Restricted Stock Clause Example from Business Contracts

Restricted Stock. (a) Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Restricted Stock in such amounts as the Administrator, in its sole discretion, will determine. (b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, w...ill determine. Unless the Administrator determines otherwise, as set forth in the applicable Award Agreement, the Company will hold Restricted Stock, as escrow agent, until the restrictions on such Shares have lapsed. (c) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares covered by each grant of Restricted Stock will be released from escrow as soon as practicable after the last day of the applicable Period of Restriction or at such other time as the Administrator may determine. The Administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. -10- (d) Return of Restricted Stock to Company. On the date set forth in the applicable Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and will again become available for grant under the Plan. View More