Common use of Vesting of Restricted Stock Units; Forfeiture Clause in Contracts

Vesting of Restricted Stock Units; Forfeiture. One-third of the Restricted Stock Units will vest on each of the first, second and third anniversaries of the Grant Date. To the extent that one-third of the Restricted Stock Units is not a whole number, any fractional Restricted Stock Units that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of Restricted Stock Units scheduled to vest on the third scheduled vesting date will be adjusted accordingly If the Grantee’s employment with or service to the Company or an Affiliate is terminated prior to the date the Restricted Stock Units are vested, the Restricted Stock Units that have not yet vested as of the date of such termination will be immediately forfeited without further consideration or any act or action by the Grantee; provided, however, if, prior to the date the Restricted Stock Units have vested, the Grantee’s employment with or service to the Company or an Affiliate terminates as a result of death or Disability, the Committee, in its sole discretion, shall have the right to immediately vest all or any portion of such Restricted Stock Units, subject to such terms as the Committee, in its sole discretion, deems appropriate.

Appears in 2 contracts

Samples: Restricted Stock Unit Award Agreement (Faro Technologies Inc), Restricted Stock Unit Award Agreement (Faro Technologies Inc)

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Vesting of Restricted Stock Units; Forfeiture. One-third of Except as otherwise provided herein and in the Restricted Stock Units will vest on each of the firstPlan, second and third anniversaries of the Grant Date. To the extent that one-third of the Restricted Stock Units is not a whole number, any fractional Restricted Stock Units that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of Restricted Stock Units scheduled determined to have been earned in accordance with Exhibit A attached hereto as of the end of the Performance Period specified in Exhibit A will vest on the third scheduled vesting date will the Committee certifies such performance results (assuming Grantee’s Continuous Service to the Company through such date), which shall be adjusted accordingly If no later than [ ], 20[ ] (the “Scheduled Vesting Date”). Except as otherwise provided in Exhibit A, if the Grantee’s employment with or service to the Company or an Affiliate is terminated prior to the date the Restricted Stock Units are vested, the Restricted Stock Units that have not yet vested as of the date of such termination will be immediately forfeited without further consideration or any act or action by the Grantee; provided, however, if, prior to the date the Restricted Stock Units have vested, the Grantee’s employment with or service to the Company or an Affiliate terminates as a result of death or Disability, the Committee, in its sole discretion, shall have the right to immediately vest all or any portion of such Restricted Stock Units, subject to such terms as the Committee, in its sole discretion, deems appropriate.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Faro Technologies Inc)

Vesting of Restricted Stock Units; Forfeiture. (a) One-third of the Restricted Stock Units will vest on each of the first, second and third anniversaries of the Grant Vesting Commencement Date, subject to your continued Service Relationship through each applicable vesting date. To the extent that one-third of the Restricted Stock Units is not a whole number, any fractional Restricted Stock Units that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of Restricted Stock Units scheduled to vest on the third scheduled vesting date will be adjusted accordingly If accordingly. Except as may be provided for in the Grantee’s employment with or service to the Company or an Affiliate Severance Plan, if your Service Relationship is terminated prior to the date the Restricted Stock Units are vestedvest, the Restricted Stock Units that have not yet vested as of the date of such termination will be immediately forfeited without further consideration or any act or action by the Granteeyou; provided, however, if, prior to the date the Restricted Stock Units have vested, the Grantee’s employment with or service to the Company or an Affiliate your Service Relationship terminates as a result of death or Disability, the CommitteeAdministrator, in its sole discretion, shall will have the right to immediately vest all or any portion of such Restricted Stock Units, subject to such terms as the CommitteeAdministrator, in its sole discretion, deems appropriate.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Faro Technologies Inc)

Vesting of Restricted Stock Units; Forfeiture. One-third of the Restricted Stock Units will vest on each of the firstExcept as otherwise provided in Exhibit B, second and third anniversaries of the Grant Date. To the extent that one-third of the Restricted Stock Units is not a whole number, any fractional Restricted Stock Units that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of Restricted Stock Units scheduled determined to have been earned in accordance with Exhibit B attached hereto as of the end of the Performance Period specified in Exhibit B will vest on the third scheduled vesting date the Administrator certifies such performance results (assuming your Service Relationship through such date), which will be adjusted accordingly If no later than the Grantee’s employment with or service to Scheduled Vesting Date specified in Exhibit B. Except as may be provided for in the Company or an Affiliate Severance Plan and Exhibit B, if your Service Relationship is terminated prior to the date the Restricted Stock Units are vestedvest, the Restricted Stock Units that have not yet vested as of the date of such termination will be immediately forfeited without further consideration or any act or action by the Granteeyou; provided, however, if, prior to the date the Restricted Stock Units have vested, the Grantee’s employment with or service to the Company or an Affiliate your Service Relationship terminates as a result of death or Disability, the CommitteeAdministrator, in its sole discretion, shall will have the right to immediately vest all or any portion of such Restricted Stock Units, subject to such terms as the CommitteeAdministrator, in its sole discretion, deems appropriate.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Faro Technologies Inc)

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Vesting of Restricted Stock Units; Forfeiture. One-third of Except as otherwise provided herein and in the Restricted Stock Units will vest on each of the firstPlan, second and third anniversaries of the Grant Date. To the extent that one-third of the Restricted Stock Units is not a whole number, any fractional Restricted Stock Units that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of Restricted Stock Units scheduled determined to have been earned in accordance with Exhibit A attached hereto as of the end of the Performance Period specified in Exhibit A will vest on the third scheduled vesting date will the Committee certifies such performance results (assuming Grantee’s Continuous Service to the Company through such date), which shall be adjusted accordingly If no later than March 30, 2022 (the “Scheduled Vesting Date”). Except as otherwise provided in Exhibit A, if the Grantee’s employment with or service to the Company or an Affiliate is terminated prior to the date the Restricted Stock Units are vested, the Restricted Stock Units that have not yet vested as of the date of such termination will be immediately forfeited without further consideration or any act or action by the Grantee; provided, however, if, prior to the date the Restricted Stock Units have vested, the Grantee’s employment with or service to the Company or an Affiliate terminates as a result of death or Disability, the Committee, in its sole discretion, shall have the right to immediately vest all or any portion of such Restricted Stock Units, subject to such terms as the Committee, in its sole discretion, deems appropriate.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Faro Technologies Inc)

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