Common use of Time-Vesting Requirements and Payment Clause in Contracts

Time-Vesting Requirements and Payment. For purposes of the PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. Subject to Executive’s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the “First Tranche”); in one-sixth of the Earn Out Number on the second anniversary of the date of grant (the “Second Tranche”); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends.

Time-Vesting Requirements and Payment. For purposes of the each PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. Subject For each annual grant of PSUs and subject to Executive’s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the “First Tranche”); in one-sixth of the Earn Out Xxx X. Xxxxxxxx Employment Agreement Number on the second anniversary of the date of grant (the “Second Tranche”); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends.

Time-Vesting Requirements and Payment. For purposes of the each PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. Subject For each annual grant of PSUs and subject to Executive’s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the “First Tranche”); in one-sixth of the Earn Out Xxxx X. Xxxxxx Employment Agreement Number on the second anniversary of the date of grant (the “Second Tranche”); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends.

Time-Vesting Requirements and Payment. For purposes of the each PSU award, “Earn Out Number” means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectivesobjective, as certified determined by the Committee. Subject to Executive’s continuous employment with the Company through the applicable vesting date, with respect to the grant of PSUs that Executive is eligible to receive on the Effective Date, Executive shall be fully vested in twoone-thirds third of the Earn Out Number on the first anniversary of the date of grant March 1, 2021 (the “First Tranche”); in one-sixth third of the Earn Out Number on the second anniversary of the date of grant March 1, 2022 (the “Second Tranche”); and in the remaining one-sixth third of the Earn Out Number on the third anniversary of the date of grant December 31, 2022 (the “Third Tranche”). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company’s common stock within 60 days following the applicable date of vesting; provided, however, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of determined that the applicable performance objectives for the Performance YearYear have been attained. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive’s employment with the Company ends. The Committee will determine the vesting and other terms applicable to the PSU grants made during the Term following calendar year 2020 during the first quarter of each such calendar year.