Change in Vesting Schedule Sample Clauses

Change in Vesting Schedule. It an amendment directly or indirectly affects the computation of a Participant's nonforfeitable percentage of his or her Account or it the Plan's vesting schedule changes as a result of a change in the Plan's status as a Top-Heavy Plan (as described in section 12.4), each Participant with at least 3 years of service with the Employer or an Affiliate may elect, within a reasonable period after the adoption of the amendment, to have the nonforfeitable percentage of his or her Account computed under this Plan without regard to such amendment. In the case of a Participant who does not have at least one Hour of Service in any Plan Year beginning after December 31, 1988, the preceding sentence shall be applied by substituting 5 years of service for 3 years of service. The period during which the election may be made shall commence with the date the amendment is adopted and shall end on the later of
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Change in Vesting Schedule. To the extent the vesting provisions of Article 3 are not more generous, if this Plan is deemed a Top-Heavy Plan for a Plan Year, then the vesting rules in Article 3 shall be replaced for such Plan Year and all subsequent Plan Years with a vesting schedule in which a Participant’s Vested percentage in allocations made to his or her Account will be 100% upon completion of three Years of Vesting Service. A shift to a new vesting schedule under this section is an amendment to the vesting schedule and is subject to Section 11.5.
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Change in Vesting Schedule. In the event the plan becomes top-heavy and thereafter ceases to be top-heavy, the vesting schedule may be changed to that set forth in Section 6.04. In the event the vesting schedule is so changed, all Participants with at least five (5) Years of Service at the time such change is adopted shall be entitled to the greater of the vested percentage under the vesting schedule existing before such change or the vested percentage existing under the vesting schedule after such change. If the vesting schedule in the Plan is changed, the vested percentage of any Participant's Account derived from Employer contributions shall not be less than the vested percentage computed under the Plan without regard to such change.
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Change in Vesting Schedule. (a) If the vesting schedule set forth in Subsection 7.2(a) is amended by the Employer, for any Employee who is a Participant on the date the amendment is adopted or the date the amendment is effective, whichever is later, the vested percentage (determined as of such date) of such Participant's Account shall not be less than the Participant's vested percentage under the Plan without regard to such amendment. (b) Notwithstanding any other provision of the Plan to the contrary, in the event that the vesting schedule set forth in Subsection 7.2(a) is amended by the Employer, any Participant with at least three (3) Years of Service for vesting purposes at the time such amendment first becomes effective shall be permitted to elect, within a reasonable period after the adoption of such amendment, to have the vested and nonforfeitable portion of his or her Accounts calculated without regard to such amendment. In the event that the use of the vesting schedule prior to amendment would under all circumstances provide a Participant with vested and nonforfeitable benefits in his or her Accounts that are equal to or greater than the amount of such benefits after applying the amended vesting schedule, the Participant shall be deemed to have elected the use of the vesting schedule prior to amendment for purposes of calculating the vested and nonforfeitable portion of his or her Accounts. The period during
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Change in Vesting Schedule. (a) If the Plan's vesting schedule is amended (by application of Article XIV or otherwise), each Participant who has completed three years of service (whether or not consecutive) with an Participating Employer and whose Vested Percentage will be determined on any date after the effective date of the amendment, may elect to have his Vested Percentage determined under the prior vesting schedule. An election need not be provided to any Participant whose Vested Percentage after the amendment would at all times be greater than what his Vested Percentage would have been under the prior vesting schedule. Once made, the election is irrevocable. (b) The election period will begin no later than the date the Plan amendment is adopted and end no earlier than the 60th day after the latest of the following dates: (1) The date the amendment is adopted; or (2) The date the amendment becomes effective; or (3) The date the Participant is issued written notice of the amendment by the Plan Administrator.
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Related to Change in Vesting Schedule

  • Vesting Schedule Except as provided in Section 4, and subject to Section 5, the Restricted Stock Units awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Restricted Stock Units scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs.

