Vesting Agreement Clause Samples

Vesting Agreement. Subparagraphs (a)(i) through (iii) are superseded and replaced as follows, as related to the Options not yet vested as of the Effective Date: (i) “Thirty-four percent (34%) when the Company has final meeting minutes from a pre-investigational new drug application (“IND”) meeting as authorized by the FDA for a drug development program utilizing CBD as the active pharmaceutical ingredient; (ii) Thirty-three percent (33%) when the Company is granted an IND; and (iii) Thirty-three percent (33%) when the Company commences its first human dosing under the IND.”

Vesting Agreement a. The compensation for qualifying membership renewals will be fully vested. b. Compensation for vested qualifying membership renewals shall accrue and be paid monthly in arrears after first being collected in cash from the member. To offset the cost of administering the payment of compensation for vested qualifying membership renewals after a termination of Representative’s appointment under this Agreement, ASSI shall be entitled to deduct from such post termination compensation, a sum of money equal to one percent (1%) of the membership dues upon which the payment of compensation for vested qualifying membership renewals to Representative is based. Payment of compensation for vested qualifying membership renewals shall terminate, and all Representative’s rights thereto shall cease, when monthly commissions payable to Representative equal less than $150.00 per month for three consecutive months. c. If Representative is an individual, all compensation for vested qualifying membership renewals that would have been payable to Representative according to the terms of this Agreement shall be payable to Representative’s estate (on the date of death) of Representative following the death of Representative. d. If this Agreement is terminated for any reason and Representative is subsequently reinstated as a representative of ASSI or a new representative agreement is executed by ASSI with Representative, a new vesting period will begin under the above terms after the reinstatement or a new representative agreement is executed. Credit will not be given for any previous time accumulated under a terminated representative agreement or otherwise before reinstatement. Representative will forfeit all vesting of commission if he, she or it violates any of the provisions of this Agreement.

Vesting Agreement. Add a new Clause 15.5: i. It is a precondition to payment for any materials, goods and/or equipment that the Constructor marks and stores such materials, goods or equipment in accordance with the Partnering Contract (including the Project Brief) and, unless otherwise agreed in advance and in writing by the Client Representative, provides a properly executed Vesting Agreement in favour of the Client in respect of such materials, goods or equipment in the form referred to in the Partnering Agreement (with such amendments as the Client Representative may approve in advance, acting reasonably) or in such alternative form as is acceptable to the Client Representative, acting reasonably. ii. Upon request, the Constructor provides reasonable proof to the Client (in a form to be agreed in writing in advance with the Client Representative) that the relevant item of materials, goods or equipment has been so set aside and marked (including procuring access for the Client and/or the Client Representative to inspect the item of materials, goods or equipment at the relevant place of storage).”