Vesting of Restricted Stock Clause Example with 6 Variations from Business Contracts
This page contains Vesting of Restricted Stock 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.
Vesting of Restricted Stock. (a) Period of Restriction. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must remain employed by the Company or any Subsidiary continuously through the Period of Res...triction. (b) Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death or Disability. In the event the Participant's employment with the Company and its Subsidiaries is terminated due to death or Disability, any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal the product of the total number of shares of Restricted Stock granted as of the Grant Date under Section 1(a) multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, "Good Reason" and "Cause" have the meanings set forth in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company.View More
Variations of a "Vesting of Restricted Stock" Clause from Business Contracts
Vesting of Restricted Stock. (a) a. Period of Restriction. Restriction and Performance Goals. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and shall end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. May 15, 2017 in accordance with Exhibit A. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must ...remain employed by the Company or any Subsidiary continuously through the Period of Restriction. (b) b. Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death or Disability. In the event the Participant's employment with the Company and its Subsidiaries is terminated prior to December 31, 2016 due to death or Disability, any unvested Restricted Stock as a number of Shares equal to the effective date of the Participant's termination of employment Target Shares shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. In the event the Participant's employment with the Company and its Subsidiaries is terminated on or after December 31, 2016 and on or prior to 5:00 p.m., Central Time, on May 15, 2017 due to death or Disability, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on May 15, 2017 in accordance with Exhibit A. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on May 15, 2017 and the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal the product of the total number of shares of Restricted Stock granted as of the Grant Date under Section 1(a) that would vest in accordance with Exhibit A multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. [922 – November 6, 2014 grant date until May 15, 2017]. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, "Good Reason" and "Cause" have has the meanings meaning set forth in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), (ii) hereof, any unvested Shares of Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
Vesting of Restricted Stock. (a) a. Period of Restriction. Restriction and Performance Goals. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and shall end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. %%VEST_BASE_DATE,'MM/DD/YYYY'%-% in accordance with Exhibit A. (ii) Except as otherwise provided for under this Stock Agreement, t...he Participant must remain employed by the Company or any Subsidiary continuously through the Period of Restriction. (b) b. Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death or Disability. In the event the Participant's employment with the Company and its Subsidiaries is terminated prior to December 31, 2016 due to death or Disability, any unvested Restricted Stock as a number of Shares equal to the effective date of the Participant's termination of employment Target Shares shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. In the event the Participant's employment with the Company and its Subsidiaries is terminated on or after December 31, 2016 and on or prior to 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-% due to death or Disability, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-% in accordance with Exhibit A. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the number Period of shares of Restricted Stock that Restriction shall be vested lapse as of 5:00 p.m., Central Time, on the effective date three-year anniversary of the Participant's termination of employment shall equal the product of the total number of shares of Restricted Stock granted as of the Grant Date under Section 1(a) multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. %%VEST_BASE_DATE,'MM/DD/YYYY'%-% in accordance with Exhibit A. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, "Good Reason" and "Cause" have the meanings set forth in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), any unvested (ii) hereof, all Shares of Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
Vesting of Restricted Stock. (a) Period of Restriction. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and end at 5:00 p.m., Central Time, on March 15, 2017; provided, however, that so long as the three-year anniversary Participant has remained employed by the Company or any Subsidiary continuously from the Grant Date through May 15, 2015, then one-third of %%VEST_BASE_DATE,'MM.../DD/YYYY'%-%. the total number of shares of Restricted Stock granted as of the Grant Date (rounded down to the nearest whole share) under Section 1(a) shall vest as of 5:00 p.m., Central Time, on May 15, 2015; provided, further, that so long as the Participant has remained employed by the Company or any Subsidiary continuously from the Grant Date through May 15, 2016, then an additional one-third of the total number of shares of Restricted Stock granted as of the Grant Date (rounded down to the nearest whole share) under Section 1(a) shall vest as of 5:00 p.m., Central Time, on May 15, 2016; and provided, further, that so long as the Participant has remained employed by the Company or any Subsidiary continuously from the Grant Date through March 15, 2017, then any remaining unvested shares of Restricted Stock granted as of the Grant Date under Section 1(a) shall vest as of 5:00 p.m., Central Time, on March 15, 2017. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must remain employed by the Company or any Subsidiary continuously through the Period of Restriction. (b) Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death or Disability. In the event the Participant's employment with the Company and its Subsidiaries is terminated due to death or Disability, any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal the difference, if positive, between (x) the product of the total number of shares of Restricted Stock granted as of the Grant Date under Section 1(a) multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. [861 – November 6, 2014 grant date until March 15, 2017] minus (y) the total number of shares of Restricted Stock that shall have vested prior to the effective date of the Participant's termination of employment. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, "Good Reason" and "Cause" have has the meanings meaning set forth in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), (ii) hereof, any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
