Vesting of the Stock Unit Grant Sample Clauses
The "Vesting of the Stock Unit Grant" clause defines the schedule and conditions under which an employee earns the right to receive shares or stock units granted by their employer. Typically, this clause outlines a timeline—such as monthly or annual increments—over which the stock units become fully owned by the employee, often contingent on continued employment or meeting certain performance goals. Its core practical function is to incentivize employee retention and performance by gradually transferring ownership of the stock units, while protecting the company from immediately relinquishing all granted equity.
Vesting of the Stock Unit Grant. (a) Subject to the terms and conditions of this Grant Agreement, the Subplan and the 2007 Plan, this Stock Unit Grant shall become vested and the restrictions on the Stock Unit Grant shall lapse on the day immediately preceding the Company’s next annual meeting of stockholders at which directors (or a class of directors if the Company then has a classified Board of Directors) are elected or reelected by the Company’s stockholders if the Director is serving as a Non-Employee Director, or is deemed to be serving as a Non-Employee Director in accordance with Section 5 below, as of the vesting date; provided, however, that the Stock Unit Grant shall become immediately vested in full (i) on or following a Change in Control if the Director ceases to serve as a Non-Employee Director, or ceases to be deemed to be serving as a Non-Employee Director in accordance with Section 5 below, in each case, for any reason other than Cause or (ii) in the event that the Director ceases to serve as a Non-Employee Director due to the Director’s death or Disability (as defined below). In the event the Director ceases to serve as a Non-Employee Director for any other reason not described or provided for herein, any portion of the Stock Unit Grant that has not yet vested shall be forfeited.
Vesting of the Stock Unit Grant. (a) Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, this Stock Unit Grant shall become vested in full and all restrictions on the Stock Unit Grant shall lapse on the third anniversary of the Date of Grant if the Employee has remained continuously employed by the Employer from the Date of Grant through the vesting date; provided, however, that the Stock Unit Grant shall become immediately vested in full (i) upon a Change in Control if the Employee is employed by the Employer as of the date of the Change in Control or (ii) upon the Employee’s Termination of Service (as defined below) due to the Employee’s death or Disability (as defined below).
Vesting of the Stock Unit Grant. (a) Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, the Employee shall become vested in a portion of the Stock Unit Grant and all restrictions on such portion of the Stock Unit Grant shall lapse on the following dates (the “Vesting Dates”) if the Employee remains continuously employed by the Employer from the Date of Grant through the applicable Vesting Dates (such vesting schedule, the “Vesting Schedule”); provided, however, that the Stock Unit Grant shall become immediately vested in full and settle (upon a Change in Control (as defined in the Employment Agreement)) if the Employee is employed by the Employer as of the date of the Change in Control: January 31, 2016 38 % January 31, 2017 41 % January 31, 2018 21 %
(b) Notwithstanding the Vesting Schedule, the unvested portion of the Stock Unit Grant shall (i) become immediately vested in full and settle upon the Employee’s Termination of Service (as defined below) due the Employee’s death or Permanent Disability (as defined in the Employment Agreement) and (ii) fully vest upon Employee’s Termination of Service without Cause (as defined in the Employment Agreement) or Termination of Service for Good Reason (as defined in the Employment Agreement) but shall continue to be settled over the Vesting Schedule; provided that in the case Termination of Service due to the Employee’s Permanent Disability or Employee’s Termination of Service without Cause or for Good Reason, the Employee shall (i) comply with and remain subject to the provisions of Sections 6.01 (Confidential Information), 7.01 (Intellectual Property), 8.01 (Delivery of Material Upon Termination of Employment), 9.01 (Noncompetition), 9.02 (Nonsolicitation) and 13.03 (Cooperation) of the Employment Agreement and (ii) have timely executed and not revoked a release, the form of which is attached to the Employment Agreement.
(c) Upon the issuance of the shares of Company Stock that the Executive is entitled to receive on the January 31, 2016 Vesting Date (the “2016 Tranche”), such shares shall be placed in a brokerage account held in the name of the Executive through the first anniversary of his Start Date (as defined in the Employment Agreement). Upon any Termination of Service of the Executive that occurs on or prior to the first anniversary of his Start Date, other than as set forth above in Section 4(a) and (b), the Executive shall return to the Company a prorated number of shares subject to the 2...
Vesting of the Stock Unit Grant. (a) Except as otherwise provided herein, a percentage between 0% and 100% of the Stock Units underlying this Stock Unit Grant shall vest on [insert third anniversary of the Date of Grant], provided that the Employee has remained continuously employed by the Employer from the Date of Grant through the vesting date, based on the amount of the Employer’s “Cumulative Three Year Pre-Tax Operating Income” (as defined below) determined in accordance with the following schedule: Less than $ million 0 % $ million 25 % $ million 50 % $ million 75 % $ million or more 100 % In the event the amount of Cumulative Three Year Pre-Tax Operating Income is between two of the thresholds set forth in the schedule above, the percentage of the Stock Units underlying the Stock Unit Grant that shall vest shall be determined by multiplying (A) 25% by (B) a fraction, the numerator of which is the excess of the actual Cumulative Three Year Pre-Tax Operating Income over the next lowest vesting threshold and the denominator of which is the excess of the next higher vesting threshold over the next lower vesting threshold and adding the product to the percentage corresponding to the next lowest vesting threshold. For example, if Cumulative Three Year Pre-Tax Operating Income is $ million, the vesting percentage would be 86.5% = [[( - )/( - )] x 25%] + 75%.
