Vesting and Forfeiture Clause Example from Business Contracts

Vesting and Forfeiture. (a) Vesting. Subject to Section 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) Accelerated Vesting. Subject to Section 4(c) below, the Phantom Units shall vest in full upon the occurrence of a Change in Control. (c) Forfeiture. Notwithstanding the foregoing, in the event of a cessation of the Participant's Service for any reason, all Phantom Units that have not vested prior to or in connection with such cessation of Serv...ice 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. (d) Payment. Vested Phantom Units shall be subject to the payment provisions set forth in Section 5 below. View More