Vesting and Forfeitures. Subject to the accelerated vesting provisions set forth below, Employee will vest in 100% of the Restricted Stock covered by this Award on the third anniversary of the Grant Date provided that Employee remains in the continuous employment of the Company through that date. If Employee’s employment with the Company terminates for any reason prior to the third anniversary of the Grant Date, then Employee shall forfeit all Restricted Stock covered by this Award except to the extent that accelerated vesting is provided below. For purposes of this § 2, employment with an Affiliate of the Company shall be deemed employment with the Company, references in this § 2 to the Company shall include any Affiliate that employs Employee, and transfers between the Company and its Affiliates shall not be treated as a termination of employment for purposes of the Plan or this Agreement. Any shares of Restricted Stock forfeited by Employee under this § 2 (together with any distributions made with respect to the shares that have been held by the Company) shall automatically revert back to the Company. Once vested, shares of Restricted Stock are no longer subject to any risk of forfeiture or transfer restriction under the Plan. Notwithstanding the foregoing, accelerated vesting prior to the third anniversary of the Grant Date will occur under the following two sets of circumstances. First, if Employee’s employment is terminated due to Employee’s death, Disability (as defined in the Plan), retirement (as defined by the Committee), or Employee’s involuntary termination by the Company for any reason other than cause (as determined by the Committee). Second, if a Change in Control (as defined in the Plan) occurs, Employee will vest in all of the Restricted Stock covered by this Award provided that Employee has been continuously employed by the Company until such Change in Control. In addition to the prescribed acceleration provided in the preceding paragraph, and notwithstanding anything to the contrary in this § 2, the Board may accelerate (subject to the limitations of the Plan) the vesting of all or a portion of the Restricted Stock covered by this Award at any time and for any reason.
Vesting and Forfeitures. (a) Subject to Sections 4.2, 4.3, and 4.4, below: Executive's interest in his Account shall become vested at the rate of 2.7778 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 2005. Executive's vested interest in his Account shall be recalculated at the end of each calendar month and shall be expressed as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 15, 2006 December 15, 2006 December 31, 2007 33.33 percent 63.89 percent 100.00 percent
Vesting and Forfeitures. These 401(a) plan accounts and VEBA accounts will be vested when the teacher completes ten (10) years of service with the school corporation. The teacher's 401(a) plan account and XXXX account will be 100% vested if the teacher dies while actively employed by the school corporation, or if the teacher is disabled under the school corporation's long-term disability plan.
Vesting and Forfeitures. SHARES SHALL CEASE TO BE RESTRICTED STOCK AND SHALL BECOME VESTED IN ACCORDANCE WITH THE FOLLOWING SCHEDULE PROVIDED THE EXECUTIVE IS EMPLOYED BY THE COMPANY ON THE FOLLOWING VESTING DATES. [Time Vesting Alternative:] [Performance Vesting Alternative:] [Insert description/calculation of performance measure]. Any shares of Restricted Stock which do not vest on a Vesting Date shall be immediately forfeited by the Executive, and returned and released to the Company, and the Executive thereafter shall have no further rights with respect to such shares. During the Restricted Period, all certificates evidencing the Restricted Stock will be imprinted will the following legend: "The securities evidenced by this certificate are subject to the transfer restrictions, forfeitures and other provisions of the Restricted Stock Agreement, dated as of ______________ between Ethan Xxxxx Interiors Inc. and __________."
Vesting and Forfeitures. Employee will vest in 12.50% of the Restricted Stock Units covered by this Award on the six (6) month anniversary of the Grant Date and an additional 12.50% on each six (6) month anniversary thereafter; provided, that, Employee has not experienced a “separation from service” (within the meaning of Section 409A of the Code, including Section 1.409A-1(h) of the Final Treasury Regulations promulgated thereunder) (a “Separation from Service”) through each of such vesting dates. Upon the occurrence of a Change in Control, the Restricted Stock Units shall become 100% vested on such event. The Restricted Stock Units which have not vested in accordance with the vesting schedule in this § 3 (the “Unvested Units”) shall become vested upon the earliest to occur of Employee’s death, Disability, or Separation from Service by the Company without Just Cause (as defined below). Upon a Separation from Service for any other reason (including, without limitation, termination by the Company for Just Cause or by Employee for any reason) prior to the date that Employee becomes 100% vested in the Award, the Unvested Units shall be forfeited immediately and Employee shall have no right with respect to the Unvested Units. For purposes of this Agreement and notwithstanding any other provision of the Plan to the contrary, “Just Cause” means (a) Employee’s conviction for, or a plea of guilty or nolo contendere to, a felony or any other crime which involves fraud, dishonesty or moral turpitude, or (b) a material breach by Employee of any written Company employment policies or rules, including the Company’s code of ethics.
Vesting and Forfeitures. The Special Retirement K Matching Contribution shall vest under the same vesting schedules specified in Section 8.3. Moreover, the Administrative Committee may direct that amounts in the Forfeiture Account be used to reduce the amount of the Company’s Special Retirement K Matching Contribution.
Vesting and Forfeitures. (A) A Participant's accrued benefit resulting from Employer contributions shall be vested in accordance with the following schedule: up to five (5) years of employment: not vested more than five (5) but fewer than six (6) years of employment: fifty percent (50%) vested more than six (6) but fewer than seven (7) years of employment: sixty percent (60%) vested more than seven (7) but fewer than eight (8) years of employment: seventy percent (70%) vested more than eight (8) but fewer than nine (9) years of employment: eighty percent (80%) vested more than nine (9) but fewer than ten(10) years of employment: ninety percent (90%) vested ten (10) or more years: one hundred percent (100%) vested
(B) A Participant shall be vested in his or her own contributions and shall be entitled to a refund of such contributions, along with five percent (5%) interest compounded annually, in the event the Participant terminates employment without being vested in Employer contributions.
(C) If a Participant is partially vested in Employer contributions, then he or she shall have the option to select a refund of his or her contributions as provided in Section 9.06, or to receive a deferred pension benefit.
(D) If the employment of a non-vested Participant is terminated otherwise than by death, his entire interest in the accrued benefits resulting from Employer contributions shall become forfeitable; and he shall not be entitled to any payment or benefit of any kind with respect to such contributions.
Vesting and Forfeitures. No elections required
Vesting and Forfeitures. Director will vest in the Restricted Stock if Director continuously remains a director of the Company or an Affiliate through the earlier of (i) three years from the date of grant or (ii) such date as Director’s continuous service as a director with the Company or an Affiliate terminates by reason of death, disability or retirement. Director also will vest in all of the shares of Restricted Stock immediately prior to a Change of Control if Director has continued to serve as a director of the Company or an Affiliate until such time. If Director voluntarily resigns, declines to stand for re-election or is removed from the Board, Director will forfeit all unvested shares, unless the Board, in its discretion, accelerates vesting upon such termination. A transfer from the Board to the board of directors of an Affiliate, however, will not be treated as a termination of service on the Board under this § 2. The shares forfeited under this § 2 (together with any distributions made with respect to the shares that have been held by the Company) automatically will revert back to the Company.
Vesting and Forfeitures. 24 7.1 Vesting on Death, Disability and Normal Retirement..............24 7.2 Vesting on Termination of Participation.........................24 7.3 Disposition of Forfeitures......................................24