Vesting of the Stock Unit Grant. Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, this Stock Unit Grant shall become vested if the Employee has remained continuously employed by the Employer from the Date of Grant through the vesting date and is in Good Standing (as defined
Vesting of the Stock Unit Grant. (a) Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, this Stock Unit Grant shall become vested, and all restrictions on the Stock Unit Grant shall lapse, in three equal installments on each of the first, second and third anniversaries of the Date of Grant (each such anniversary of the Date of Grant, an “Anniversary”) so long as the Employee (i) continuously fulfills the Employee’s duties as Interim Chief Executive Officer and President of the Company through the Term End Date and does not otherwise voluntarily resign from such employment and (ii) thereafter continuously serves as a member of the Board from the Date of Grant through each applicable Anniversary and does not voluntarily resign from such Board service (such complete vesting schedule as described in clauses (i) and (ii) herein, the “Vesting Schedule”); provided, however, that the Stock Unit Grant shall become immediately vested in full and settle (x) upon a Change in Control if, as of the date of the Change in Control, the Employee has not experienced a prior Termination of Service (as defined below) or (y) upon the Employee’s Termination of Service due to death or Permanent Disability (as defined below). For purposes of this Agreement, the term “Permanent Disability” shall have the meaning ascribed to such term in Section 22(e)(3) of the Code.
(b) Unless otherwise provided by the Committee, all amounts receivable in connection with any adjustments to the Company Stock under Section 5(d) of the Plan shall be subject to the Vesting Schedule.
Vesting of the Stock Unit Grant. Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, one-third of this Stock Unit Grant shall become vested if the Employee has remained continuously employed by the Employer from the Date of Grant through the vesting date and is in Good Standing (as defined below) on the vesting date; provided, however, that the Stock Unit Grant shall become immediately vested in full (i) upon a Change in Control Termination (as defined below) or (ii) upon the Employee’s Termination of Service (as defined below) due to the Employee’s death or Disability (as defined below). To the extent the Change in Control Termination occurs during the six-month period prior to the Change in Control, the Stock Unit Grant shall become vested in full immediately prior to the Change in Control. Unless otherwise provided by the Committee, all amounts receivable in connection with any adjustments to the Company Stock under Section 5(d) of the Plan shall be subject to the vesting schedule in this Section 4.
Vesting of the Stock Unit Grant. (a) Subject to the terms and conditions of this Grant Agreement, the Subplan and the 2007 Plan, this Stock Unit Grant shall become vested and the restrictions on the Stock Unit Grant shall lapse in three approximately equal annual installments, beginning on the first anniversary of the Date of Grant if the Director is serving as a Non-Employee Director, or is deemed to be serving as a Non-Employee Director in accordance with Section 5 below, as of each applicable vesting date; provided, however, that the Stock Unit Grant shall become immediately vested in full (i) immediately prior to the effectiveness of a Change in Control if the Director is serving as a Non-Employee Director, or is deemed to be serving as a Non-Employee Director in accordance with Section 5 below, as of such date or (ii) in the event that the Director ceases to serve as a Non-Employee Director due to the Director’s death or Disability (as defined below). In the event the Director ceases to serve as a Non-Employee Director for any other reason not described or provided for herein, any portion of the Stock Unit Grant that has not yet vested shall be forfeited.
Vesting of the Stock Unit Grant. (a) Subject to Section 5 below and the other terms and conditions of this Grant Agreement and the Plan, the Employee shall become vested in a portion of the Stock Unit Grant and all restrictions on such portion of the Stock Unit Grant shall lapse on the following dates (the “Vesting Dates”) if the Employee remains continuously employed by the Employer from the Date of Grant through the applicable Vesting Dates (such vesting schedule, the “Vesting Schedule”); provided, however, that the Stock Unit Grant shall become immediately vested in full and settle (upon a Change in Control (as defined in the Employment Agreement)) if the Employee is employed by the Employer as of the date of the Change in Control: January 31, 2016 38 % January 31, 2017 41 % January 31, 2018 21 %
(b) Notwithstanding the Vesting Schedule, the unvested portion of the Stock Unit Grant shall (i) become immediately vested in full and settle upon the Employee’s Termination of Service (as defined below) due the Employee’s death or Permanent Disability (as defined in the Employment Agreement) and (ii) fully vest upon Employee’s Termination of Service without Cause (as defined in the Employment Agreement) or Termination of Service for Good Reason (as defined in the Employment Agreement) but shall continue to be settled over the Vesting Schedule; provided that in the case Termination of Service due to the Employee’s Permanent Disability or Employee’s Termination of Service without Cause or for Good Reason, the Employee shall (i) comply with and remain subject to the provisions of Sections 6.01 (Confidential Information), 7.01 (Intellectual Property), 8.01 (Delivery of Material Upon Termination of Employment), 9.01 (Noncompetition), 9.02 (Nonsolicitation) and 13.03 (Cooperation) of the Employment Agreement and (ii) have timely executed and not revoked a release, the form of which is attached to the Employment Agreement.
(c) Upon the issuance of the shares of Company Stock that the Executive is entitled to receive on the January 31, 2016 Vesting Date (the “2016 Tranche”), such shares shall be placed in a brokerage account held in the name of the Executive through the first anniversary of his Start Date (as defined in the Employment Agreement). Upon any Termination of Service of the Executive that occurs on or prior to the first anniversary of his Start Date, other than as set forth above in Section 4(a) and (b), the Executive shall return to the Company a prorated number of shares subject to the 2...