Common use of Vesting Upon Death or Disability Clause in Contracts

Vesting Upon Death or Disability. Notwithstanding Section 3(a) above, if Xxxxxxx’s Continuous Service ceases due to Grantee’s death or disability (as defined in the Plan), then a Pro-Rata Portion (as defined in Section 4(c)(iii) below) of the Restricted Stock Units shall become vested effective the last day of the Measurement Period, subject to and based upon achievement of the Performance Criteria as set forth in Exhibit A. Promptly following the date of the Committee’s final determination of the achievement of the Performance Criteria, the Company shall deliver to the Grantee (or his/her estate in the event of death) one share for each Restricted Stock Unit in which Grantee becomes entitled as described herein and such Restricted Stock Unit shall terminate. No transfer by will or the applicable laws of descent and distribution nor any Restricted Stock Units that vest by reason of Xxxxxxx’s death shall be effective to bind the Company unless the Committee shall have been furnished with written notice of such transfer and a copy of the will or such evidence as the Committee may deem necessary to establish the validity of the transfer.

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (Deckers Outdoor Corp), Restricted Stock Unit Award Agreement (Deckers Outdoor Corp), Restricted Stock Unit Award Agreement (Deckers Outdoor Corp)

AutoNDA by SimpleDocs

Vesting Upon Death or Disability. Notwithstanding Section 3(a) above, if Xxxxxxx’s Continuous Service ceases due to Grantee’s death or disability (as defined in the Plan), then a Pro-Rata Portion (as defined in Section 4(c)(iii4(c)(iv) below) of the Restricted Stock Units shall become vested effective the last day of the Measurement Performance Period, subject to and based upon achievement of the Performance Criteria as set forth in Exhibit A. Promptly following the date of the Committee’s final determination of the achievement of the Performance Criteria, the Company shall deliver to the Grantee (or his/her estate in the event of death) one share for each Restricted Stock Unit in which Grantee becomes entitled as described herein and such Restricted Stock Unit shall terminate. No transfer by will or the applicable laws of descent and distribution nor any Restricted Stock Units that vest by reason of Xxxxxxx’s death shall be effective to bind the Company unless the Committee shall have been furnished with written notice of such transfer and a copy of the will or such evidence as the Committee may deem necessary to establish the validity of the transfer.

Appears in 2 contracts

Samples: Restricted Stock Unit Award Agreement (Deckers Outdoor Corp), Restricted Stock Unit Award Agreement (Deckers Outdoor Corp)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.