Common use of Vesting and Forfeitures Clause in Contracts

Vesting and Forfeitures. (a) Subject to Sections 4.2, 4.3, and 4.4, below: Executive's interest in his Account shall become vested at the rate of 2.7778 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 2005. Executive's vested interest in his Account shall be recalculated at the end of each calendar month and shall be expressed as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 15, 2006 December 15, 2006 December 31, 2007 33.33 percent 63.89 percent 100.00 percent