Vesting and Forfeiture Clause Example with 6 Variations from Business Contracts
This page contains Vesting and Forfeiture clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Vesting and Forfeiture. (a)Vesting. Subject to remaining provisions in this Section 4, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change of Control. If a Change in Control, as that term is defined from time to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as of immediately prior to such event. (c)Death or Disability.No portion of the Phantom Units shall be forfeited as a result of the o...ccurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. Notwithstanding the foregoing, in the event of a cessation of the Participant's Service for any reason other than those set forth above in this Section 4, all Phantom Units that have not vested prior to or in connection with such cessation of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation of Service shall thereafter become vested. (e)Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
Variations of a "Vesting and Forfeiture" Clause from Business Contracts
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, 4(c) below, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change of Control. If a Change (b) Accelerated Vesting. [To be provided in Control, as that term is defined from time to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as of immediately prior to such event. (c)Death or Disability.No po...rtion of the Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. Notwithstanding the foregoing, in individual agreements] (c) Forfeiture. In the event of a cessation termination of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation termination of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation termination of Service shall thereafter become vested. (e)Payment. (d) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, 4(b) below, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change Each additional Phantom Unit which results from deemed reinvestments of Control. If a Change in Control, as that term is defined from time DERs pursuant to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units Section 3 above shall vest in full as of imm...ediately prior whenever the underlying Phantom Unit to which such event. (c)Death or Disability.No portion of the additional Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. Notwithstanding the foregoing, in Unit relates vests. (b) Forfeiture. In the event of a cessation termination of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation termination of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation termination of Service shall thereafter become vested. (e)Payment. (c) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, 4(c) below, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change of Control. If a Change (b) Accelerated Vesting. [To be provided in Control, as that term is defined from time to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as of immediately prior to such event. (c)Death or Disability.No po...rtion of the Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. Notwithstanding the foregoing, in individual agreements]. (c) Forfeiture. In the event of a cessation termination of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation termination of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation termination of Service shall thereafter become vested. (e)Payment. (d) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom (a) Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, practical, but not later than twenty-five (25) days, sixty (60) days following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement In lieu of the foregoing, the Committee may elect at its discretion to pay some or all of the Phantom Units will in cash equal to the Fair Market Value of the Units that would otherwise be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, distributed as of the date of vesting. (b) DERs. Unpaid, vested DERs shall be paid to the Participant as provided above follows: as soon as reasonably practical, but not later than sixty (60) days, following the date on which a Phantom Unit and related DER vests, the Participant shall be paid an amount in cash equal to the amount then credited to the DER Account maintained with respect to such Phantom Unit. (c) Potential Delay. Notwithstanding anything to the contrary in this Agreement, no amounts payable under this Agreement shall be paid to the Participant prior to the expiration of the six (6)-month period following his "separation from service" (within the meaning of Treasury Regulation Section 3. 1.409A-1(h)) (a "Separation from Service") to the extent that the Company determines that paying such amounts prior to the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of the Participant's death), such amounts shall be paid to the Participant. View More
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change (b) Death or Disability. No portion of the Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, one hundred percent (100%) of the then-unvested Pha...ntom Units shall vest in full immediately prior to such death or Disability. (c) Qualified Retirement. If the Participant has at least ten years of Service on the date the Participant terminates employment with the Partnership, or one of its affiliates or subsidiaries, voluntarily due to retirement, the Participant will be eligible for the accelerated vesting of this Award per the following schedule: · If the Participant is age 65-68 on the Participant's termination date, then 40% of the remaining unvested Phantom Units under this Agreement at the time of the Participant's retirement shall be vested on that date. 2 · If the Participant is over age 68 on the Participant's termination date, then 50% of the remaining unvested Phantom Units under this Agreement at the time of the Participant's retirement shall be vested on that date. (d) Change in Control. If a Change in Control, as that term is defined from time to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as of immediately prior to such event. (c)Death or Disability.No portion of the Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. (e) Forfeiture. Notwithstanding the foregoing, and except as provided in this Section 4 above, in the event of a cessation (not including any approved leave of absence) of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation (not including any approved leave of absence) of Service shall thereafter become vested. (e)Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, 4(b) below, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change of Control. If a Change in Control, as that term is defined from time to time under the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as of immediately prior to such event. (c)Death or Disability.No portion of the Phantom Units shall be forfe...ited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. (b) Forfeiture. Notwithstanding the foregoing, in the event of a cessation termination of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation termination of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation termination of Service shall thereafter become vested. (e)Payment. (c) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
Vesting and Forfeiture. (a)Vesting. (a) Vesting. Subject to remaining provisions in this Section 4, 4(c) below, the Phantom Units shall vest in such amounts and at such times as are set forth in the Grant Notice above. (b)Change of Control. If a Change in Control, as that term is defined from time (b) Accelerated Vesting. Subject to time under Section 4(c) below, the Plan, occurs after the Grant Date, then 100% of the then-unvested Phantom Units shall vest in full as upon the occurrence of immediately prior to such eve...nt. (c)Death or Disability.No portion of the Phantom Units shall be forfeited as a result of the occurrence, prior to the end of the Restricted Period, of the Participant's death or Disability. Instead, Change in the event of the Participant's death or Disability, 100% of the then-unvested Phantom Units shall vest in full immediately prior to such death or Disability. (d)Forfeiture. Control. (c) Forfeiture. Notwithstanding the foregoing, in the event of a cessation of the Participant's Service for any reason other than those set forth above in this Section 4, reason, all Phantom Units that have not vested prior to or in connection with such cessation of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No portion of the Phantom Units which has not become vested at the date of the Participant's cessation of Service shall thereafter become vested. (e)Payment. (d) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. 2 5. Payment of Phantom Units and DERs. (a)Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical following the vesting date, but not later than twenty-five (25) days, following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant's death, to the Participant's estate) in whole Units in accordance with this Section 5. The settlement of Phantom Units will be subject to all tax withholding requirements. (b)DERs. Subject to any tax withholding, DERs shall be paid to the Participant as provided above in Section 3.View More
