Vesting and Forfeiture of Class B Units Sample Clauses

Vesting and Forfeiture of Class B Units. Unless otherwise specified in a Grant Agreement, the provisions of this Section 3.8 shall govern the vesting and forfeiture of all Class B Units.
Sample 1
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Vesting and Forfeiture of Class B Units. (i) Class B-1 Units. Unless otherwise provided in the applicable Incentive Units Agreement approved by the Board, the Class B-1 Units initially held by each of the Management Members hereunder shall vest over a period of four (4) years in equal annual installments of 25% each on each of the first four anniversaries of the date of grant of such Units to such Management Member; provided that the grantee of such Class B-1 Units is then engaged in a Business Relationship with the Company or any of its Subsidiaries. In addition, upon the consummation of a Sale of the Company, the vesting of all then unvested Class B-1 Units then held by such Management Member shall accelerate in full; provided that the grantee of such Class B-1 Units is then engaged in a Business Relationship with the Company or any of its Subsidiaries. If such Management Member’s Business Relationship with the Company or any of its Subsidiaries terminates (A) for any reason, all Class B-1 Units then held by such Management Member that have not vested as of the date of such termination shall also immediately become null and void and automatically be forfeited and terminated as of such date and (B) by the Company for Cause, all Class B-1 Units then held by such Management Member that have vested as of the date of such termination shall immediately become null and void and automatically be forfeited and terminated as of such date. Further, if such Management Member (x) materially breaches this Agreement or materially breaches or violates any confidentiality, assignment of inventions, non-solicit or similar obligation to the Company or any of its Subsidiaries or (y) breaches or violates any non-compete obligation to the Company or any of its Subsidiaries, in each case, at any time (whether before or after any termination of such Management Member’s Business Relationship with the Company or any of its Subsidiaries), all Class B-1 Units, Class B-2 Units, and Class B-3 Units then held by such Management Member shall immediately become null and void and automatically be forfeited and terminated as of such date.
Sample 1

Related to Vesting and Forfeiture of Class B Units

  • Vesting and Forfeiture Any Award which has become payable pursuant to the performance measures set forth in Section 4 shall be considered as fully earned by you, subject to the further provisions of this Section 3. Notwithstanding any other provision of this Award Agreement to the contrary, any Award will be forfeited back to Tyson in the event of: (i) your Termination of Employment before the Vesting Date, except as otherwise provided in Sections 3.2 through 3.4, or (ii) the failure to satisfy any of the performance measures provided in Section 4.

  • Forfeiture of Units If the Grantee is not otherwise vested as provided in Section 3 above, all Units granted shall be forfeited if the Grantee has a voluntary or involuntary Termination of Service for any reason other than as described below in Section 5. Each Grantee, by his or her acceptance of the Units, agrees to execute any documents requested by the Company in connection with such forfeiture. Such provisions with respect to forfeited Units shall be specifically performable by the Company in a court of equity or law. Upon any forfeiture, all rights of the Grantee with respect to the forfeited Units shall cease and terminate, without any further obligation on the part of the Company.

  • Forfeiture of Restricted Stock Units Except as provided in Section 3, if the Employee terminates employment prior to the satisfaction of the vesting requirements set forth in Section 2(a) above, any unvested Restricted Stock Units shall immediately be forfeited. The period of time during which the Restricted Stock Units covered by this Award are forfeitable is referred to as the “Restricted Period.”

  • Forfeiture of RSUs If you (a) breach any restrictive covenant (which, for the avoidance of doubt, includes any non-compete, non-solicit, non-disparagement or confidentiality provisions) contained in any arrangements with the Company (including your Employment Agreement and the confidentiality covenant contained in Section 10(c) hereof) to which you are subject or (b) engage in fraud or willful misconduct that contributes materially to any financial restatement or material loss to the Company or any of its Subsidiaries, your rights with respect to the RSUs shall immediately terminate, and you shall be entitled to no further payments or benefits with respect thereto and, if the RSUs are vested and/or settled, the Company may require you to forfeit or remit to the Company any amount payable, or the after-tax net amount paid or received by you, in respect of any RSUs; provided, however, that (i) the Company shall make such demand that you forfeit or remit any such amount no later than six months after learning of the conduct described in this Section 4 and (ii) in cases where cure is possible, you shall first be provided a 15-day cure period to cease, and to cure, such conduct.

  • Forfeiture of Restricted Shares Subject to Section 4(b), if your Service to the Company or any Affiliate terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.

  • Vesting and Lapse of Restrictions Subject to Sections 2.2(a) and 2.2(c), the Award shall vest and Restrictions shall lapse in accordance with the vesting schedule set forth on the Grant Notice.

  • Vesting of LTIP Units The restrictions and conditions in Sections 2(b) and 2(c) of this Agreement shall lapse with respect to the LTIP Units granted herein in the amounts and on the Vesting Dates specified below: Portion of Award to Vest Vesting Date 33.33% [Grant Date,] 2017 33.33% [Grant Date,] 2018 33.33% [Grant Date,] 2019 Total: 100% of Award

  • Forfeiture of Restricted Stock Upon the termination of your employment by you, the Company or its Subsidiaries for any reason other than those set forth in Section 4 hereof prior to such vesting, in addition to the circumstance described in Section 9(a) hereof, any and all Shares of Restricted Stock which have not become vested in accordance with Section 3, 4 or 5 hereof shall be forfeited and shall revert to the Company.

  • Vesting; Forfeiture Subject to the terms and conditions of this Agreement and provided that the Participant continues to provide services until the Vesting Date (as defined below):

  • Vesting of Restricted Share Units The restrictions and conditions of Paragraph 1 of this Agreement shall lapse on the date(s) specified in the following schedule (the “Vesting Date”) so long as the Grantee has served continuously as an employee of the Company or a Subsidiary on such dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 1 shall lapse only with respect to the number of Restricted Share Units specified as vested on such date. Incremental Number of Restricted Share Units Vested Vesting Date _____________ (___%) _______________ _____________ (___%) _______________ _____________ (___%) _______________ _____________ (___%) _______________ In determining the number of vested Restricted Share Units at the time of any vesting, the number of Ordinary Shares shall be rounded down to the nearest whole ADS or the nearest increment of 13 Ordinary Shares. The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 2.

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