Forfeiture Condition and Vesting Clause Samples

Forfeiture Condition and Vesting. (i) In the event that, at a time before all or a portion of the Granted Shares have become vested, (A) the Revised Engagement Agreement is terminated either by action of Grantee under REA Section 5(i) or is terminated by action of the Company under REA Section 5(ii), (iii) or (iv), or (B) Grantee has materially breached the Revised Engagement Agreement and failed to cure such breach within 30 days after receipt of written notice of such breach from the Company, then any of the Granted Shares that are at that time not yet vested will immediately forfeit to the Company (or its designee) (the “Forfeiture Condition” and the “Forfeited Shares”, respectively) and all such Forfeited Shares shall be cancelled. Any forfeiture of the Granted Shares shall have no effect on the Revised Engagement Agreement, which will remain governed by the terms contained therein. (ii) All of the Granted Shares shall vest and become non-forfeitable upon the expiration of the Lock-Up Term (as defined in the lock-up agreement referenced under Section 2.2(b) (the “Lock-Up Agreement”)) ; provided, however, that any unvested Granted Shares shall become immediately vested if Grantee takes action to terminate the Revised Engagement Agreement under REA Section 5(iii) (due to fraudulent or felonious activity of the Company) or the Company has taken action to terminate the Revised Engagement Agreement other than as permitted under REA Section 5(ii), (iii) or (iv) without the written consent of Grantee or otherwise prevents Grantee from substantially performing its services under the Revised Service Agreement after receipt of written notice from Grantee that such circumstances have arisen, and will, if uncured within 30 days of receipt of such notice, result in accelerated vesting of the Granted Shares.
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Forfeiture Condition and Vesting 
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Related to Forfeiture Condition and Vesting

  • Restriction Period and Vesting (a) The restrictions on the Award shall lapse on the earliest of the following: (i) with respect to one-fifth of the aggregate number of shares of Stock subject to the Award on February 19, 1998 and as to an additional one-fifth of such aggregate number of shares on each anniversary thereof during the years 1999 through 2002, inclusive, or (ii) in accordance with Section 6.8 of the Plan (the "Restriction Period"). (b) If the Holder's employment with the Company is terminated by the Company during the Restriction Period or by reason of the Holder's "Permanent and Total Disability" (as such term is defined in the Plan), or by reason of the Holder's voluntary resignation or retirement or his death, then any shares of Stock as to which restrictions have not lapsed shall be forfeited.

  • Time Vesting The restrictions shall lapse with respect to the Shares of Restricted Stock covered by this Award, in the installments set forth in the Award Agreement, provided that G▇▇▇▇▇▇’s service as a Director of the Company and its Subsidiaries continues through the specified dates.

  • Forfeiture Provisions The performance security shall contain forfeiture provisions for failure, after proper notice, to complete work within the time specified, or to initiate or maintain any actions which may be required of the applicant or owner in accordance with this ordinance, approvals issued pursuant to this ordinance, or an operation and maintenance agreement established pursuant to this ordinance.

  • Accelerated Vesting Notwithstanding the terms of any Award Agreement heretofore or hereafter granted to the Executive, in the event of a Change of Control, all Options and Restricted Stock granted to the Executive which do not constitute deferred compensation for Code Section 409A purposes shall become fully vested on the date of the Change of Control. The Executive shall have the right to exercise any such Options in a manner provided for in the applicable Award Agreement. In the event of any conflict between the terms of this Section 9(a) and the terms of any Award Agreement granted to the Executive, the terms of this Section 9(a) shall control and govern.

  • Restricted Period; Vesting Except as otherwise provided in the Plan and the Agreement and provided that the Grantee provides continuous services to TeleTech through each applicable vesting date, the RSUs will vest and the corresponding shares of Common Stock of the Company (or cash equivalent) will be issued in accordance with the following schedule: [DATE] 25% RSUs to vest on this vesting date [DATE] 25% RSUs to vest on this vesting date [DATE] 25% RSUs to vest on this vesting date [DATE] 25% RSUs to vest on this vesting date The period during which the RSUs remain unvested and forfeitable is referred to as the “Restricted Period”. a. The unvested portion of the RSU Award shall be forfeited immediately upon the termination of the Grantee’s services to TeleTech for any reason, including separation, death, disability or any other reason where the Grantee no longer is providing services to TeleTech, and the Company nor its Affiliates shall have any further obligations to the Grantee under this Agreement for such forfeited RSUs. b. Pursuant to the delegation of the Compensation Committee of the Board, the executive leadership team of the Company (the “Executive Committee”), in its sole discretion, shall have the authority to determine the effect of all matters and questions with respect to Grantee’s termination of affiliation with TeleTech and whether continuous services are being provided as these matters relate to RSU Award vesting, including, without limitation, the question of whether a termination of service has occurred, whether a leave of absence or disability constitute a termination of service and other similar questions. c. For purposes of the Plan and this Agreement, a Grantee’s status as an employee, director or consultant of TeleTech shall be deemed to be terminated in the event that the Company’s subsidiary employing or contracting with such Grantee ceases to be a Company subsidiary following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off).