Common use of Vesting and Forfeiture Clause in Contracts

Vesting and Forfeiture. a. Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company. b. In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated: First anniversary of the Grant Date 33⅓% 33⅓% Second anniversary of the Grant Date 33⅓% 66⅔% Third Anniversary of the Grant Date 33⅓% 100% The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date. c. Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

Vesting and Forfeiture. a. (a) Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company. b. (b) In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated: First anniversary of the Grant Date 33⅓% 33⅓% Second anniversary of the Grant Date 33⅓% 66⅔% Third Anniversary of the Grant Date 33⅓% 100% The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date. c. (c) Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.