Awarded Performance Shares in Vesting Category 1 Sample Clauses

Awarded Performance Shares in Vesting Category 1. With respect to the Awarded Performance Shares in Vesting Category 1, your interest will become vested and nonforfeitable in three (3) equal installments, on January 1 of 2017, 2018 and 2019, respectively, provided that the EPS Condition and any other conditions described in this Section 2.2 have been satisfied and provided, in each instance, that you have been continuously employed by the Company from the effective date of this Agreement until December 31 of the calendar year ending immediately prior to each such date. If your employment terminates for any reason before one of the vesting dates specified in this Section 2.2(c)(i), your interest in the unvested Awarded Performance Shares in Vesting Category 1 will be forfeited unless (1) your employment with the Company terminates as a result of your death or disability, as defined in the Plan, (2) you have attained the age of 64, or (3) the Committee, in its sole and absolute discretion, waives the conditions of the grant of the Vesting Category 1 Performance Shares. In the event that you attain age 64 before one of the vesting dates specified in this Section 2.2(c)(i), and the EPS Condition is satisfied, the unvested Awarded Performance Shares in Vesting Category 1 will vest in the later of (A) 2016 (the year in which the EPS Condition is satisfied) or (B) the year in which you attain age 64, in such proportion as the number of years since January 1, 2011 bears to the number “8,” and will continue to vest in the proportion of 1/8 each year thereafter until the eighth year is reached, so long as you continue to be employed by the Company. For example, if you attain age 64 six years after January 1, 2011, and the EPS Condition has been satisfied, 6/8 of the unvested Awarded Performance Shares in Vesting Category 1 will vest in the year in which you attain age 64, and thereafter, 1/8 of such Awarded Performance Shares will vest each year for the next two years, so long as you continue to be employed by the Company. As a second example, if you are age 66 as of January 1, 2016, and the EPS Condition is satisfied, 5/8 of the Awarded Performance Shares in Vesting Category 1 will vest in 2016 upon the anniversary date of this Agreement following the award of the Vesting Category 1 Performance Shares, and thereafter, 1/8 of such Awarded Performance Shares will vest on January 1 of each year for the next three years, so long as you continue to be employed by the Company. In the event that your employment with the ...
Sample 1
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Related to Awarded Performance Shares in Vesting Category 1

  • Accelerated Vesting of Equity Awards One hundred percent (100%) of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

  • Performance Vesting Within sixty (60) days following the completion of the Performance Period, the Plan Administrator shall determine the applicable number of Performance Shares in accordance with the provisions of the Award Notice and Schedule I attached thereto.

  • Vesting of Restricted Stock Units The restrictions and conditions of Section 1 of this Agreement shall lapse on the Vesting Date or Dates specified in the following schedule so long as the Grantee remains in a Business Relationship (as defined in Section 3 below) on such Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Section 1 shall lapse only with respect to the number of Restricted Stock Units specified as vested on such date. Incremental Number of Restricted Stock Units Vested Vesting Date The Administrator may at any time accelerate the vesting schedule specified in this Section 2.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.

  • Grant of Performance Stock Units Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted [Number] Performance Stock Units (the “Target Performance Units”). This Award contains the right to dividend equivalents (“Dividend Equivalents”) with respect to Earned Performance Units (as defined in Section 3(a)) as described in Section 4. Each Performance Stock Unit awarded hereunder shall become earned and vested as described in Section 3 and each Earned Performance Unit (and associated Earned Dividend Equivalents thereon as described in Section 4) shall be settled in accordance with Section 5.

  • Vesting Date All remaining shares of Restricted Stock will become vested on the Vesting Date.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Vesting Period The vesting period of the Restricted Stock (the “Vesting Period”) begins on the Grant Date and continues until such date as is set forth on Schedule A as the date on which the Restricted Stock is fully vested. On the first Annual Vesting Date following the date of this Agreement and each Annual Vesting Date thereafter the number of shares of Restricted Stock equal to the Annual Vesting Amount shall become vested, subject to earlier forfeiture as provided in this Agreement. To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of this paragraph, the provisions of Schedule A will govern. Except as permitted under Section 10, the shares of Restricted Stock for which the applicable Vesting Period has not expired may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered (whether voluntary or involuntary or by judgment, levy, attachment, garnishment or other legal or equitable proceeding). The Employee shall not have the right to receive cash dividends paid on shares of Restricted Stock for which the applicable Vesting Period has not expired. In lieu thereof, the Employee shall have the right to receive from the Company an amount, in cash, equal to the cash dividends payable on shares of Restricted Stock for which the applicable Vesting Period has not expired, provided the Employee is employed by the Company on the payroll date coinciding with or immediately following the date any such cash dividends are paid on the Restricted Shares. The Employee shall have the right to vote the Restricted Stock, regardless of whether the applicable Vesting Period has expired.

  • Grant of Performance Share Units The Company hereby grants to the Participant the Target Number of PSUs Granted, effective as of the Date of Award and subject to the terms and conditions of the Plan and this Award Agreement. Each PSU represents the unsecured right to receive a number of Shares, if any, in accordance with the terms and conditions of this Award Agreement. The Participant shall not be required to pay any additional consideration for the issuance of the Shares, if any, upon settlement of the PSUs.

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