Vesting of DSUs. The DSUs shall vest as follows: (I) one-third of the Supplementary DSUs shall vest in four equal quarterly installments commencing on October 1, 2006 (e.g., the first of four equal quarterly vesting periods will begin on October 1, 2006 so that 25% of such DSUs shall have vested as of January 1, 2007) (the "One-Year DSUs"), (II) both (a) one-third of the Supplementary DSUs and (b) the 45,837 DSUs issued in exchange for options with a vesting date prior to August 31, 2007, shall vest in eight equal quarterly installments commencing on October 1, 2006 (e.g., the first of eight equal quarterly vesting periods will begin on October 1, 2006 so that 12.5% of such DSUs shall have vested as of January 1, 2007) (collectively, the "Two-Year DSUs"), and (III) one-third of the Supplementary DSUs shall vest in twelve equal quarterly installments commencing on October 1, 2006 (e.g., the first of twelve equal quarterly vesting periods will begin on October 1, 2006 so that approximately 8.33% of such DSUs shall have vested as of January 1, 2007) (collectively, the "Three-Year DSUs").
Appears in 2 contracts
Samples: Employment Agreement (Bluefly Inc), Employment Agreement (Bluefly Inc)
Vesting of DSUs. The DSUs shall vest as follows: (I) one-third of the Supplementary DSUs shall vest in four equal quarterly installments commencing on October 1, 2006 (e.g., the first of four equal quarterly vesting periods will begin on October 1, 2006 so that 25% of such DSUs shall have vested as of January 1, 2007) (the "One-Year DSUs"), (II) both (a) one-third of the Supplementary DSUs and (b) the 45,837 126,904 DSUs issued in exchange for options with a vesting date prior to August 31, 2007, shall vest in eight equal quarterly installments commencing on October 1, 2006 (e.g., the first of eight equal quarterly vesting periods will begin on October 1, 2006 so that 12.5% of such DSUs shall have vested as of January 1, 2007) (collectively, the "Two-Year DSUs"), and (III) one-third of the Supplementary DSUs shall vest in twelve equal quarterly installments commencing on October 1, 2006 (e.g., the first of twelve equal quarterly vesting periods will begin on October 1, 2006 so that approximately 8.33% of such DSUs shall have vested as of January 1, 2007) (collectively, the "Three-Year DSUs").
Appears in 2 contracts
Samples: Employment Agreement (Bluefly Inc), Employment Agreement (Bluefly Inc)