Vesting and Conversion to Shares Sample Clauses
The 'Vesting and Conversion to Shares' clause outlines the process by which an individual's right to receive company shares becomes earned over time and specifies how these rights are ultimately converted into actual shares. Typically, this clause details a vesting schedule—such as monthly or annual increments over a set period—and the conditions under which unvested shares may be forfeited, for example, if the individual leaves the company early. Its core function is to incentivize long-term commitment and performance by ensuring that equity is only fully granted after certain milestones or timeframes are met, thereby protecting the company from immediately losing equity to short-term participants.
Vesting and Conversion to Shares. The Target Total Award will vest and become non-forfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such date, or
(b) as of your Termination of Service due to death or Disability, or
(c) as of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion by the Head of Human Resources, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company within 60 days after your Termination of Service or such other time as the Company may determine and the severance agreement has become irrevocable, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason.
Vesting and Conversion to Shares. The Target Total Award will vest and become non-forfeitable upon the earliest to occur of the following, or as otherwise provided in the Employment Agreement (the “Vesting Date”):
(a) the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such date, or
(b) as of your Termination of Service due to death or Disability, or
(c) as of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion by the Head of Human Resources, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company within 60 days after your Termination of Service or such other time as the Company may determine and the severance agreement has become irrevocable, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason.
Vesting and Conversion to Shares. The RSUs will vest and become non-forfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the Determination Dates, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such respective dates, or
(b) your Termination of Service due to death or Disability, or
(c) your involuntary Termination of Service, other than for Cause, Disability or unsatisfactory performance, as determined by the Head of Human Resources in his sole discretion, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or Disability, or (ii) by you for Good Reason.
Vesting and Conversion to Shares. The RSUs will vest and become nonforfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the dates specified on page 1 hereof, provided that you have not experienced a Termination of Service before such respective dates, or
(b) your Termination of Service due to death or Disability, or
(c) your involuntary Termination of Service, other than for Cause, Disability or unsatisfactory performance, as determined by the Head of Human Resources in his sole discretion, provided that you sign a severance agreement in the form stipulated by the Company, and the severance agreement has become irrevocable, within 60 days after your Termination of Service or such earlier time as the Company may determine, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or Disability, or (ii) by you for Good Reason.
Vesting and Conversion to Shares. The Target Total Award will vest and become non-forfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the Determination Date, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such respective dates, or
(b) your Termination of Service due to death or Disability, or
(c) your involuntary Termination of Service, other than for just cause under applicable Canadian law, provided that you sign a Final Release and Indemnity as part of a severance agreement in the form stipulated by the Company, within 90 days after your Termination of Service, and it has become irrevocable. In the event that the Final Release and Indemnity in a form acceptable to the Company is not signed within the 90 day period after your Termination of Service, then RSUs scheduled to vest during the applicable statutory notice period will vest on the respective vesting dates, subject to the terms and conditions of the Award Agreement. All other RSUs will be forfeited immediately upon the cessation of the statutory notice period, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Employer other than for just cause, or (ii) by you for Good Reason.
Vesting and Conversion to Shares. The Target Total Award will vest and become non-forfeitable upon the earliest to occur of the following, subject to any performance adjustment as set forth in Paragraph 18 hereof:
(a) in the event you have not experienced a Termination of Service before the Determination Date, as of the Determination Date to the extent provided under the Performance Vesting Formula, or
(b) in the event of your death or Disability, as of your Termination of Service, or
(c) in the event of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as of the Determination Date, to the extent provided under the Performance Vesting Formula; provided, however, that (i) your involuntary Termination of Service is approved in the sole discretion of the Head of Human Resources; (ii) you sign a severance agreement in the form stipulated by the Company or your Employer within 60 days after your Termination of Service or such other time as the Company or your Employer may determine; and (iii) the severance agreement has become irrevocable, or
(d) in the event of a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, immediately before such Change in Control, or
(e) in the event your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason, as of the Determination Date, to the extent provided under the Performance Vesting Formula.
