Termination of Vesting. Notwithstanding Sections 5(a) and 5(b), if Executive ceases to be employed by the Company or any of its Subsidiaries prior to a Change of Control, then vesting will cease, with the effect that from and after the date of such cessation the percentage of the Executive Units of each series of Class C Common Units issued to Executive pursuant to Section 1 above that will be Vested Units will be the percentage of such units that constitute Vested Units as determined pursuant to Section 5(a) above as of the date such employment ceased, whether or not a Change of Control or a sale of a type described in Section 5(b) occurs thereafter.
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Samples: Incentive Unit Agreement (Language Line Holdings, Inc.), Incentive Unit Agreement (Language Line Costa Rica, LLC)
Termination of Vesting. Notwithstanding Sections 5(a) and 5(b)above, if Executive ceases to be employed by the Company or any of its Subsidiaries prior to a Change Sale of Controlthe Company, then vesting will cease, with the effect that from and after the date of such cessation the percentage number of the Executive Units of each series of Class C Common Units issued to Executive pursuant to Section 1 above that will be Vested Units will be the percentage number of such units that constitute Vested Units as determined pursuant to Section 5(a) above as of the date such employment ceased, whether or not a Change Sale of Control or a sale of a type described in Section 5(b) the Company occurs thereafter.. (c)
Appears in 1 contract
Samples: Equity Agreement
Termination of Vesting. Notwithstanding Sections 5(a) and 5(b), if Executive ceases to be employed by the Company or any of its Subsidiaries prior to a Change of Control, then vesting will cease, with the effect that from and after the date of such cessation the percentage of the Executive Units of each series of Class C Common Units issued to Executive the Trusts pursuant to Section 1 above that will be Vested Units will be the percentage of such units that constitute Vested Units as determined pursuant to Section 5(a) above as of the date such employment ceased, whether or not a Change of Control or a sale of a type described in Section 5(b) occurs thereafter.
Appears in 1 contract
Samples: Incentive Unit Agreement (Language Line Holdings, Inc.)