Example ContractsClausesTermination of Period of Restriction for First Category Shares
Termination of Period of Restriction for First Category Shares
Termination of Period of Restriction for First Category Shares contract clause examples

Restriction Period. At the time a Restricted Stock or Restricted Stock Units Award is granted, CLC shall establish a Restriction Period applicable to such Award which shall be not less than three years. Each Restricted Stock or Restricted Stock Units Award may have a different Restriction Period. All Restricted Stock Units granted after December 31, 2004 shall have a mandatory Restriction Period, except in the case of death, if the Restriction Period has not lapsed as of the day prior to a termination of employment, of six calendar months from the day of termination of employment.

Restriction Period. For any Restricted Stock Unit, the “Restriction Period” begins on the Grant Date and ends on the date on which that Restricted Stock Unit vests.

Restriction Period. Subject to the limits under Sections 5.2 and 5.4, the Committee may grant Restricted Stock Units to Grantees representing the right to receive Shares, cash, or both, as determined by the Committee. At the end of the Restriction Period, cash or Shares or both shall be delivered to the Grantee (unless previously forfeited). Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise encumbered during the Restriction Period. A Grantee of Restricted Stock Units shall have none of the rights of a holder of Common Stock unless and until Shares are actually delivered in satisfaction of such Restricted Stock Units.

FIRST RENEWAL PERIOD. [[Organization B:Organization]] shall have the right to renew this Lease for a term of five (5) years consecutive with the term herein provided (“First Renewal Period”), at the then “fair market rent”. [[Organization B:Organization]] shall give the [[Organization A:Organization]] no less than nine (9) months prior written notice of [[Organization B:Organization]]'s intention to exercise the option to renew prior to the Lease expiration, or [[Organization B:Organization]]’s option shall be considered waived. The “fair market rent” as contemplated by Paragraph [Section 3b] hereof shall be determined as follows: Upon receipt of [[Organization B:Organization]]’s notice of renewal, [[Organization A:Organization]] shall notify [[Organization B:Organization]] of [[Organization A:Organization]]'s opinion of the fair market rent for the First Renewal Period. If [[Organization B:Organization]] disputes [[Organization A:Organization]]'s opinion, [[Organization B:Organization]] shall, within thirty (30) days after [[Organization A:Organization]]'s said notice, by written notice to [[Organization A:Organization]], either withdraw its exercise of its renewal option or notify [[Organization A:Organization]] that [[Organization B:Organization]] elects arbitration in accordance with then prevailing Rules of Commercial Arbitration of the American Arbitration Association. If [[Organization B:Organization]] elects arbitration, it shall deliver a written notice to [[Organization A:Organization]] within fifteen (15) days after its notice to [[Organization A:Organization]] electing arbitration specifying [[Organization B:Organization]]’s determination of fair market rent for the First Renewal Period. The said Association shall designate an appraiser familiar with office buildings located in the Hennepin County, Minnesota area that is reasonably acceptable to [[Organization A:Organization]] and [[Organization B:Organization]]. The arbitrator shall, after hearing testimony from the parties and their expert witnesses, determine which of [[Organization A:Organization]]’s determination of the fair market rent or [[Organization B:Organization]]’s determination of fair market rent is closest to the actual fair market rent, and that amount shall be the Base Rent for the First Renewal Period. Each party shall pay the cost and expenses of its own expert witnesses and attorney’s fees, and the cost of the arbitration shall be shared equally by the parties.

Period of Restriction. The Period of Restriction shall begin on the Grant Date and lapse, except as otherwise provided in Sections 3 and 4 of this Agreement, as follows:

Period of Restriction. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 2; for purposes of this Agreement, “Period of Restriction” means the period of time after which the Award shall be deemed “vested” and settled in cash as provided in the Plan and this Agreement. The Restricted Stock Units awarded hereunder, and all rights with respect to such Restricted Stock Units, may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.

Restriction Period; Payment. Subject to the terms of this Agreement and the Plan and provided that Grantee remains continuously employed throughout the restriction periods set forth below, one-third (1/3) of the Restricted Stock Units shall vest per year over three years on each September 30th following the Grant Date (each a “Vesting Date”), as set forth below:

No Deferral Election – Restriction Period. Restricted Stock Units are subject to a Restriction Period which will terminate on or, if Corporation’s Common Stock is not traded on such date, on the next date on which the Corporation’s Common Stock is traded.

Nontransferability During Period of Restriction. Except as provided in Section 9(f) hereof, the shares of Restricted Stock granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated for such period of time as shall be determined by the Committee and shall be specified in the Award Agreement for the grant of the Restricted Stock, or upon earlier satisfaction of other conditions (which may include the attainment of performance goals as defined in Section 13 hereof), as specified by the Committee in its sole discretion and set forth in the Award Agreement for the grant of the Restricted Stock.

Vesting Schedule/Period of Restriction. Except as provided in paragraphs 4 and 5, and subject to paragraph 7, the Performance Shares awarded by this Agreement shall vest in accordance with the vesting provisions set forth on the Notice of Grant of this Agreement. Performance Shares shall not vest in the Employee in accordance with any of the provisions of this Agreement unless the Employee shall have been continuously employed by the Company or by one of its Subsidiaries from the Grant Date until the date the Performance Shares are otherwise scheduled to vest.

Next results

Draft better contracts
faster with AllDrafts

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.