Common use of Withdrawal without Cause Clause in Contracts

Withdrawal without Cause. If the Participant is subject to a Withdrawal without Cause (as defined in Exhibit E-1 of the Partnership Agreements), the Service Condition shall be deemed to be satisfied with respect to a number of additional Performance Shares equal to (x) the number of Performance Shares (i.e., [•]), multiplied by the number of months from the Vesting Commencement Date through the date of such Withdrawal, divided by sixty (60) (the “Covered Shares”), plus (y) the number of Performance Shares less the number of Covered Shares, which difference is then multiplied by 50%, less (z) the number of Performance Shares that had, prior to such Withdrawal, satisfied the Service Condition. The portion of the Performance Shares that have satisfied, or been deemed to have satisfied, the Service Condition (but have not yet satisfied the Performance Condition) as of the date of such Withdrawal shall remain outstanding and eligible to vest upon satisfaction of the Performance Condition until the second anniversary of the effective date of such Withdrawal; provided, that any unvested Performance Shares that have not satisfied the Performance Condition on or prior to the earlier of (A) such second anniversary or (B) the last day of the Performance Period shall be forfeited.

Appears in 1 contract

Sources: Performance Based Restricted Share Award Agreement (Sculptor Capital Management, Inc.)

Withdrawal without Cause. If the Participant is you are subject to a Withdrawal without Cause (as defined in Exhibit E-1 of the Partnership AgreementsLPAs), the Service Condition shall be deemed to be satisfied with respect to a number of additional Performance Shares Class P-4 Unit equal to (x) the number of Performance Shares (i.e., [•])Class P-4 Units, multiplied by the number of months from the Vesting Commencement Date through the date of such Withdrawal, divided by sixty (60) (the “Covered SharesUnits”), plus (y) the number of Performance Shares Class P-4 Units less the number of Covered SharesUnits, which difference is then multiplied by fifty percent (50%), less (z) the number of Performance Shares Class P-4 Units that had, prior to such Withdrawal, satisfied the Service Condition. The portion of the Performance Shares Class P-4 Units that have satisfied, or been deemed to have satisfied, the Service Condition (but have not yet satisfied the Performance Condition) as of the date of such Withdrawal shall remain outstanding and eligible to vest upon satisfaction of the Performance Condition until the second anniversary of the effective date of such Withdrawal; provided, that any unvested Performance Shares Class P-4 Units that have not satisfied the Performance Condition on or prior to the earlier of (A) such second anniversary or (B) the last day of the Performance Period shall be forfeited.

Appears in 1 contract

Sources: Class P 4 Common Unit Award Agreement (Sculptor Capital Management, Inc.)