Lapse of Restrictions Clause Example with 7 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 Section 5 below: (a) Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), (c), and (d) below, Units for which Restrictions have lapsed 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 lapse on the date of the Employee's Termination due to Retirement, and 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. (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 Section 5 below: (a) Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third two-thirds of the Units will lapse on each of the first three anniversaries second anniversary of the Grant Date until, and the Restrictions on the remaining 3 Units will lapse on the third anniversary of the Grant Date so that, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsect...ions (b), (c), and (d) below, Units for which Restrictions have lapsed 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 In no event shall be delivered in an equal number (subject a Delivery Date occur prior to rounding) the second anniversary of the Grant Date, or such other period as required for the vesting period applicable to French qualified Units under Section L. 225-197-1 of each Delivery Date. the French Commercial Code, as amended, or the relevant sections of the French Tax Code or the French Social Security Code, as amended, to benefit from the specific French tax and social security regime. (b) Retirement. The Restrictions shall lapse on continue to apply in the date event of the Employee's Termination due to Retirement, Retirement but may lapse thereafter in accordance with the provisions of subsection 4(a) above, and 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 above, subject to French law as described in subsection 4(a), occurring after the date of such 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 become immediately transferable to the person or persons Employee's heirs. The Company shall issue the Shares subject to whom rights under the Award have passed by will or Units to the laws of descent or distribution) in the form of Shares as soon as administratively possible after, and effective as of, Employee's heirs, at their request, if such request occurs within six (6) months after the date of the Employee's death. If the Employee's heirs do not request the issuance of the Shares underlying the Units, the Units shall expire and be forfeited six (6) months after the date of the Employee's death. The Employee's heirs are not subject to the sale restrictions set forth in Section 6. (d) Disability. The Restrictions shall lapse on the date of the Employee's Disability, 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. In this case, any Shares issued pursuant to the Units prior to such Disability shall no longer be subject to the sale restrictions set forth in Section 6. View More
Lapse of Restrictions. Subject to Section 5 6 below: (a) Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third 100% of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Date. Subject to subsections (b), (c), (b) and (d) (c) below, Units for which Restrictions have lapsed lapsed, as described in this subsection 4(a), s...hall be settled in the form of Shares on the date(s) date on which such Restrictions lapse (each, a (a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. 4 (b) Retirement. The Restrictions shall lapse on the date of the Employee's Termination due to Retirement, and 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. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any the 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) (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any the 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 Section 5 Sections 5, 6 and 7 below: 4 (a) Passage of Time. During Employment. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third 100% of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), (c), and (d) below, Date (the "Delivery Date"). Units for which Restrictions have l...apsed 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 lapse on the date of the Employee's Termination due to Retirement, and 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. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any the 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) (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any the 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 Section 5 6 below: (a) Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third 100% of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Date. Subject to subsections (b), (c), (b),(c) and (d) Section 5 below, Units for which Restrictions have lapsed lapsed, as described in this subsecti...on 4(a), shall be settled in the form of Shares on the date(s) date on which such Restrictions lapse (each, a (a "Delivery Date"). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. 4 (b) Retirement. The Restrictions shall lapse on the date of the Employee's Termination due to Retirement, and 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. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any the 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) (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any the 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 Section Sections 5 and 6 below: (a) Passage of Time. During Employment. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third 100% of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), (c), and (d) below, Date (the "Delivery Date"). Units for which Restrictions have lapsed s...hall 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 lapse on the date of the Employee's Termination due to Retirement, and 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. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any the 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) (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any the 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 Section 5 below: (a) Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third 100% of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Date. Subject to subsections (b), (c), (b) and (d) (c) below, Units for which Restrictions have lapsed lapsed, as described in this subsection 4(a), sha...ll be settled in the form of Shares on the date(s) date on which such Restrictions lapse (each, a (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 lapse on the date of the Employee's Termination due to Retirement, and 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. (c) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and any the 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) (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and any the 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 Section Sections 5 and 6 below: (a) Passage of Time. During Employment. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three (3) anniversaries of the Grant Date (each, a "Delivery Date") until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), (c), and (d) below, Units for which Restrictions have lapsed shal...l be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a "Delivery Date"). Delivery Date(s). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date. (b) Retirement. The Restrictions shall lapse on the date of If the Employee's Termination occurs due to Retirement, and then 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. Retirement as if the Employee had remained employed on such dates. (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. 4 5. Effect of Certain Bad Acts. Any Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, the Employee engages in activity that constitutes Cause, whether or not the Employee experiences a Termination or remains employed with the Company or a Subsidiary. View More
