Vesting; Exercisability; Forfeiture Sample Clauses
The 'Vesting; Exercisability; Forfeiture' clause defines the conditions under which an individual gains ownership rights to certain benefits, such as stock options or equity awards, and the circumstances under which these rights can be exercised or lost. Typically, this clause outlines a schedule or milestones that must be met for the benefits to vest, specifies when and how the holder can exercise their rights, and details situations—such as termination of employment or failure to meet performance goals—that may result in forfeiture of unvested or unexercised benefits. Its core function is to incentivize continued service or performance while protecting the granting party from having to provide benefits to individuals who do not fulfill agreed-upon obligations.
Vesting; Exercisability; Forfeiture. (a) If the closing date of a Change in Control (the “Closing Date”) occurs on or before August 31, 2026 (the “Expiration Date”), the Options, to the extent unvested, shall become fully vested and exercisable, provided that, subject to Sections 2(b) and 5(a) below, the Grantee remains continuously employed in active service by the University or one of its Affiliates from the Date of Grant through the Closing Date.
(b) If the Grantee’s employment terminates for any reason other than (x) by the University or any of its Affiliates for Cause or (y) by the Grantee for any reason, and the Closing Date occurs during the ninety (90) day period immediately following such date of termination, then immediately prior to such Change in Control, the Options shall vest or terminate, as applicable, in accordance with Section 2(a) above as if the Grantee had remained employed through the Closing Date.
Vesting; Exercisability; Forfeiture. The Option shall become vested and exercisable in 25% cumulative installments on each of the first four anniversaries of the Date of Grant (each, a "Vesting Date"), provided that the Grantee remains continuously engaged in active service by the Company or one of its Affiliates from the Date of Grant through such Vesting Date. In the event that the Grantee's continuous service is terminated by the Company or by the Grantee for any reason, the Grantee shall forfeit the unvested portion of the Option as of the Grantee's Termination Date (as defined below).
Vesting; Exercisability; Forfeiture. The Option shall become vested and exercisable in 25% cumulative installments on each of the first four anniversaries of [ ] (each, a “Vesting Date”); provided that the Participant remains continuously employed in active service by the Company or one of its Affiliates from the Date of Grant through such Vesting Date.
Vesting; Exercisability; Forfeiture. (a) The Option shall become vested and exercisable in 20% cumulative installments on each of the first five anniversaries of March 22, 2013 (each, a “Vesting Date”), provided that the Grantee remains continuously employed in active service by the Company or one of its Affiliates or otherwise provides services as a member of the Board of Directors of the Company (the “Board”), or both, from the Date of Grant through each applicable Vesting Date.
Vesting; Exercisability; Forfeiture. Provided the Participant provides continuous services to the Company or one of its Affiliates from the Date of Grant through the applicable Vesting Date identified below, the Option shall become vested and exercisable as follows:
Vesting; Exercisability; Forfeiture. The Option shall become vested and exercisable in [___] installments on each of [_____] (each, a “Vesting Date”); provided that the Participant remains continuously employed in active service by the Company or one of its Affiliates from the Date of Grant through such Vesting Date.
Vesting; Exercisability; Forfeiture. Provided the Participant provides continuous services to the Company or one of its Affiliates from the Date of Grant through the applicable Vesting Date identified below, the Option shall become vested and exercisable as follows: Notwithstanding the above or anything herein or in the Plan to contrary, in the event of the Participant’s death or Disability or termination by the Participant for Good Reason while any portion of the Option remains unvested, the Option shall become immediately vested and exercisable with respect to 100 percent of the Option Shares as of the date of the Participant’s death, Disability, or termination, as applicable. For the avoidance of doubt, the preceding sentence shall not apply to any death or Disability of the Participant occurring after the date of termination of the Participant’s employment for any reason.
Vesting; Exercisability; Forfeiture