Lapse of Restrictions Clause Example from Business Contracts

Lapse of Restrictions. Subject to Sections 5, 6 and 7 below: 4 (a) During Employment. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on 100% of the Units will lapse on the third anniversary of the Grant Date (the "Delivery Date"). Units for which Restrictions have lapsed shall be settled in the form of Shares on the Delivery Date. (b) Death. The Restrictions shall lapse on the date of the Employee's Termination due to death, and the Units shall be settled (for the person or perso...ns 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. (c) Disability. The Restrictions shall lapse on the date of the Employee's Disability, and the Units shall be settled in the form of Shares as soon as administratively possible after, and effective as of, the date of Disability. View More