Vesting and Conversion to Shares. The Restricted Stock Units will vest and be deemed earned and payable in full upon the earliest to occur of the following (the “Vesting Date”):
(a) upon the date(s) specified on page 1 hereof, provided that you have not experienced a Termination of Service prior to such respective date(s), or
(b) in the event of your Termination of Service due to Retirement occurring more than two (2) years after the Grant Date, and upon your continued compliance with the covenants set forth herein, on the date(s) specified on page 1 hereof, or
(c) upon your Termination of Service due to death or Disability, or
(d) upon your involuntary Termination of Service, other than for Cause or Disability, provided that you sign (and do not revoke) a severance agreement in the form stipulated by the Company, or
(e) in the event of a Change in Control, immediately prior to a Change in Control if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(f) in the event of a Change in Control, upon your Termination of Service during the 24-month period following the Change in Control either (i) by the Company other than for Cause or Disability, or (ii) by you for Good Reason. Unless the Restricted Stock Units are forfeited prior to the Vesting Date, the Restricted Stock Units will be converted into an equal number of Shares on the Vesting Date (the “Conversion Date”), and Shares evidencing the conversion of Restricted Stock Units will be registered in the name of the Participant as of the Conversion Date and delivered to the Participant as soon as practicable thereafter.
Vesting and Conversion to Shares. Except as may be prorated as described in 3(b) below, all of the RSUs shall vest and become nonforfeitable upon the earliest to occur of the following (each, a “Vesting Date”):
(a) the dates specified on page 1 hereof, provided that you have not experienced a Termination of Service before such respective dates, or
(b) in the event of your Termination of Service due to your Qualified Retirement,
(i) if you have held your Award for at least one year, each tranche shall vest on the earlier of its original Vesting Date and the one-year anniversary of your Termination of Service, or
(ii) if you have held your Award for less than one year, your Award will be prorated based on the number of full months that you have held your Award and your prorated RSUs shall vest on the next originally scheduled Vesting Date, or
(c) in the event of your Termination of Service due to death or your Disability, your RSUs shall vest and become nonforfeitable as of the date of your death or Disability, even if you have met the qualifications for a Qualified Retirement, or
(d) in the event of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion of the Chief Human Resources Officer, and provided that you sign a severance agreement in the form stipulated by the Company or your Employer, within 60 days after your Termination of Service or such other time as the Company or your Employer may determine, and the severance agreement has become irrevocable, your RSUs shall vest and become nonforfeitable as of the date of your Termination of Service; provided, however, that if you are Retirement Eligible and this Section 3(d) otherwise applies to you, each tranche of your RSUs shall vest on the earlier of its original Vesting Date and the one-year anniversary of your Termination of Service (except as provided above in subsection (b)(ii) with respect to prorated Awards, which shall vest on the next originally scheduled Vesting Date), or
(e) in the event of a Change in Control, your RSUs shall vest and become nonforfeitable immediately before the Change of Control if this Award is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control; provided, however, that if you are Retirement Eligible, each tranche of your RSUs shall settle on the earlier of its original Vesting Date and the one-year anniversary of your Termination of Service, with such settlement to be made in ...
Vesting and Conversion to Shares. The RSUs will vest and become nonforfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the dates specified on page 1 hereof, provided that you have not experienced a Termination of Service before such respective dates, or
(b) your Termination of Service due to death or Disability, or
(c) your involuntary Termination of Service, other than for just cause under applicable Canadian law, provided that you sign a Final Release and Indemnity as part of a severance agreement within 90 days after your Termination of Service, and it has become irrevocable. In the event that the Final Release and Indemnity in a form acceptable to the Company is not signed within the 90 day period after your Termination of Service, then RSUs scheduled to vest during the applicable statutory notice period will vest on the respective vesting dates, subject to the terms and conditions of the Award Agreement. All other RSUs will be forfeited immediately upon the cessation of the statutory notice period; or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by your Employer other than for just cause, or (ii) by you for Good Reason. Upon the expiration or termination of an applicable restriction set forth in this Section 3, unrestricted Shares will be delivered to you as soon thereafter as practicable.
Vesting and Conversion to Shares. The RSUs will vest and become non-forfeitable upon the earliest to occur of the following (the “Vesting Date”):
(a) the Determination Dates, to the extent provided under the Performance Vesting Formula, if you have not experienced a Termination of Service before such respective dates, or
(b) your Termination of Service due to death or Disability, or
(c) your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as determined in the sole discretion by the Head of Human Resources, provided that you sign and do not revoke a severance agreement in the form stipulated by the Company, or
(d) immediately before a Change in Control, if this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, or
(e) your Termination of Service during the 24-month period following a Change in Control either (i) by the Company other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason.