The PSUs. (a) Subject to Participant’s continued service with the Company or a Company subsidiary ("Company Group") through the date that the Committee certifies the [Average Core Net Income Annual Growth] following [ ] ("Committee Certification Date"), the PSUs shall vest as is set forth on Exhibit A attached hereto. Subject to subsections (b) and (c) below, upon the date that the Participant is no longer employed by the Company Group, all unvested PSUs shall automatically and immediately be forfeited and canceled. (b) If Participant dies or if Participant is no longer employed by the Company Group by reason of Participant's Disability (as defined in the Plan), then the Target Number of PSUs shall vest and become nonforfeitable shares of Common Stock upon such death or termination of employment. (c) If Participant's termination of employment is due to Participant's Retirement and Participant has provided the Company with at least two years' prior written notice of the date of such Retirement, then the PSUs shall not automatically and immediately be forfeited and canceled but instead shall be eligible to vest subject to the vesting conditions as set forth on Exhibit A. "
Appears in 6 contracts
Samples: Performance Stock Unit Grant and Agreement (Velocity Financial, Inc.), Performance Stock Unit Grant and Agreement (Velocity Financial, Inc.), Performance Stock Unit Grant and Agreement (Velocity Financial, Inc.)
The PSUs. (a) Subject to Participant’s continued service with the Company or a Company subsidiary ("Company Group") through the date that the Committee certifies the [Average Core Net Income Annual Growth] following [ ] ("Committee Certification Date"), the PSUs shall vest as is set forth on Exhibit A attached hereto. Subject to subsections (b) and (c) below, upon the date that the Participant is no longer employed by the Company Group, all unvested PSUs shall automatically and immediately be forfeited and canceled.
(b) If Participant dies or if Participant is no longer employed by the Company Group by reason of Participant's Disability (as defined in the Plan), then the Target Number of PSUs shall vest and become nonforfeitable shares of Common Stock upon such death or termination of employment.
(c) If Participant's termination of employment is due to Participant's Retirement and Participant has provided the Company with at least two years' prior written notice of the date of such Retirement, then the PSUs shall not automatically and immediately be forfeited and canceled but instead shall be eligible to vest subject to the vesting conditions as set forth on Exhibit A. "date
Appears in 1 contract
Samples: Performance Stock Unit Grant and Agreement (Velocity Financial, Inc.)
The PSUs. (a) Subject to Participant’s continued service with the Company or a Company subsidiary ("Company Group") through the date that the Committee certifies the [Average Core Net Income Annual Growth] following [ ] ("Committee Certification Date"), the PSUs shall vest as is set forth on Exhibit A attached hereto. Subject to subsections (b) and (c) below, upon the date that the Participant is no longer employed by the Company Group, all unvested PSUs shall automatically and immediately be forfeited and canceled.
(b) If Participant dies or if Participant is no longer employed by the Company Group by reason of Participant's Disability (as defined in the Plan), then the Target Number of PSUs shall vest and become nonforfeitable shares of Common Stock upon such death or termination of employment.
(c) If Participant's termination of employment is due to Participant's Retirement and Participant has provided the Company with at least two years' prior written notice of the date of such Retirement, then the PSUs shall not automatically and immediately be forfeited and canceled but instead shall be eligible to vest subject to the vesting conditions as set forth on Exhibit A. "written
Appears in 1 contract
Samples: Performance Stock Unit Grant and Agreement (Velocity Financial, Inc.)