Common use of Passage of Time Clause in Contracts

Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), (c), and (d) below, Units for which Restrictions have lapsed shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a “Delivery Date”). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date.

Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three anniversaries of the Grant Date (each a “Delivery Date”) until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), ) and (c), and (d) below, Units for which Restrictions have lapsed lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) on which such Restrictions lapse (each, a “Delivery Date”Date(s). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date.

Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to the Restrictions. Subject to subsections (b), ) and (c), and (d) below, Units for which Restrictions have lapsed lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the date(s) date on which such Restrictions lapse (each, a “Delivery Date”). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date.