Second Vesting definition
Examples of Second Vesting in a sentence
The Second Award of Restricted Stock shall fully vest in Grantee’s favor immediately upon its grant on the Second Award Date (such date, together with the Milestone Vesting Date, the First Vesting Date and the Second Vesting Date, each a “Vesting Date” with respect to the applicable Shares of Restricted Stock).
Unit Values for Performance Units that vest on the Second Vesting Date shall not remain subject to adjustment as of the Third Vesting Date.
The restrictions on transfer applicable to the Shares under the Plan shall lapse with respect to those Shares, if any, that vest on each of the First Vesting Date and the Second Vesting Date.
The Holder shall, not later than the First Vesting Date or the Second Vesting Date, as applicable, pay to the Company or make arrangements satisfactory to the Company for payment of any federal, state and local taxes required by law to be withheld on account of the vesting of Shares on such date as a result of such taxable event.
The First Vesting Date, the Second Vesting Date and the Third Vesting Date are each the “Vesting Date” for the Restricted Stock Units that vest on such date.
Within a reasonable time after the First Vesting Date or the Second Vesting Date, as applicable, the Company shall cause to be delivered to the Holder a certificate representing the vested portion of the Shares.
The Holder acknowledges and agrees that the Company or any Affiliate has the right to deduct from payments of any kind otherwise due to the Holder any federal, state or local taxes of any kind required by law to be withheld with respect to the lapse of the restrictions on the Shares on such First Vesting Date or Second Vesting Date, as applicable.
With respect to all Performance Units granted to Employee that vest on the Second Vesting Date, an amount equal to the Second Vesting Date Unit Value (as defined in Section 4(c)(ii) below) multiplied by the number of Performance Units granted under this Award that vest on the Second Vesting Date.
This Award is generally taxable for purposes of United States federal income and employment taxes on vesting based on the Fair Market Value on the First or Second Vesting Dates, as applicable.
Except as described in the next sentence, Shares will be distributed as soon as reasonably possible after the First or Second Vesting Dates occur (but in no event later than March 15th after the calendar year in which the First or Second Vesting Dates occur).