Vesting and Conversion of RSUs. Subject to Section 4, the RSUs shall vest and be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee at the rate of 33-1/3% of the RSUs on each of the first three anniversaries of the Grant Date.
Vesting and Conversion of RSUs. If the Grantee remains in the continuous employment of the Corporation from the Date of Grant to through the applicable “Vesting Date” listed below, the corresponding percentage of the total number of RSUs awarded under this Agreement will become fully vested. There shall be no fractional RSUs vested under this vesting schedule. If the vesting schedule would entitle the Grantee to a fractional RSU, such RSU shall be rounded up to the next whole number. If the number of RSUs the Grantee becomes vested in is rounded up during the any Vesting Dates prior to the Final Vesting Date (as defined below), the number of RSUs the Grantee becomes vested in on the Final Vesting Date shall be adjusted so that the total number of vested RSUs equals the number of RSUs set forth in the Notice of Grant. For example, if the Grantee was awarded 000 XXXx under this Agreement, the Grantee would become vested in 34, 34 and 32 RSUs on each of the Vesting Dates listed above. On each Vesting Date the vested RSUs shall be converted into an equivalent number of shares of Stock, and such shares of Stock will be distributed to the Grantee in a single lump sum payment within 30 days following the applicable Vesting Date. However, the Grantee may irrevocably elect on or before _________________ to instead receive payment of Stock under the Grantee’s vested RSUs upon the Grantee’s Separation from Service, in either a lump-sum payment or in substantially equal annual installments over a period of up to five years following the Grantee’s Separation from Service. Such an election must be made by completing and submitting to the Corporation on or before __________________ a Deferral Election Form, as attached hereto as Annex B. Upon distribution of the shares of Stock in respect of the RSUs, the Corporation shall issue (or make available via electronic means) to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Stock, free of any restrictions.
(i) If prior to _____________________ (the “Final Vesting Date”), Grantee dies or has a Separation from Service as a result of Disability (as defined below), all RSUs shall become fully vested, converted into an equivalent number of shares of Stock and distributed to the Grantee in a single lump sum payment within 30 days following the Grantee’s death or Separation from Service as a result of Disability (as applicable), without regard to any payment deferral election in effect under the Deferral Electio...
Vesting and Conversion of RSUs. Subject to Sections 2(e) and 2(f), the RSUs shall vest daily in proportion to the time elapsed between the Grant Date and the first anniversary of the Grant Date (the “Specified Date”), and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee within 30 days following the Specified Date.
Vesting and Conversion of RSUs. Subject to Sections 2(d) and 2(e), the RSUs shall vest daily in proportion to the time elapsed between the Grant Date and the first anniversary of the Grant Date, and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the first anniversary of the Grant Date; provided that if the Grantee has delivered to the Corporation, on or prior to the Required Date, an irrevocable written election to defer conversion of the RSUs until such time as the Grantee’s service with the Corporation terminates, then the RSUs will be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the date that Grantee’s service with the Corporation terminates. Upon distribution of the shares of Common Stock in respect of the RSUs, the Corporation shall issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Common Stock, free of any restrictions. “Required Date” shall mean (i) if this grant of RSUs is issued in connection with the Grantee’s initial election to the Board of Directors, the Date of Grant; and (ii) otherwise, December 31 of the calendar year prior to the calendar year in which this grant is issued.
Vesting and Conversion of RSUs. Subject to Sections 2(d) and 2(e), the RSUs shall vest at the rate of 33-1/3% of the RSUs on each of the grant date and the first and second anniversaries of the Grant Date, and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the second anniversary of the Grant Date; provided that if the Grantee has delivered to the Corporation, on or prior to the date that is thirty days after the Grant Date, an irrevocable written election to defer conversion of the RSUs until such time as the Grantee’s service as a member of the Board terminates, then the RSUs will be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the date that Grantee’s service as a member of the Board terminates. Upon the distribution of the shares of Common Stock in respect of the RSUs, the Corporation shall issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Common Stock, free of any restrictions.
