Service Condition for Vesting Sample Clauses
A Service Condition for Vesting clause defines that an individual must remain employed or engaged with a company for a specified period before earning rights to certain benefits, such as stock options or equity awards. Typically, this means that vesting occurs incrementally over time, for example, with a portion of shares becoming available each year the person continues to work for the company. The core function of this clause is to incentivize long-term commitment and performance by tying the receipt of benefits to continued service, thereby reducing turnover and aligning interests between the individual and the organization.
Service Condition for Vesting. Provided that the applicable Price Condition (as defined below) has been achieved, the applicable percentage of the Restricted Units set forth in Section 2 below shall vest subject to the Grantee’s continued Employment through and at the close of business on the Vesting Date (as defined below) (the “Service Condition”). Any RHUs that do not vest on the Vesting Date shall immediately be forfeited as of such date.
Service Condition for Vesting. Provided that the applicable Price Condition (as defined below) has been achieved, the applicable percentage of the Restricted Units set forth in Section 2 below shall vest subject to the Grantee’s continued Employment through and at the close of business on the later of (i) the Service Vesting Date (as defined below) (the “Service Condition”) and (ii) the date the applicable Price Condition is met (the Service Vesting Date, with any such later vesting date, the “Vesting Dates”). Any RHUs that do not vest on or prior to the Expiration Date (as defined below) shall immediately be forfeited as of such date.
Service Condition for Vesting. Provided that the applicable Price Condition (as defined below) has been achieved, a percentage of the REUs shall vest subject to the Grantee’s continued Employment through and at the close of business on the applicable Service Vesting Date or Service Vesting Dates (the “Service Condition”).The following table sets forth the maximum number of REUs that are eligible to vest on each Service Vesting Date, subject to the Grantee’s continued Employment through each such date and the satisfaction of the applicable Price Condition: To the extent the percentage of REUs that have achieved the Price Condition exceed the maximum percentage of REUs that may vest on a given Service Vesting Date, such excess (up to the next applicable maximum percentage) shall vest on the next Service Vesting Date, if applicable, subject to the Grantee’s continued Employment through the close of business on such date. To the extent the Service Condition with respect to any REUs is satisfied prior to the achievement of the Price Condition applicable to such REUs, then the relevant percentage of REUs will vest only on the date such Price Condition is achieved.