Common use of Time Vesting Condition Clause in Contracts

Time Vesting Condition. Except as otherwise provided herein, the Time Vesting Condition shall be satisfied with respect to one-third (1/3) of the Earned PSUs on each of the Determination Date and the second and third anniversaries of the Grant Date (each, a “Vesting Date”), provided that the Participant has not incurred a termination of Service prior to such Vesting Date. There shall be no proportionate or partial vesting in the periods prior to each Vesting Date and all vesting shall occur only on the appropriate Vesting Date. For the avoidance of doubt, all Earned PSUs shall be deemed unvested PSUs until the Time Vesting Condition described in this Section 3.1(b) has been satisfied.