediately following such Change in Control, and (ii) was initiated by the Company (or the Surviving Entity) for a reason other than Change in Control Cause or was initiated by the Employee for Change in Control Good Reason, the Restrictions shall lapse on the later of the date of the Change in Control and the date of the Employee's Termination. The provisions of this Section 5 shall supersede Section 13(a)(iv) and (v) of the Program. View More
Lapse of Restrictions. Subject to Sections 5, Section 6 and 7 below: 5 (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units will lapse on the last business day of February 201 ,, provided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 ,, pro...ar return on equity is a minimum of 12 10 percent; (iii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , <>, provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, <<4th_yr_vest>> and/or 202 , <<5th_yr_vest>>, provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units will vest in any one (1) year. Subject to subsections (b), (c), (d) and Section 5 below, Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled on a Delivery Date shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. Retirement. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date of Disability. View More
Lapse of Restrictions. Subject to Sections 5, 6 and 7 the provisions of Section 5 below: (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: 3 (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last busi...ness day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day of February 202 201 and/or 202 201 , provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. above. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs twelve consecutive months of Disability. View More
Lapse of Restrictions. Subject to Sections 5, the provisions of Section 6 and 7 below: (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the Shares will lapse on the last business day of February 201 provided the Company's prior year return on equity is a minimum of 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , prov...ided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day of February 202 201 and/or 202 201 , provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. above. 5 (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs twelve consecutive months of Disability. View More
Lapse of Restrictions. Subject to Sections 5, the provisions of Section 6 and 7 below: (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business... day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day of February 202 201 and/or 202 201 , provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. above. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs twelve consecutive months of Disability. View More
Lapse of Restrictions. Subject to Sections 5, 6 and 7 Section 5 below: (a) During Employment. Based on Performance. While the Employee is employed with the Company or its Subsidiaries: (i) the Restrictions on one-third of the total number of Units will lapse on the last business day of February 201 , «M_1st_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; (ii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of Febru...ary 201 , «M_2nd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; (iii) the Restrictions on an additional one-third of the total number of Units will lapse on the last business day of February 201 , «M_3rd_yr_vest», provided the Company's prior year return on equity is a minimum of 12 10 percent; and (iv) any Units for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day < of February 202 grant>>, «4th_yr_vest» and/or 202 , «5th_yr_vest», provided that the Company's applicable prior year return on equity is a minimum of 12 10 percent, and provided further that no more than one-third of the Units will vest in any one (1) year. Subject to subsections (b), (c), and (d) below, Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not 4 previously settled on a Delivery Date shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. Retirement. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date of Disability. View More
Lapse of Restrictions. Subject to the provisions of Sections 5, 5 and 6 and 7 below: (a) During Employment. While the Employee is employed with the Company or its Subsidiaries: 3 (i) the Restrictions on one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 percent; (ii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , pr...ovided the Company's prior year return on equity is a minimum of 12 percent; (iii) the Restrictions on an additional one-third of the total number of Units Shares will lapse on the last business day of February 201 , provided the Company's prior year return on equity is a minimum of 12 percent; and (iv) any Units Shares for which Restrictions have not previously lapsed on the dates described in subsections 4(a)(i), (ii), and (iii) above shall remain outstanding and the Restrictions shall lapse on the last business day of February 202 and/or 202 , provided that the Company's applicable prior year return on equity is a minimum of 12 percent, and provided further that no more than one-third of the Units Shares will vest in any one (1) year. Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall continue to apply in the event of the Employee's Termination due to Retirement, but may lapse thereafter in accordance with the provisions of subsection 4(a), in which case any Units not previously settled shall be settled in the form of Shares on the Delivery Date(s) set forth in subsection 4(a) above occurring after the date of such Retirement as if the Employee had remained employed. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any Units not previously settled on a Delivery Date shall be settled (for the person or persons to whom rights under the Award have passed by will or the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, the date of death. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any Units not previously settled on a Delivery Date shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date Employee incurs 12 consecutive months of Disability. View More