Vesting of Restricted Stock. (a) Period of Restriction. Restriction and Performance Goals. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. May 9, 2018 in accordance with Exhibit A. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must remain emp...loyed by the Company or any Subsidiary continuously through the Period of Restriction. (b) Additional Vesting Rules. Notwithstanding Section 2(a) hereof, 2(a), the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death or Disability. In the event the Participant's employment with the Company and its Subsidiaries is terminated prior to December 31, 2017 due to death or Disability, any unvested Restricted Stock a number of Shares equal to the product of (x) the number of Target Shares multiplied by (y) the vesting percentage used by the Company (determined in accordance with Exhibit A) when determining compensation expense under Generally Accepted Accounting Principles as of the most recent quarter end prior to the effective date of the Participant's participant's termination of employment employment, shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. In the event the Participant's employment with the Company and its Subsidiaries is terminated on or after December 31, 2017 and on or prior to 5:00 p.m., Central Time, on May 9, 2018 due to death or Disability, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on May 9, 2018 in accordance with Exhibit A. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, Chief Administrative Officer, or by the Company and/or any Subsidiary other than for without Cause, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on May 9, 2018 and the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal the product of (x) the total number of shares of Restricted Stock granted as of the Grant Date under Section 1(a) that would vest in accordance with Exhibit A multiplied by (y) a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. 1,096. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. Stock (rounded to the nearest hundredth). For purposes of this Stock Agreement, "Good Reason" and "Cause" have has the meanings meaning set forth in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), any unvested Shares of Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
Vesting of Restricted Stock. (a) a. Period of Restriction. Restriction and Performance Goals. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and shall end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. May 15, 2017 in accordance with Exhibit A. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must ...remain employed by the Company or any Subsidiary continuously through the Period of Restriction. (b) b. Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death Death, Disability, Good Reason or Disability. In Termination by the Company or any Subsidiary other than for Cause. Notwithstanding the Employment Agreement between the Company and the Participant effective as of September 4, 2007, as amended (the "Employment Agreement"), and unless otherwise determined by the Board of Directors of the Company or the Compensation Committee of the 1 Board of Directors, in the event the Participant's employment with the Company and its Subsidiaries is terminated prior to May 15, 2017 due to death or Disability, any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal the product of the total number of shares of Restricted Stock Target Shares granted as of the Grant Date under Section 1(a) multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. [922 – November 6, 2014 grant date until May 15, 2017]. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, "Good Reason" and "Cause" have the meanings set forth assigned to them in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Participant's Employment Agreement. (ii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), hereof, any unvested Shares of Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
Vesting of Restricted Stock. (a) Period of Restriction. Restriction and Performance Goals. (i) The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The "Period of Restriction" with respect to the Restricted Stock shall begin on the Grant Date and end at 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,'MM/DD/YYYY'%-%. May 9, 2018 in accordance with Exhibit A. (ii) Except as otherwise provided for under this Stock Agreement, the Participant must remain emp...loyed by the Company or any Subsidiary continuously through the Period of Restriction. (b) Additional Vesting Rules. Notwithstanding Section 2(a) hereof, 2(a), the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: (i) Death Death, Disability, Good Reason or Disability. In Termination by the Company or any Subsidiary other than for Cause. Notwithstanding the Employment Agreement between the Company and the Participant effective as of September 4, 2007, as amended (the "Employment Agreement"), and unless otherwise determined by the Board of Directors of the Company or the Compensation Committee of the Board of Directors, in the event the Participant's employment with the Company and its Subsidiaries is terminated prior to May 9, 2018 due to death or Disability, any unvested Restricted Stock as of the effective date of the Participant's termination of employment shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment and the remainder of the Period of Restriction shall lapse. (ii) Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant's employment with the Company and its Subsidiaries is terminated by reason of the Participant's resignation for Good Reason, by reason of the Participant's retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company and/or any Subsidiary other than for Cause, the number of shares Shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant's termination of employment shall equal to the product of (x) the total number of shares of Restricted Stock granted Target Shares multiplied by (y) the vesting percentage used by the Company (determined in accordance with Exhibit A) when determining compensation expense under Generally Accepted Accounting Principles as of the Grant Date under Section 1(a) most recent quarter end prior to the effective date of the participant's termination of employment, multiplied by (z) a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the effective date of the Participant's termination of employment, and the denominator of which is 1096. 1,096. This Stock Agreement shall be settled in whole shares of the Company's Common Stock, and cash for the value of a fractional share of Common Stock. Stock (rounded to the nearest hundredth). For purposes of this Stock Agreement, "Good Reason" and "Cause" have the meanings set forth assigned to them in the employment agreement, if any, between the Company and/or any Subsidiary and the Participant or, if the Participant is not a party to such an agreement, "Good Reason" has the meaning set forth in the Plan and "Cause" has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. (iii) Participant's Employment Agreement. (ii) Other Termination of Employment. In the event the Participant's employment with the Company and its Subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) or (ii), 2(b)(i), any unvested Shares of Restricted Stock as of the effective date of the Participant's termination of employment shall immediately be forfeited to the Company. View More
