Time-Vesting Requirements and Payment Clause Samples

Time-Vesting Requirements and Payment. For purposes of the PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. Subject to Executive’s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the “First Tranche”); in one-sixth of the Earn Out Number on the second anniversary of the date of grant (the “Second Tranche”); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends.
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Time-Vesting Requirements and Payment. For purposes of the PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Period based upon achievement of the applicable performance objective, as determined by the Committee. Subject to Executive’s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in 34% of the Earn Out Number on March 1, 2020 (the “First Tranche”); in 34% of the Earn Out Number on March 1, 2021 (the “Second Tranche”); and in the remaining 32% of the Earn Out Number on March 1, 2022 (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has determined that the applicable performance objective for the Performance Period have been attained. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends. ▇▇▇▇ ▇. ▇▇▇▇▇▇ Employment Agreement
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Related to Time-Vesting Requirements and Payment

  • Vesting Requirements The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 below) shall be subject to the satisfaction of the conditions set forth in each of subsections A and B, as applicable, and, in each case, subsection C of this Section 2:

  • Equity Vesting All of the then-unvested shares subject to each of the Executive’s then-outstanding equity awards will immediately vest and, in the case of options and stock appreciation rights, will become exercisable (for avoidance of doubt, no more than 100% of the shares subject to the then-outstanding portion of an equity award may vest and become exercisable under this provision). In the case of equity awards with performance-based vesting, all performance goals and other vesting criteria will be deemed achieved at the greater of actual performance or 100% of target levels. Unless otherwise required under the next following two sentences or, with respect to awards subject to Section 409A of the Code, under Section 5(b) below, any restricted stock units, performance shares, performance units, and/or similar full value awards that vest under this paragraph will be settled on the 61st day following the CIC Qualified Termination. For the avoidance of doubt, if the Executive’s Qualified Termination occurs prior to a Change in Control, then any unvested portion of the Executive’s then-outstanding equity awards will remain outstanding for 3 months or the occurrence of a Change in Control (whichever is earlier) so that any additional benefits due on a CIC Qualified Termination can be provided if a Change in Control occurs within 3 months following the Qualified Termination (provided that in no event will the Executive’s stock options or similar equity awards remain outstanding beyond the equity award’s maximum term to expiration). In such case, if no Change in Control occurs within 3 months following a Qualified Termination, any unvested portion of the Executive’s equity awards automatically will be forfeited permanently on the 3-month anniversary of the Qualified Termination without having vested.

  • 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.

  • Vesting and Payment (a) Except as set forth in Sections 2(c) and 2(d), the Restricted Stock Units shall vest on the fourth anniversary of the Grant Date (the “Scheduled Payment Date”); provided that the Participant has not had a Termination of Employment at any time prior to the Scheduled Payment Date. (b) Except as set forth in Section 2(c), there shall be no proportionate or partial vesting in the periods prior to the vesting date and all vesting shall occur only on the vesting date; provided that no Termination of Employment has occurred prior to such date. (c) The Restricted Stock Units shall vest on a pro-rated basis upon the Participant’s Retirement, unless otherwise provided expressly in a written agreement between the Participant and the Company (or a Subsidiary). For purposes of this Section 2(c), the Participant shall qualify for “Retirement” if (i) the Participant’s age (minimum 55) plus years of service with the Company and its Subsidiaries equal or exceed 70, (ii) the Participant has provided written notice of the Participant’s retirement to the Company at least 30 days prior to the date of such retirement, and (iii) no Termination of Employment has occurred prior to the date of such retirement. For purposes of determining the age and service requirement under Section 2(c)(i), the Participant’s age and years of service shall be determined by the Participant’s most recent birthday and employment anniversary, respectively. For purposes of this Section 2(c), vesting on a pro-rated basis shall be calculated by multiplying the number of Restricted Stock Units set forth under Section 1 by a fraction, the numerator of which is the number of days from the date of grant to the date of the Participant’s Retirement, and the denominator of which is 1,460. (d) The Restricted Stock Units shall become fully vested on the earliest of (i) a Termination of Employment by the Company (or a Subsidiary) without Cause occurring within the 2-year period following a Change of Control, (ii) the Participant’s Disability and (iii) the Participant’s death; provided that no Termination of Employment has occurred prior to any such event, unless otherwise provided expressly in a written agreement between the Participant and the Company (or a Subsidiary). For purposes of this Agreement, a “Change of Control” shall mean a Change of Control as defined in the Plan. For purposes of this Agreement, “Disability” shall mean the approval of, and receiving benefits for, long term disability by the disability insurance carrier under the Company’s (or if applicable, Subsidiary’s) long term disability plan.

  • Normal Vesting Subject to the Plan and this Agreement, if the Participant has been in Continuous Employment through the Vesting Date as set forth in Section 1, then the RSUs subject to such Vesting Date will become nonforfeitable (“Vest” or similar terms).