GVHR » Topics » EMPLOYEE RESTRICTED STOCK AWARD

This excerpt taken from the GVHR 8-K filed Nov 14, 2005.

EMPLOYEE RESTRICTED STOCK AWARD

 

This RESTRICTED STOCK AWARD (the “Award”) is made and entered into as of the ___ day of ______________, 200__ by and between Gevity HR, Inc. (the “Company”), a Florida corporation, and _____________________________ (the “Employee”).

 

Upon and subject to the Additional Terms and Conditions attached hereto and incorporated herein by reference as part of this Award, the Company hereby awards as of the Grant Date to the Employee the Restricted Shares described below pursuant to the Gevity HR, Inc. 2005 Stock Incentive Plan (the “Plan”) in consideration of the Employee’s services to the Company (the “Restricted Stock Award”).

 

 

A.

Grant Date: ______________.

 

 

B.

Restricted Shares: ______________ shares of the Company’s common stock (“Common Stock”), $.01 par value per share.

 

 

C.

Vesting Schedule: The Restricted Shares shall become vested in accordance with the following Vesting Schedule:

 

 

Percentage of Restricted Shares

 

Years of Vesting Service

which are Vested Shares

 

 

 

 

The Restricted Shares which have become vested pursuant to the Vesting Schedule are herein referred to as the “Vested Shares.” Any and all unvested Restricted Shares determined as of the Employee’s Termination of Employment will be forfeited and returned to the Company. The Employee shall receive one Year of Vesting Service for each full consecutive one-year period during the period beginning with the Grant Date and ending on the date the Employee experiences a Termination of Employment, regardless of the reason. Any portion of the Restricted Shares which are not vested at the time of Employee’s Termination of Employment shall be forfeited. Notwithstanding the foregoing, in the event of the occurrence of any Change in Control following the Grant Date but prior to the Employee’s Termination of Employment, the Committee may provide that any previously unvested Restricted Shares shall become immediately vested.

 

IN WITNESS WHEREOF, the Company and Employee have signed this Award as of the Grant Date set forth above.

 

 

Gevity HR, Inc.

 

 

 

By:                                                                          

                                                     

 

Employee

 

 

Title:                                                                        

 

 

 

 

 

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