Common use of Time RSUs Clause in Contracts

Time RSUs. (i) The Time RSUs shall vest, subject to the Grantee’s continuous employment with the Company (or an Affiliate of the Company) through the applicable vesting date, as follows: a. 1,522,136 RSUs shall vest quarterly over the two (2) year period following the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter; and b. 761,068 RSUs shall vest quarterly over the two (2) year period commencing on the second (2nd) anniversary of the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the second (2nd) anniversary of the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter. (ii) Time RSUs will vest in whole numbers; any fractional amounts will be rounded down and will be available to vest (in whole numbers) in the next vesting period. (iii) From and after the Vesting Commencement Date through the date on which the Time RSUs become fully vested pursuant to subparagraph (i) above, the unvested portion of the grant of Time RSUs remains subject to forfeiture in accordance with the terms of Section 3 hereof.

Appears in 4 contracts

Samples: Employment Agreement (Shift Technologies, Inc.), Rsu Agreement (Shift Technologies, Inc.), Employment Agreement (Shift Technologies, Inc.)

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Time RSUs. (i) The Time RSUs shall vest, subject to the Grantee’s continuous employment with the Company (or an Affiliate of the Company) through the applicable vesting date, as follows: a. 1,522,136 76,107 RSUs shall vest quarterly over the two (2) year period following the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter; and b. 761,068 38,054 RSUs shall vest quarterly over the two (2) year period commencing on the second (2nd) anniversary of the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the second (2nd) anniversary of the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter. (ii) Time RSUs will vest in whole numbers; any fractional amounts will be rounded down and will be available to vest (in whole numbers) in the next vesting period. (iii) From and after the Vesting Commencement Date through the date on which the Time RSUs become fully vested pursuant to subparagraph (i) above, the unvested portion of the grant of Time RSUs remains subject to forfeiture in accordance with the terms of Section 3 hereof.

Appears in 2 contracts

Samples: Rsu Agreement (Shift Technologies, Inc.), Employment Agreement (Shift Technologies, Inc.)

Time RSUs. (i) The Time RSUs shall vest, subject to the Grantee’s continuous employment with the Company (or an Affiliate of the Company) through the applicable vesting date, as follows: a. 1,522,136 1 4th of the Time RSUs shall vest on the first (1st) anniversary of the Vesting Commencement Date (the “Initial Tranche”); and b. 3 4th of the Time RSUs shall vest quarterly over the two three (23) year period following the first (1st) anniversary of the Vesting Commencement Date Date, such that 1/8th 1/12th of such amount shall vest on the last day of the three (3) month period following the first (1st) anniversary of the Vesting Commencement Date and 1/8th 1/12th of such amount will vest on the last day of each of the seven eleven (7) successive three (3) month periods thereafter; and b. 761,068 RSUs shall vest quarterly over the two (2) year period commencing on the second (2nd) anniversary of the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the second (2nd) anniversary of the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (711) successive three (3) month periods thereafter. (ii) Time RSUs will vest in whole numbers; any fractional amounts will be rounded down and will be available to vest (in whole numbers) in the next vesting period. (iii) From and after the Vesting Commencement Date through the date on which the Time RSUs become fully vested pursuant to subparagraph (i) above, the unvested portion of the grant of Time RSUs remains subject to forfeiture in accordance with the terms of Section 3 hereof.

Appears in 1 contract

Samples: Employment Agreement (Shift Technologies, Inc.)

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Time RSUs. (i) The Time RSUs shall vest, subject to the Grantee’s continuous employment with the Company (or an Affiliate of the Company) through the applicable vesting date, as follows: a. 1,522,136 [_____] RSUs shall vest quarterly over the two (2) year period following the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter; and b. 761,068 [_____] RSUs shall vest quarterly over the two (2) year period commencing on the second (2nd) anniversary of the Vesting Commencement Date such that 1/8th of such amount shall vest on the last day of the three (3) month period following the second (2nd) anniversary of the Vesting Commencement Date and 1/8th of such amount will vest on the last day of each of the seven (7) successive three (3) month periods thereafter. (ii) Time RSUs will vest in whole numbers; any fractional amounts will be rounded down and will be available to vest (in whole numbers) in the next vesting period. (iii) From and after the Vesting Commencement Date through the date on which the Time RSUs become fully vested pursuant to subparagraph (i) above, the unvested portion of the grant of Time RSUs remains subject to forfeiture in accordance with the terms of Section 3 hereof.

Appears in 1 contract

Samples: Rsu Agreement (Shift Technologies, Inc.)

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