Common use of Vesting and Settlement Clause in Contracts

Vesting and Settlement. (a) Subject to Sections 3(b), 3(c) and 3(d) below, the Restricted Share Units will vest as provided in Section 2 above. (b) In the event of your termination of Continuous Service on account of your death, a pro-rata portion of the Restricted Share Units shall vest, based upon the number of days between the Date of Grant and the date of such termination. (c) In the event of a Change of Control, the Restricted Share Units shall vest immediately prior to the consummation of the Change of Control, so long as your termination of Continuous Service has not previously occurred. (d) In the event of your termination of Continuous Service for any other reason, you shall forfeit any and all Restricted Share Units that have not vested as of the date of such termination. (e) Upon the vesting of any Restricted Share Units, as promptly as is reasonably practicable (but in any event no later than March 15 of the calendar year following the calendar year of vesting), Shares (which shall be fully paid up at the Date of Grant) shall be issued to you, and the Company shall deliver to you appropriate documentation evidencing the number of Shares issued in settlement of such vested Restricted Share Units. However, the settlement of the Restricted Share Units shall be conditioned upon your making adequate provision for Tax-Related Items, as discussed in Section 7 below.

Appears in 5 contracts

Samples: Restricted Share Unit Agreement (Seagate Technology PLC), Restricted Share Unit Agreement (Seagate Technology PLC), Restricted Share Unit Agreement (Seagate Technology PLC)

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Vesting and Settlement. (a) Subject to Sections 3(b), 3(c) and 3(d) below, the Restricted Share Units will vest as provided in Section 2 above. (b) In the event of your termination of Continuous Service on account of your deathdeath or Disability, a pro-rata portion of the Restricted Share Units shall vest, based upon the number vest in full as of days between the Date of Grant and the date of such termination. (c) In the event of a Change of Control, the Restricted Share Units shall vest immediately prior to the consummation of the Change of Control, so long as your termination of Continuous Service has not previously occurred. (d) In the event of your termination of Continuous Service for any other reason, you shall forfeit any and all Restricted Share Units that have not vested as of the date of such termination. (e) Upon the vesting of any Restricted Share Units, as promptly as is reasonably practicable (but in any event no later than March 15 of the calendar year following the calendar year of vesting), Shares (which shall be fully paid up at the Date of Grant) shall be issued to you, and the Company shall deliver to you appropriate documentation evidencing the number of Shares issued in settlement of such vested Restricted Share Units. However, the settlement of the Restricted Share Units shall be conditioned upon your making adequate provision for Tax-Related Items, as discussed in Section 7 below.

Appears in 2 contracts

Samples: Restricted Share Unit Agreement (Seagate Technology PLC), Restricted Share Unit Agreement (Seagate Technology PLC)

Vesting and Settlement. (a) Subject to Sections 3(b), 3(c) and 3(d) below, the Restricted Share Units will vest as provided in Section 2 above.. 1 To be used for 1-year vesting 2 To be used for 4-year vesting (b) [In the event of your termination of Continuous Service on account of your death, a pro-rata portion 100% of the Restricted Share Units shall vest, based upon the number of days between the Date of Grant and the date of such termination. (c) immediately vest .]3 [In the event of a Change of Control, the Restricted Share Units shall vest immediately prior to the consummation of the Change of Control, so long as your termination of Continuous Service has not previously occurred.on account of your death, you shall be deemed to have completed an additional year of service as of the date of such termination.]4 (dc) In Subject to the terms of the Seagate Technology Executive Severance and Change in Control Plan, as amended from time to time, or other similar plan (the “Severance Plan”), in the event of your termination of Continuous Service for any other reason, you shall forfeit any and all Restricted Share Units that have not vested as of the date of such termination, as further described in Section 8(n) below. (d) The Committee may, in its sole discretion, suspend vesting of the Restricted Share Units if you are on a leave of absence. (e) Upon the vesting of any Restricted Share Units, as promptly as is reasonably practicable (but in any event no later than March 15 of the calendar year following the calendar year of vesting), Shares (which shall be fully paid up at the Date of Grantup) shall be issued to you, and the Company shall deliver to you appropriate documentation evidencing the number of Shares issued in settlement of such vested Restricted Share Units. However, the settlement of the Restricted Share Units shall be conditioned upon your making adequate provision for Tax-Related Items, as discussed in Section 7 below.

Appears in 1 contract

Samples: Restricted Share Unit Agreement (Seagate Technology Holdings PLC)

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Vesting and Settlement. (a) Subject to Sections 3(b), 3(c) and 3(d) below, the Restricted Share Units will vest as provided in Section 2 above. 1 To be used for 1-year vesting 2 To be used for 4-year vesting (b) [In the event of your termination of Continuous Service on account of your death, a pro-rata portion 100% of the Restricted Share Units shall vest, based upon the number of days between the Date of Grant and the date of such termination. (c) immediately vest .]3 [In the event of a Change of Control, the Restricted Share Units shall vest immediately prior to the consummation of the Change of Control, so long as your termination of Continuous Service has not previously occurred.on account of your death, you shall be deemed to have completed an additional year of service as of the date of such termination.]4 (dc) In Subject to the terms of the Seagate Technology Executive Severance and Change in Control Plan, as amended from time to time, or other similar plan (the “Severance Plan”), in the event of your termination of Continuous Service for any other reason, you shall forfeit any and all Restricted Share Units that have not vested as of the date of such termination, as further described in Section 8(n) below. (d) The Committee may, in its sole discretion, suspend vesting of the Restricted Share Units if you are on a leave of absence. (e) Upon the vesting of any Restricted Share Units, as promptly as is reasonably practicable (but in any event no later than March 15 of the calendar year following the calendar year of vesting), Shares (which shall be fully paid up at the Date of Grantup) shall be issued to you, and the Company shall deliver to you appropriate documentation evidencing the number of Shares issued in settlement of such vested Restricted Share Units. However, the settlement of the Restricted Share Units shall be conditioned upon your making adequate provision for Tax-Related Items, as discussed in Section 7 below.

Appears in 1 contract

Samples: Restricted Share Unit Agreement (Seagate Technology PLC)

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