Vesting of Units Clause Samples

Vesting of Units. For purposes of this Agreement, “Vesting Date” means any date, including the Scheduled Vesting Dates specified in the Vesting Schedule on the cover page of this Agreement, on which Units subject to this Agreement vest as provided in this Section 4.

Vesting of Units. If the Grantee has attained the age of 55 and completed three (3) consecutive years of service with the Company (referred to as “Retirement Eligible”) on the date of the grant of the Units, he or she shall be vested in the Units on the later of June 1 of the year in which the grant is made or the date of the grant. If the Grantee becomes Retirement Eligible after the date of grant and prior to the date for distribution of shares of Common Stock represented by the Units, the Grantee shall be vested in the Units at the later of June 1 of the year in which he or she becomes Retirement Eligible or the actual date during such year that he or she becomes Retirement Eligible. However, the Grantee shall not be entitled to the removal of the restrictions on such Units provided for in Section 2 above or to a distribution of shares of Common Stock represented by the number of Units until the time provided for in Section 8 below. In addition, the Grantee’s portion of applicable payroll (FICA) taxes shall be withheld from the first scheduled bi-weekly paycheck in December of the year in which such vesting occurs. The amount of payroll taxes due shall be based on the Fair Market Value of the shares of Common Stock represented by the number of Units as of the last business day of the pay period to which the first scheduled payroll check in December applies.

Vesting of Units. (a) No PRSUs will be earned unless and until the Committee determines the extent to which the performance criteria set forth in Exhibit A have been met with respect to the Performance Period designated above. As soon as practicable following the availability of audited results of the Company for the fiscal year ending July 31, 2015, the Committee will determine whether and the extent to which the performance criteria in Exhibit A has been satisfied and the number of PRSUs earned as set forth in Exhibit A (“Earned PRSUs”). The date on which the Committee makes its determination is referred to in this Agreement as the “Determination Date”. Earned PRSUs, if any, will become vested and nonforfeitable on the last day of the Performance Period (the “Vesting Date”), provided, except as set forth in Section 3(c) below, that you have not incurred an “Employment Termination Date” (as defined below) prior to the Vesting Date. Except as set forth in Section 3(c) below, if your Employment Termination Date occurs for any reason before the Vesting Date, all of the Units shall be forfeited and immediately cancelled. (b) For purposes of Section 3(a), the term “Employment Termination Date” shall mean the earlier of (i) the date, as determined by the Company, that you are no longer actively employed by the Company or any of its Affiliated Companies, and in the case of an involuntary termination, such date shall not be extended by any notice period mandated by law or any contractual notice period); or (ii) the date, as determined by the Company, that your employer is no longer an Affiliated Company. You will not be considered to have terminated employment during an approved leave of absence. However, you will be considered to have terminated employment if you fail to return to the employ of the Company or any of its Affiliated Companies at the end of the approved leave of absence, and your Employment Termination Date shall be deemed to have occurred on the last day of your approved leave of absence.

Vesting of Units. Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event.

Vesting of Units. Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice. Dividend Equivalent Units shall become Vested Units at the same time as the Restricted Stock Units originally subject to the Award with respect to which they have been credited.

Vesting of Units. (a) Each of the Executive Units issued hereunder shall be subject to vesting as set forth in this Section 2. Executive Units which have become vested pursuant to this Section 2 are referred to herein as “Vested Units,” and Executive Units which have not become Vested Units are referred to herein as “Unvested Units.” (b) «Vested_C_Units» of the Executive Units issued hereunder shall be Vested Units as of the date hereof. Thereafter, through the fifth anniversary of «C_Vesting_Comm_Date», provided that Executive is continuously employed by the Company or any of its Subsidiaries from the date of this Agreement through the date of determination, the Executive Units shall vest on a daily pro rata basis such that, on the date of determination, the number of Executive Units which shall have vested and become exercisable as of that date shall be equal to (rounded to the nearest whole unit) (x) the aggregate number of Executive Units multiplied by (y) a fraction, the numerator of which shall be the number of calendar days from and including «C_Vesting_Comm_Date» through and including the date of determination, and the denominator of which shall be 1,826. (c) Upon Executive’s death or Disability, an additional amount of Executive Units equal to the lesser of (i) twenty percent (20%) of the aggregate number of Executive Units and (ii) the remainder of Executive’s Unvested Units, shall automatically become Vested Units. (d) Upon the occurrence of a Sale of the Company, on or prior to the fifth anniversary of «C_Vesting_Comm_Date», all Executive Units which have not yet become Vested Units shall become Vested Units if Executive is, and has been continuously, employed by the Company or any of its Subsidiaries from the date hereof through the date on which such Sale of the Company occurs.

Vesting of Units. The Units shall vest and become Vested Units as provided in the Grant Notice.

Vesting of Units. Subject to Participant’s continued employment through the Vest Date and other conditions described in the Award Summary (except as described under the heading “Special provisions regarding vesting of awards”), the Units will vest and become “Vested Units” as of the date set forth in the Award Summary.

Vesting of Units. Subject to Sections 3, 4 and 5 below, the Award shall vest in accordance with the schedule set forth in the Notice and shall immediately cease to vest upon the date the Grantee’s Continuous Service is terminated for any or no reason (such date, the “Termination Date”), with any Units that remain unvested and unearned as of the Termination Date to be immediately cancelled and forfeited by the Grantee.