Vesting and Conversion of RSUs. If the Grantee remains in the continuous employment of the Company from the Grant Date through the applicable “Vesting Date” listed below, the last of which is the “Final Vesting Date”, the corresponding percentage of the total number of RSUs awarded under this Agreement will become fully vested. There shall be no vesting of the RSUs to result in a fraction under this vesting schedule. If the vesting schedule would otherwise result in a fractional RSU, such RSU shall be rounded up to the next whole number, subject to the next sentence with respect to the Final Vesting Date. If the number of vested RSUs is rounded up on any Vesting Date prior to the Final Vesting Date, the number of RSUs in which the Grantee becomes vested on the Final Vesting Date shall be adjusted so that the total number of vested RSUs equals the number of RSUs set forth in the Notice of Grant. On each Vesting Date, the vested RSUs shall be converted into a cash amount equal to the Fair Market Value of a share of Company Stock, as of the applicable Vesting Date, multiplied by the number of RSUs vesting on such Vesting Date, and such cash amount shall be paid to the Grantee within 30 days following the applicable Vesting Date.
Vesting and Conversion of RSUs. Subject to Sections 2(d) and 2(e), the RSUs shall vest daily in proportion to the time elapsed between the Grant Date and the first anniversary of the Grant Date, and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the date on which the Grantee separates from service with the Corporation. Upon distribution of the shares of Common Stock in respect of the RSUs, the Corporation shall issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Common Stock, free of any restrictions.
Vesting and Conversion of RSUs. The Grantee shall be fully vested in the RSUs as of the Grant Date. Subject to any deferral election Grantee has made under the Unifi, Inc. Director Deferred Compensation Plan (the “Director Deferred Compensation Plan”), the vested RSUs shall be converted into an equivalent number of shares of Stock, and such shares of Company Stock will be distributed to the Grantee in a single lump sum distribution within 30 days following Grantee’s Separation from Service (as defined below). Upon distribution of the shares of Company Stock in respect of the RSUs, the Company shall (i) issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Company Stock, or (ii) cause such number of shares to be registered in the name of the Grantee or the Grantee’s personal representative via a share registry process in a manner that is effective to constitute the uncertificated delivery thereof, in either case free of any restrictions.
Vesting and Conversion of RSUs. Subject to Sections 2(d) and 2(e), the RSUs shall vest in proportion to the time elapsed between the Grant Date and the first anniversary of the Grant Date, and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the first anniversary of the Grant Date; provided that if the Grantee has delivered to the Corporation, on or prior to the Grant Date, an irrevocable written election to defer conversion of the RSUs until such time as Grantee’s service as a member of the Board terminates, then all the RSUs will be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee on the date that Grantee’s service as a member of the Board terminates. Upon the distribution of the shares of Common Stock in respect of the RSUs, the Corporation shall issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Common Stock, free of any restrictions.
Vesting and Conversion of RSUs. Subject to Section 4, the RSUs shall vest and be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee at the rate of 33-1/3% of the RSUs on each of the first three anniversaries of the Grant Date (each such 33-1/3% portion of the RSUs being a “Tranche”); provided that if (i) the Grantee delivers to the Company an irrevocable written election to defer conversion of one or more Tranches until either (a) subject to the following sentence, the earlier of (I) the third anniversary of the Grant Date and (II) such date as Grantee’s service as an employee of the Company or any Subsidiary of the Company terminates or (b) subject to the following sentence, such date as Grantee’s service as an employee of the Company or any Subsidiary of the Company terminates, and (ii) such written election is received by the Corporate Secretary of Hexcel within thirty (30) days after the date of grant of the RSUs, then such Tranche(s) shall be converted into an equivalent number of shares of Common Stock at the time indicated in such written election (but such written election will not affect the vesting of the RSUs). Notwithstanding the foregoing, if, in connection with the Grantee’s termination of employment, the Grantee shall be deemed to be a “specified employee” within the meaning of section 409A(a)(2)(B)(i) of the Code and the regulations issued thereunder from time to time, the date described in each of clause (i)(a)(II) and (i)(b) of the preceding sentence shall be deemed to be the date which is six months after such termination of the Grantee’s service as an employee. Upon the distribution of the shares of Common Stock in respect of the RSUs, the Company shall issue to the Grantee or the Grantee’s personal representative a stock certificate representing such shares of Common Stock, free of any restrictions.
