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 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 , 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 , provided t...he 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
Lapse of Restrictions. Subject to Sections 5, 5 and 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», 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 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. 4 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
