Time-Based Condition Clause Samples
A Time-Based Condition clause establishes that certain rights, obligations, or actions within a contract are triggered or become effective only after a specified period has elapsed or at a particular date and time. For example, a payment obligation might only arise 30 days after delivery, or a party’s right to terminate may be exercisable only after a one-year anniversary of the agreement. This clause ensures that contractual events are tied to clear, measurable timeframes, providing predictability and helping to prevent disputes over when specific duties or rights commence.
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Time-Based Condition. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an employee of the Company from the Grant Date through the last day of the Performance Period.
Time-Based Condition. RSUs will satisfy the Time-Based Condition and vest and become payable on the dates indicated below: Except as otherwise provided in this Section 3, a Participant must be employed on the applicable vesting date to vest in the applicable portion of the RSUs.
Time-Based Condition. To the extent that Earned PSUs satisfy the Performance Condition in accordance with Section 3(a), such tentatively vested Earned PSUs shall satisfy the Time-Based Condition and become unrestricted and fully vested as follows, provided that the Participant has not incurred a Termination prior to each such vesting date: December 31, 2013 33 1/3% of the Earned PSUs December 31, 2014 33 1/3% of the Earned PSUs December 31, 2015 33 1/3% of the Earned PSUs
(i) There shall be no proportionate or partial satisfaction of the Time-Based Condition in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, provided that the Participant has not incurred a Termination prior to each such vesting date. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Time-Based Condition on the Earned PSUs following the Performance Period at any time and for any reason.
Time-Based Condition