Time-Based Vesting Units Clause Samples

Time-Based Vesting Units. Subject to Executive’s continuous compliance with Section 8 and Executive’s continuous employment by the Company through the applicable vesting date, 50% of the Class B Units so granted (the “Time-Based Units”) shall vest in four equal annual installments on each of the first four anniversaries of the Commencement Date; provided, that any then unvested Time-Based Units so granted under this Section 4.2.1 (a) shall automatically vest in full upon a Sale of the Company (as defined in the Operating Agreement).