Examples of Vesting Tranches in a sentence
As part of making any Award, the Committee may determine the time and conditions under which the Award will vest and may specify partial vesting in one or more Vesting Tranches.
In the event that fewer than 100% of the Shares in any of Vesting Tranches 1, 2, and 3 vest as of the Initial Vesting Date for such Vesting Tranche, the unvested Shares in any such Vesting Tranche shall nevertheless remain eligible to vest as of each yearly anniversary of the applicable Initial Vesting Date (each, a “Subsequent Vesting Date”) based upon the Percentile Rank through such Subsequent Vesting Date (in each case calculated using April 1, 2011, as the Reference Date).
The portion of a Restricted Stock Unit Award or Option Award that can potentially vest on a Vesting Date (as defined below), assuming satisfaction of all performance goals, is referred to in the Plan as a “Vesting Tranche.” Each Restricted Stock Unit Award is comprised of two equal Vesting Tranches, each comprised of 50% of the total number of Stock Units covered by the Restricted Stock Unit Award.
Each Option Award is comprised of four equal Vesting Tranches, each covering 25% of the total Shares subject to the Option.
Any PRSUs in the first and second Vesting Tranches that do not vest pursuant to paragraphs 3(a)(i)(1) – (3) or paragraph 3(a)(v) shall remain outstanding and shall be eligible to vest on the Measurement Date or the third anniversary of the Grant Date, as applicable pursuant to paragraph 3(a)(iii) below, subject to paragraph 3(a)(vi).
If a Participant ceases to serve as director of the Company by reason of death or disability or is involuntarily terminated by the Company without “cause” prior to the vesting of any Vesting Tranche(s), all of the Shares included in such Vesting Tranche(s) to the extent not otherwise vested shall become fully vested on the date of termination and any Transfer Restrictions shall no longer apply to such Shares.
For purposes of vesting of the Restricted Shares, there shall be four Vesting Tranches of 412,500 Shares, each having a Reference Date and an Initial Vesting Date as set forth in the following table.
In addition, in the event the RSUs are Assumed in connection with such Change in Control, then the Accelerated RSUs shall be from the final four Vesting Tranches, such that the remaining vesting period for the RSUs shall end, and the RSUs shall be fully vested as of, the third anniversary of the Vesting Commencement Date.