Vesting of Awarded Shares. The Awarded Shares are subject to forfeiture to the Company until they become nonforfeitable in accordance with this Section 2.
Vesting of Awarded Shares. Subject to Section 11, the Awarded Shares are subject to forfeiture to the Company until they become vested in accordance with this Section 2.
Vesting of Awarded Shares. (a) Except as provided in Section 2(b) and 2(c), the Awarded Shares shall be forfeited to the Company for no consideration in the event the Grantee (i) voluntarily ceases to retain Continuous Status as an Employee or Consultant prior to the third anniversary of the Grant Date or (ii) ceases to retain Continuous Status as an Employee or Consultant as a result of being terminated by the Company, with or without cause, prior to the third anniversary of the Grant Date.
(b) The Awarded Shares shall be fully vested in the Grantee and no longer subject to a risk of forfeiture pursuant to Section 2(a) upon the occurrence of the earlier of the following events:
(i) the date on which the Grantee dies or ceases to retain Continuous Status as an Employee or Consultant as a result of the Grantee’s Disability; or
(ii) the third anniversary of the Grant Date.
(c) Unless the Board determines otherwise, if Grantee is Retirement Eligible as of the Grant Date:
(i) one third of the Awarded Shares shall be fully vested in the Grantee and no longer subject to a risk of forfeiture pursuant to Section 2(a) if Grantee Retires after the first anniversary of the Grant Date but before the second anniversary of the Grant Date; and
(ii) two thirds of the Awarded Shares shall be fully vested in the Grantee and no longer subject to a risk of forfeiture pursuant to Section 2(a) if Grantee Retires after the second anniversary of the Grant Date but before the third anniversary of the Grant Date.
Vesting of Awarded Shares. Subject to Section 11, the Awarded Shares are subject to forfeiture to the Company until they become vested in accordance with this Section 2.
(a) Subject to Section 11, Awarded Shares will become vested in accordance with the following schedule, provided that on each vesting date, the Grantee has, from the date hereof, continuously provided services to the Company or a subsidiary:
(i) 12.5% of the Awarded Shares will vest on the six month anniversary date of the Effective Date;
(ii) An additional 12.5% of the Awarded Shares will vest on the first annual anniversary date of the Effective Date;
(iii) An additional 12.5% of the Awarded Shares will vest on the eighteen month anniversary date of the Effective Date;
(iv) An additional 12.5% of the Awarded Shares will vest on the second annual anniversary date of the Effective Date;
(v) An additional 12.5% of the Awarded Shares will vest on the thirty month anniversary date of the Effective Date;
(vi) An additional 12.5% of the Awarded Shares will vest on the third annual anniversary date of the Effective Date;
(vii) An additional 12.5% of the Awarded Shares will vest on the forty-second month anniversary date of the Effective Date; and
(viii) The final 12.5% of the Awarded Shares will vest on the fourth annual anniversary date of the Effective Date.
(b) If contemporaneous with or within 18 months after a Change in Control that occurred during the Employment Period, (a) the Company terminates the Executive’s employment without Cause, or (b) Executive terminates his employment for Good Reason, 100% of the Awarded Shares will become vested upon such termination of employment. “Good Reason” shall be defined for this purpose as defined in the Employment Agreement, dated as of the Effective Date, between Grantee and the Company.
Vesting of Awarded Shares. Subject to Sections 5, 6 and 10 of this Agreement, one-third of the Awarded Shares will vest during the period of your employment with the Company and its Subsidiaries (as defined in Section 13 of this Agreement) on each of the first, second and third anniversaries of the Date of Grant.
Vesting of Awarded Shares. The Awarded Shares shall vest on the first anniversary of the Grant Date, provided there has been no cessation of Grantee’s continuous service to the Company as a member of the Board: (“Continuous Service”) on or before that date. Awarded Shares that have vested pursuant to this Agreement are referred to herein as “Vested Awarded Shares,” and Awarded Shares that have not vested pursuant to this Agreement are referred to herein as “Unvested Awarded Shares.” Notwithstanding the foregoing provisions, if Grantee’s Continuous Service terminates on or after the Grant Date, but prior to the first anniversary of the Grant Date by reason of Grantee’s death, the Unvested Awarded Shares shall become Vested Shares on the date of the Grantee’s death.
Vesting of Awarded Shares. Subject to Section 11, the Awarded Shares are subject to forfeiture to the Company until they become vested in accordance with this Section 2.
(a) Awarded Shares will become vested if and to the extent, based upon the delivery of the applicable audited financial statements of the Company, the Company achieves the Performance Goals set forth on Exhibit A hereto during the Performance Period. “Performance Period” means the period commencing on January 1, 2010 and ending on December 31, 2012. Any Awarded Shares that have not vested pursuant to this Section 2 will be automatically forfeited.
Vesting of Awarded Shares. Subject to Sections 5 and 6 of this Agreement, the Awarded Shares will vest pro rata over the calendar year in which the Date of Grant for the Awarded Shares occurred (“Issuance Year”) or, if you are elected Chair of the Board of Directors of the Company (“Board Chair”) during an Issuance Year, the Awarded Shares will vest pro rata over the remainder of the Issuance Year.
Vesting of Awarded Shares. Subject to Sections 5 and 6 of this Agreement, twenty percent (20%) of the Awarded Shares will vest on each of the first, second, third, fourth and fifth anniversary dates of the Date of Grant, provided you continue to be a director of the Company on each such vesting date.
Vesting of Awarded Shares. (a) Except as provided in Section 3(b), Section 3(c), and Section 6, the Awarded Shares shall be forfeited to the Company for no consideration in the event the Grantee ceases to retain Continuous Status as an Employee or Consultant for any reason, voluntarily or involuntarily, prior to the third anniversary of the Grant Date.
(b) The Awarded Shares shall be fully vested in the Grantee and no longer subject to a risk of forfeiture pursuant to Section 3(a) upon the occurrence of the earlier of the following events:
(i) the date on which the Grantee dies or ceases to retain Continuous Status as an Employee or Consultant as a result of the Grantee’s Disability;
(ii) the date upon which the Grantee’s Continuous Status as an Employee or Consultant terminates under circumstances approved by the Administrator, in its sole and absolute discretion, that provide for the full vesting of the Awarded Shares; and
(iii) the third anniversary of the Grant Date.
(c) Except as otherwise provided by the Committee consistent with Section 3(b)(ii) above, if the Grantee is Retirement Eligible on or before the Grant Date, in the event that Xxxxxxx’s Continuous Status as an Employee or Consultant terminates on or after the first day of the thirteenth month after the Grant Date as a result of Retirement, the Grantee shall vest in a portion of the Awarded Shares on the date of termination of Service. Such portion shall be equal to (i) one-third of the Awarded Shares if the Grantee’s termination occurs more than 12 months but no greater than 24 months after the Grant Date and (ii) two-thirds of the Awarded Shares if the Grantee’s termination occurs more than 24 months after the Grant Date but before the third anniversary of the Grant Date. Notwithstanding anything in the foregoing to the contrary, if the Company terminates the Grantee’s Continuous Service for Cause after the date on which the Grantee has become Retirement Eligible, such termination shall be considered for Cause and not a Retirement.
