Lapse of Restrictions. If a participant who holds Restricted Share Units satisfies the restrictions and other conditions relating to the Restricted Share Units prior to the lapse or waiver of such restrictions and conditions, the Restricted Share Units shall be converted to, or replaced with, Shares which are free of all restrictions except for any restrictions pursuant to Article 14.
The restrictions described in Section 2(d)(ii) shall lapse with respect to the RSUs on the first anniversary of the date of this Award Agreement.
Lapse of Restrictions. All non-competition and non-solicitation restrictions imposed on you by this agreement will lapse if your employment is terminated by the Company for a reason other than Cause (as defined in your written Offer of Employment) or upon a written waiver provided by the CEO of the Company.
Lapse of Restrictions. Subject to the Grantee’s continuous employment or service with the Company or a Subsidiary from the Grant Date through the applicable vesting dates set forth in the Statement of Management Objectives, except as may otherwise be provided herein, the restrictions on transfer set forth in Section 2(b) shall lapse, and Additional Opportunity shall be settled, in accordance with the terms and conditions set forth in the Statement of Management Objectives. Upon the death of the Grantee, if the Grantee remained in continuous employment or service with the Company or a Subsidiary until the date of his or her death, all restrictions on transfer with respect to any then outstanding Restricted Shares shall lapse.
Restrictions, if any, upon Shares of Restricted Stock awarded hereunder shall lapse at such time or times and on such terms, conditions and satisfaction of performance criteria as the Committee (or, when applicable, the Board) may determine; provided, however, that the restrictions upon such Shares shall lapse only if the Grantee on the date of such lapse is then and has continuously been an employee of the Company or a Subsidiary (or a member of the Board) from the date the Award was granted, or unless the Committee sets a later date for the lapse of such restrictions.
Lapse of Restrictions; Settlement. Subject to Section 4 below, the restrictions with respect to the Restricted Share Units shall lapse in accordance with the schedule attached hereto as [Exhibit A]. Upon the lapse of restrictions relating to a Restricted Stock Unit, the Company shall, as soon as reasonably practicable thereafter, issue to the Employee (or the Employee’s beneficiary designated on the form attached hereto as [Exhibit B], as the case may be), net of any withholding for taxes in accordance with Section 8 below, one share of Common Stock (in either certificated or book entry form) in settlement of each Restricted Stock Unit with respect to which such restrictions have lapsed.
Forfeiture Restrictions Lapse Schedule. All Restricted Shares awarded pursuant to this Agreement are subject to forfeiture back to Company as may be provided in Section 3 (“Forfeiture Restrictions”) subject to the Forfeiture Restrictions lapsing in accordance with the vesting schedule set forth on the signature page to this agreement (“Vesting Schedule”).
Restrictions. Until the expiration of the Restriction Period or the lapse of restrictions in the manner provided in Section 5 of this Agreement, Restricted Stock Units will be subject to the following restrictions:
“Vesting” shall mean, with respect to an Award, the lapse of any applicable forfeiture restrictions.
PSUs for which restrictions do not lapse in accordance with this paragraph shall be immediately cancelled.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.