  • Accelerated Vesting (a) Immediately prior to the effective date of the Change in Control, the Unvested Shares subject to this option shall automatically become Vested Shares, and this option shall become exercisable for all of the Option Shares. However, the Unvested Shares shall not vest on such an accelerated basis if and to the extent: (i) this option will be assumed by the successor corporation (or parent thereof) or otherwise continued in effect pursuant to the terms of the Change in Control transaction or (ii) this option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the Unvested Shares at the time of the Change in Control (the excess of the Fair Market Value of those Unvested Shares over the Exercise Price payable for such shares) and provides for subsequent payout of that spread no later than the time Optionee would otherwise vest in the Option Shares as set forth in the Grant Notice. (b) Immediately following the Change in Control, this option shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in effect pursuant to the terms of the Change in Control transaction. (c) If this option is assumed in connection with a Change in Control or otherwise continued in effect, then this option shall be appropriately adjusted, upon such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control had the option been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same. To the extent that the holders of Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation (or its parent) may, in connection with the assumption of this option, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control. (d) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

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

  • 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).

  • Vesting Dates The ISOs shall vest as follows, subject to earlier vesting in the event of a termination of Service as provided in Section 6 or a Change in Control as provided in Section 7:

  • Scheduled Vesting If you remain a Service Provider continuously from the Grant Date specified on the cover page of this Agreement, then the Units will vest in the amounts and on the Scheduled Vesting Dates specified in the Vesting Schedule.

  • Vesting Acceleration Effective on such termination, the Executive shall receive accelerated vesting equivalent to six (6) months of service beyond the date of Executive’s termination with respect to the shares subject to any grant of restricted stock or stock options (each, an “Equity Grant”) granted to the Executive, regardless of whether granted prior to, coincident with, or after, the Effective Date; provided, however, that in the event such termination occurs within one (1) year following a Change of Control, then one hundred percent (100%) of the remaining shares subject to each such Equity Grant shall become vested in full and the period during which the Executive is permitted to exercise (if applicable) any such Equity Grant shall be extended until the earlier of (i) ten (10) years from the date of grant, or (ii) the expiration date of such Equity Grant (as of the date of grant).

  • Equity Vesting All of the then-unvested shares subject to each of the Executive’s then-outstanding equity awards will immediately vest and, in the case of options and stock appreciation rights, will become exercisable (for avoidance of doubt, no more than 100% of the shares subject to the then-outstanding portion of an equity award may vest and become exercisable under this provision). In the case of equity awards with performance-based vesting, all performance goals and other vesting criteria will be deemed achieved at the greater of actual performance or 100% of target levels. Unless otherwise required under the next following two sentences or, with respect to awards subject to Section 409A of the Code, under Section 5(b) below, any restricted stock units, performance shares, performance units, and/or similar full value awards that vest under this paragraph will be settled on the 61st day following the CIC Qualified Termination. For the avoidance of doubt, if the Executive’s Qualified Termination occurs prior to a Change in Control, then any unvested portion of the Executive’s then-outstanding equity awards will remain outstanding for 3 months or the occurrence of a Change in Control (whichever is earlier) so that any additional benefits due on a CIC Qualified Termination can be provided if a Change in Control occurs within 3 months following the Qualified Termination (provided that in no event will the Executive’s stock options or similar equity awards remain outstanding beyond the equity award’s maximum term to expiration). In such case, if no Change in Control occurs within 3 months following a Qualified Termination, any unvested portion of the Executive’s equity awards automatically will be forfeited permanently on the 3-month anniversary of the Qualified Termination without having vested.

  • Deferral Pending Change in Control The obligation of the Company to prepay Notes pursuant to the offers required by subparagraph (b) and accepted in accordance with subparagraph (d) of this Section 8.7 is subject to the occurrence of the Change in Control in respect of which such offers and acceptances shall have been made. In the event that such Change in Control does not occur on the Proposed Prepayment Date in respect thereof, the prepayment shall be deferred until and shall be made on the date on which such Change in Control occurs. The Company shall keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change in Control and the prepayment are expected to occur, and (iii) any determination by the Company that efforts to effect such Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change in Control shall be deemed rescinded).

  • Stock Vesting Unless otherwise approved by the Board of Directors, all stock options and other stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest at the end of the first year following the earlier of the date of issuance or such person’s services commencement date with the Company, and (b) seventy-five percent (75%) of such stock shall vest over the remaining three (3) years.

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