Common use of Restricted Period; Vesting Clause in Contracts

Restricted Period; Vesting. Subject to Participant’s continued employment through the applicable vesting date and except as otherwise provided in Paragraph 5 below, the Units shall vest and become payable as provided in Paragraph 6 below as follows: one-third (1/3rd) of the Units shall become vested and payable on February 1 of the calendar year commencing immediately after the calendar year in which the Grant Date occurs; an additional one-third (1/3rd) of the Units shall become vested and payable on February 1 of the second (2nd) calendar year commencing after the calendar year in which the Grant Date occurs; and the remainder of the Units shall become vested and payable on February 1 of the third (3rd) calendar year commencing after the calendar year in which the Grant Date occurs. The period from the date hereof until any Units become vested and payable shall be referred to as the “Restricted Period.” If an installment of the vesting and release of Units from the Restricted Period covers a fractional Unit, such installment will be rounded to the next lower Unit, except the final installment, which will be for the balance of the total Units.

Restricted Period; Vesting. Subject to Participant’s continued employment provision of services through the applicable vesting date and except as otherwise provided in Paragraph 5 below, the Units shall vest and become payable as provided in Paragraph 6 below as follows: one-third (1/3rd) of the Units shall become vested and payable on February 1 of the calendar year commencing immediately after the calendar year in which the Grant Date occurs; an additional one-third (1/3rd) of the Units shall become vested and payable on February 1 of the second (2nd) calendar year commencing after the calendar year in which the Grant Date occurs; and the remainder of the Units shall become vested and payable on February 1 of the third (3rd) calendar year commencing after the calendar year in which the Grant Date occurs. The period from the date hereof until any Units become vested and payable shall be referred to as the “Restricted Period.” If an installment of the vesting and release of Units from the Restricted Period covers a fractional Unit, such installment will be rounded to the next lower Unit, except the final installment, which will be for the balance of the total Units.