Early Vesting definition
Examples of Early Vesting in a sentence
Subject to Section 6.6(a) of the Plan, prior to the Vesting Date or an Early Vesting Date, Participant may not sell, assign, pledge, transfer, encumber or otherwise dispose of the Restricted Stock Units (or the Shares subject to the Restricted Stock Units).
If Executive voluntarily resigns from full-time employment with Park and its affiliates for any reason before the Early Vesting Date (as defined in Exhibit A hereto), or Park or any of its affiliates discharges Executive for any reason before the Early Vesting Date, then Executive shall not be entitled to any of the supplemental retirement benefits provided for in this Agreement and this Agreement shall be terminated immediately without any liability to Park or any of its affiliates whatsoever.
Subject to certain exceptions which are set forth in Paragraph 3(d), the Deferred Cash and rights to the Award shall be immediately forfeited to Company without payment by Company of any consideration to Employee if, during the Initial Deferral Period, Employee, for any other reason other than an Early Vesting Event, is not continuously employed (as described in Paragraph 3(g) hereof).
Employee’s “Termination Without Cause” or “Resignation for Good Reason” (each as defined in Paragraph 3(h) hereof), subsequent to the Change in Control and prior to the Vesting Date, shall not cause forfeiture of the Award and shall be deemed an Early Vesting Event causing the Award to vest and trigger payment under Paragraph 3(b).
If Executive does not experience a separation from service with Park and its affiliates until the Early Vesting Date, then commencing upon the Payment Commencement Date, Park shall pay to Executive the Early Benefit (as defined in Exhibit A hereto) until Executive’s death, with such Early Benefit to be payable annually beginning on the Payment Commencement Date and on the first business day on or immediately after each anniversary of the Payment Commencement Date and thereafter until Executive’s death.
Any such Award Shares that become vested and nonforfeitable, in the manner described in subsection (b) below shall be in addition to any Award Shares to which the Participant’s interest is or has become vested and nonforfeitable pursuant to Section 4 of the Agreement prior to the Early Vesting Date (such previously vested Award Shares, if any, the “Previously Vested Award Shares”).
Subject to Section 6.6(a) of the Plan, prior to the Vesting Date or an Early Vesting Event, Director may not sell, assign, pledge, transfer, encumber or otherwise dispose of the Restricted Stock Units (or the Shares subject to the Restricted Stock Units).
If there has been positive Net Annual Subscriber Growth for the Performance Period, the Committee shall multiply the Adjustment Factor times the total number of Stock Units comprising this Award to determine the number of Stock Units that have become vested as of the Vesting Date or Early Vesting Date.
In the case of an Early Vesting Date, the number of vested Stock Units shall be as provided in Section 7.
To the extent that any Stock Units fail to vest as of the Vesting Date (or, if applicable, the Early Vesting Date), or if the Award has terminated pursuant to Section 7, such unvested Stock Units shall immediately terminate without payment.