Common use of Time Vesting Period Clause in Contracts

Time Vesting Period. Subject to Section 11, the Earned Shares which are One Year Awarded Shares will be subject to additional vesting, in accordance with the following schedule (the “Time Vesting Period”), provided that on each vesting date, the Grantee has, from the Effective Date, continuously provided services to the Company or a subsidiary: (A) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the second anniversary of the Effective Date; (B) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the third anniversary of the Effective Date; and (C) The final 25% of the Earned Shares which are One Year Awarded Shares will vest on the fourth anniversary of the Effective Date. Any Awarded Shares which are One Year Awarded Shares that have not vested pursuant to this Section 2 will be automatically forfeited.

Time Vesting Period. Subject to Section 11, the Earned Shares which are One Year year Awarded Shares will be subject to additional vesting, in accordance with the following schedule (the “Time Vesting Period”), provided that on each vesting date, the Grantee has, from the Effective Date, continuously provided services to the Company or a subsidiary: (A) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the second anniversary of the Effective Date; (B) An additional 25% of the Earned Shares which are One Year Awarded Shares will vest on the third anniversary of the Effective Date; and (C) The final 25% of the Earned Shares which are One Year Awarded Shares will vest on the fourth anniversary of the Effective Date. Any Awarded Shares which are One Year Awarded Shares that have not vested pursuant to this Section 2 will be automatically forfeited.