Common use of Vesting; Forfeiture Clause in Contracts

Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9, 2008 71 % April 9, 2009 86 % April 9, 2010 100 % (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a “Change of Control” as defined in the Change of Control Severance Agreement, dated February 12, 1999, or any successor agreement thereto, between the Company and the Participant (the “Severance Agreement”), prior to any termination of the Participant’s employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixty-two (62), the Participant’s legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 2 contracts

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc), Restricted Stock Unit Award Agreement (Supervalu Inc)

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Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9, 2008 71 Percentage of Date Restricted Stock Units Vested Participant's 56th Birthday 71% April 9, 2009 86 Participant's 57th Birthday 86% April 9, 2010 100 Participant's 58th Birthday 100% (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a "Change of Control" as defined in the Change of Control Severance Agreement, dated February 12April 10, 19991990, or any successor agreement thereto, between the Company and the Participant (the "Severance Agreement"), prior to any termination of the Participant’s 's employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s 's termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixty-two sixty (6260), the Participant’s 's legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc)

Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9. -1- Percentage of Date Restricted Stock Units Vested ---- ----------------------------- June 28, 2008 71 2005 33 1/3% April 9June 28, 2009 86 2006 66 2/3% April 9June 28, 2010 100 2007 100% (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a "Change of Control" as defined in the Change of Control Severance Agreement, dated February 12, 1999, or any successor agreement thereto, between the Company and the Participant (the "Severance Agreement"), prior to any termination of the Participant’s 's employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s 's termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixtyfifty-two seven (6257), the Participant’s 's legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc)

Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock The Units shall vest in installments three approximately equal annual increments with the first tranche being fully vested on the dates Effective Date and the remaining tranches vesting on the first-year and second-year anniversaries of the Effective Date, subject to the Recipient continuing to perform services for the Company as an executive officer on each applicable vesting date. Vested Units shall be paid out in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary form of shares of the Company until such dateCompany's common stock ("Common Stock") with delivery of the Common Stock to take place two years from the Effective Date. April 9If any fractional Units vest, 2008 71 % April 9, 2009 86 % April 9, 2010 100 %the number of Units vesting shall initially be rounded up to the nearest whole number and then rounded down to the nearest whole number for subsequent vesting as necessary. (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, The Units shall fully vest upon the date of the consummation of a Change of Control” Control as defined in the Plan, with delivery of the shares of Common Stock to be issued immediately upon the occurrence of such Change in Control. Notwithstanding any other provision of Control Severance Agreementthis Agreement or of the Plan, dated February 12the Company and the Recipient agree that consummation of the transactions contemplated by (i) that certain Agreement and Plan of Merger among the Company, 1999, or any successor agreement Timefire LLC and the other parties thereto, effective as of the date hereof, (ii) the Securities Purchase Agreement between the Company and the Participant (the “Severance Agreement”)purchase signatories thereto, prior to any termination effective as of the Participant’s employment with date hereof, and (iii) the Agreement and Mutual Release among the Company or and the other parties thereto, effective as of July 21, 2016, shall not constitute a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediatelyChange in Control. (c) Upon the Participant’s termination of employment with the Company or a subsidiary of the Company, Further notwithstanding any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions other provision of this Agreement, upon resolution of the Board, all Units and shares of Common Stock subject to this Agreement, whether vested or unvested, will be immediately forfeited if any of the Participant dies before reaching age sixty-two (62), events specified in Section 14.2 of the Participant’s legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without valuePlan occur.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (EnergyTEK Corp.)

Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9June 28, 2008 2005 71 % April 9June 28, 2009 2006 86 % April 9June 28, 2010 2007 100 % (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a “Change of Control” as defined in the Change of Control Severance Agreement, dated February 12, 1999, or any successor agreement thereto, between the Company and the Participant (the “Severance Agreement”), prior to any termination of the Participant’s employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixtyfifty-two seven (6257), the Participant’s legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc)

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Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9. -1- Percentage of Date Restricted Stock Units Vested ---- ----------------------------- June 28, 2008 71 2004 33 1/3% April 9June 28, 2009 86 2005 66 2/3% April 9June 28, 2010 2006 100 % (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a "Change of Control" as defined in the Change of Control Severance Agreement, dated February 12, 1999, or any successor agreement thereto, between the Company and the Participant (the "Severance Agreement"), prior to any termination of the Participant’s 's employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s 's termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixty-two (62), the Participant’s 's legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc)

Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in installments on the dates and in the amounts shown below if the Participant remains continuously employed by the Company or a subsidiary of the Company until such date. April 9June 28, 2008 71 2004 66 2/3 % April 9June 28, 2009 86 2005 83 1/3 % April 9June 28, 2010 2006 100 % (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions contained herein, upon the date of the consummation of a “Change of Control” as defined in the Change of Control Severance Agreement, dated February 12, 1999, or any successor agreement thereto, between the Company and the Participant (the “Severance Agreement”), prior to any termination of the Participant’s employment with the Company or a subsidiary of the Company, all of the Restricted Stock Units granted to the Participant pursuant to this Agreement shall vest immediately. (c) Upon the Participant’s termination of employment with the Company or a subsidiary of the Company, any Restricted Stock Units that have not vested pursuant to the vesting provisions set forth in either Section 3(a) or 3(b) above shall be forfeited and all associated rights shall lapse without value. (d) Subject to the terms and conditions of this Agreement, if the Participant dies before reaching age sixty-two (62), the Participant’s legal representatives, beneficiaries or heirs, as the case may be, shall be entitled to the Restricted Stock Units that have vested pursuant to Section 3(a) or 3(b) above prior to the date of such death, but any Restricted Stock Units that have not so vested by such date shall be forfeited and all associated rights shall lapse without value.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Supervalu Inc)

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