Vesting and Forfeitures Clause Samples

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 VEBA 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. 4.1 Subject to Sections 4.2, 4.3, and 4.4, below, Executive's interest in his Account shall become vested at the rate of 0.8333 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 1994. 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 1, 2005 December 31, 2005 100.00 percent 100.00 percent 4.2 Notwithstanding any other provision of this Agreement, should SPI terminate Executive's employment upon a determination by its Board of Directors that Executive has breached or neglected his duties to SPI, then Executive shall forfeit completely an amount from his Account equal to the Nonelective Deferral credited to the Account as of January 1 of the year of the termination. Executive's Account balance shall be reduced by the forfeiture required by this Section 4.2 before the application of the forfeiture provisions of Section 4.5. 4.3 Executive's interest in his Account shall automatically become fully vested upon Executive's death or disability, in either case while Executive is in the employ of SPI. Executive shall be considered disabled for purposes of this Agreement upon his qualification for benefits under any long term disability arrangement or policy maintained with respect to Executive's employment with SPI. 4.4 Executive's interest in his Account shall automatically become fully vested upon the termination of Executive's employment with SPI under such circumstances and at such time as would, under the terms of Executive's Severance Agreement with SPI, entitle Executive to a Severance Benefit as defined in paragraph 6.3.2 of the Severance Agreement. This Section 4.4 shall apply whether or not the Severance Agreement remains in effect on the date of the termination of Executive's employment with SPI. Paragraph 6 of the Severance Agreement is attached as an appendix to this Agreement. 4.5 Upon the termination of Executive's employment with SPI before his interest in his Account is fully vested, Executive shall forfeit that portion of his Account in which his interest is not vested, and the balance credited to his Account shall be reduced accordingly. 4.6 Unless specifically amended by a written agreement executed by Executive and on behalf of SPI, this Se...

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. 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. 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 ▇▇▇▇▇ Interiors Inc. and __________."

Vesting and Forfeitures. ▇▇▇▇▇ K Matching Contributions shall vest under the same vesting schedules specified in Section 8.3. Moreover, the Administrative Committee may direct that amounts in the Forfeiture Account (whether or not attributable to ▇▇▇▇▇ K Matching Contributions) be utilized to reduce future ▇▇▇▇▇ K Matching Contributions.

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

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. All Elective Deferrals, Voluntary After-Tax Contributions, Prevailing Wage Contributions, Traditional Safe Harbor ADP Contributions, QNECs, QMACs, and SIMPLE 401(k) Contributions will be 100% vested and nonforfeitable at all times.