Common use of Special Vesting Rules Clause in Contracts

Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares covered by this Share Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares covered by this Share Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31, 2015, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 and on or before January 15, 2016, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 2016, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares covered by this Share award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31, 2015 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (d) If (i) a Control Change Date occurs after 2015 and on or before January 15, 2016 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 2016, shall become Vested on the Control Change Date.

Appears in 3 contracts

Samples: Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust)

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Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares Units covered by this Share LTIP Unit Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares Units covered by this Share LTIP Unit Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31after June 1, 20152018, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 and on or before January 15, 2016, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 2016, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares Units covered by this Share awardLTIP Unit Award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31, 2015 2019 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (dc) If In the event of a Change in Control (i) a Control Change Date occurs after 2015 and on or before January 15, 2016 and (ii) the Participant remains as defined in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s employment agreement), the LTIP Unit Award will be earned contingent upon the attainment of a pro rata TSR hurdle for the Absolute Award and achievement of the relative TSR percentile for the Relative Award based upon the in-place formula and using the Change of Control as the end of measurement period. Vesting continues to apply to awards earned upon a Change of Control, subject to full acceleration upon termination without cause or resignation for good reason within 18 months of employment before January 15, 2016, shall become Vested on the Control Change Dateof Control.

Appears in 3 contracts

Samples: Long Term Incentive Plan Unit Award Agreement (Chatham Lodging Trust), Long Term Incentive Plan Unit Award Agreement (Chatham Lodging Trust), Long Term Incentive Plan Unit Award Agreement (Chatham Lodging Trust)

Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares covered by this Share Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares covered by this Share Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31, 20152014, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 2014 and on or before January 15, 20162015, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162015, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares covered by this Share award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31, 2015 2014 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (d) If (i) a Control Change Date occurs after 2015 2014 and on or before January 15, 2016 2015 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162015, shall become Vested on the Control Change Date.

Appears in 3 contracts

Samples: Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust)

Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares covered by this Share Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares covered by this Share Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31, 20152017, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 2017 and on or before January 15, 20162018, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162018, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares covered by this Share award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31, 2015 2017 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (d) If (i) a Control Change Date occurs after 2015 2017 and on or before January 15, 2016 2018 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162018, shall become Vested on the Control Change Date.

Appears in 3 contracts

Samples: Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust)

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Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares covered by this Share Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares covered by this Share Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31, 20152016, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 2016 and on or before January 15, 20162017, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162017, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares covered by this Share award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31, 2015 2016 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (d) If (i) a Control Change Date occurs after 2015 2016 and on or before January 15, 2016 2017 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 20162017, shall become Vested on the Control Change Date.

Appears in 3 contracts

Samples: Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust), Share Award Agreement (Chatham Lodging Trust)

Special Vesting Rules. Paragraph 2 to the contrary notwithstanding, the Common Shares Class A Performance LTIP Units covered by this Share LTIP Unit Award shall become Vested as follows: (a) The Participant’s interest in all of the Common Shares Class A Performance LTIP Units covered by this Share LTIP Unit Award, to the extent not previously Vested, shall become Vested on the date that the Participant’s employment with the Company and its Affiliates terminates or is terminated if (i) such termination occurs on or before December 31after January 28, 20152017, (ii) the Participant’s employment with the Company and its Affiliates terminates or is terminated on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason (each as defined below) and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination. (b) If (i) the Participant’s employment with the Company and its Affiliates terminates or is terminated after 2015 and on or before January 15, 2016, (ii) such termination is on account of the Participant’s death, Disability, a termination by the Company without Cause or a termination by the Participant with Good Reason and (iii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date of such termination, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 2016, shall become Vested on the date of such termination. (c) The Participant’s interest in all of the Common Shares Class A Performance LTIP Units covered by this Share awardLTIP Unit Award, to the extent not previously Vested, shall become Vested on a Control Change Date if (i) such Control Change Date occurs on or before December 31July 28, 2015 2018 and (ii) the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the Control Change Date. (dc) If (i) In the event of a Change in Control on or after July 29, 2018, the LTIP Unit Award will become Vested contingent upon the attainment of a pro rata TSR hurdle using the Control Change Date occurs after 2015 and on as the end of measurement period. Vesting continues to apply to awards earned upon a Change of Control, subject to full acceleration upon termination without Cause or before January 15, 2016 and (ii) the Participant remains in the continuous employ resignation for Good Reason within 18 months of the Company or an Affiliate from the Date Change of Grant until the Control Change Date, then any Common Shares covered by this Share Award that would have become Vested under paragraph 2(c) or 2(e) but for the Participant’s termination of employment before January 15, 2016, shall become Vested on the Control Change DateControl.

Appears in 1 contract

Samples: Performance Based Long Term Incentive Plan Unit Award Agreement (Chatham Lodging Trust)

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