Common use of Vesting and Timing of Transfer Clause in Contracts

Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).

Appears in 7 contracts

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc)

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Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Pre-tax Profit Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).

Appears in 6 contracts

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc)

Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Community Count Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).

Appears in 4 contracts

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc)

Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Debt Reduction Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).. Market Share Unit Agreement

Appears in 2 contracts

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc), Market Share Unit Agreement (Hovnanian Enterprises Inc)

Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Gross Margin Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).. Market Share Unit Agreement

Appears in 1 contract

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc)

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Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Gross Margin Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).

Appears in 1 contract

Samples: Hovnanian Enterprises Inc

Vesting and Timing of Transfer. (a) The Participant will become vested in the MSUs in accordance with the Vesting Date schedule set forth above and as further described below; provided, however, that upon the occurrence of a Change in Control that results in the Company’s Shares ceasing to be publicly traded on a national securities exchange, the outstanding MSUs shall immediately become vested with the Change in Control date constituting the relevant Vesting Date hereunder and with Share delivery determined based on the applicable Stock Performance Multiplier, Revenue Multiplier and timing set forth in Section 2(b) below (subject to any delay in Share delivery required pursuant to Section 16 hereof).

Appears in 1 contract

Samples: Market Share Unit Agreement (Hovnanian Enterprises Inc)

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