Minimum Vesting Period definition
Examples of Minimum Vesting Period in a sentence
Following the Minimum Vesting Period, except as set forth in Sections 1(e), 2(b), 2(c) and 2(d), the Option shall not be exercisable to any extent unless the Employee shall have remained continuously in the employ of the Corporation until the Option shall become exercisable.
In the event of retirement of the Employee, the Option may, if the retirement occurs (x) after satisfaction of the Minimum Vesting Period and (y) after the Employee has reached age 62 and has ten or more years of full-time service with the Corporation, unless the first sentence of Section 2(b) becomes applicable, be exercised by the Employee until the Expiration Date and shall continue to vest and become exercisable after such retirement according to the schedule set forth in Section 1(d).
In the event of cessation of employment with the Corporation due to permanent disability of the Employee (as determined by the Corporation) while employed by the Corporation, notwithstanding Section 1(d) but subject to satisfaction of the Minimum Vesting Period, the Option shall immediately become fully vested and exercisable and unless the first sentence of Section 2(b) becomes applicable, may be exercised by the Employee until the Expiration Date.
The Team Member may exercise any vested Options during the time period that (a) begins on the latest to occur of: (i) the date the Minimum Vesting Period ends, and (ii) the date that the Stock Price Criteria are satisfied, and (b) ends on the fourth anniversary of the Approval Date.
In the event of cessation of employment with the Corporation due to permanent disability of the Employee (as determined by the Corporation) while employed by the Corporation, subject to satisfaction of the Minimum Vesting Period, the Option shall immediately become vested and exercisable as to the Target Number of Shares and unless the first sentence of Section 2(b) becomes applicable, may be exercised by the Employee until the Expiration Date.