Vesting of Restricted Share Units Clause Example with 6 Variations from Business Contracts
This page contains Vesting of Restricted Share Units 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 of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. The Restricted Share Units shall be allocated in three equal portions to each of the three Performance Periods identified above. The Grantee's right to receive all, a portion, or a multiple of the portion of the Restricted Share ...Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period shall vest on the Vesting Date, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the Vesting Date. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the portion of the Restricted Share Units equal to the product of: (i) the portion of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based on actual performance results for each of the three Performance Periods), multiplied by (ii) a fraction based on the number of days of continuous employment with the Company or a Subsidiary completed by the Grantee from the Date of Grant through the Vesting Date. (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control.View More
Variations of a "Vesting of Restricted Share Units" Clause from Business Contracts
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The number of Restricted Share Units set forth above shall be allocated vest in three equal portions to installments on each of the three Performance Periods identified above. The Grantee's right to receiv...e all, a portion, or a multiple of the portion of the Restricted Share Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels applicable Vesting Dates set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period shall vest on the Vesting Date, above, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the such Vesting Date. Dates. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the a Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the a prorated portion of the Restricted Share Units equal to the product of: (i) the portion number of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based immediately following the date on actual performance results for each of which the three Performance Periods), Grantee's employment terminated, multiplied by (ii) a fraction based on fraction, the numerator of which is the number of days of continuous employment with the Company or a Subsidiary completed by the Grantee from since the last Vesting Date (or if no Vesting Date has occurred, since March 31, 2019) and the denominator of Grant through the Vesting Date. which is 365. (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. Control and are incorporated herein by reference. View More
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The number of Restricted Share Units set forth above shall be allocated vest in three equal portions to installments on each of the three Performance Periods identified above. The Grantee's right to receiv...e all, a portion, or a multiple of the portion of the Restricted Share Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels applicable Vesting Dates set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period shall vest on the Vesting Date, above, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the such Vesting Date. Dates. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the a Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the a prorated portion of the Restricted Share Units equal to the product of: (i) the portion number of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based immediately following the date on actual performance results for each of which the three Performance Periods), Grantee's employment terminated, multiplied by (ii) a fraction based on fraction, the numerator of which is the number of days of continuous employment with the Company or a Subsidiary completed by the Grantee from since the last Vesting Date (or if no Vesting Date has occurred, since March 31, 2019) and the denominator of Grant through the Vesting Date. which is 365. (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. View More
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The Restricted Share Units shall be allocated in three equal portions (as adjusted and converted to each of the three Performance Periods identified above. The Grantee's a right to receive all, a portion,...Shares pursuant to Section 4(a) or a multiple of the portion of the Restricted Share Units allocated cash pursuant to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period Section 4(b), as applicable) shall vest on the Vesting Date, Date set forth above, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the Vesting Date. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, Section 13, and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the a prorated portion of the Restricted Share Units equal to the product of: (i) the portion of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based on actual performance results for each of the three Performance Periods), Date, multiplied by (ii) a fraction based on fraction, the numerator of which is the number of days of continuous employment with the Company or a Subsidiary completed by the Grantee from after the Date of Grant through and the Vesting Date. denominator of which is . (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. View More
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The number of Restricted Share Units shall be allocated in three equal portions to each of the three Performance Periods identified above. The Grantee's right to receive all, a portion, or a multiple of th...e portion of the Restricted Share Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period above shall vest on the Vesting Date, Date set forth above, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the Vesting Date. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the a prorated portion of the Restricted Share Units equal to the product of: (i) the portion number of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based on actual performance results for each of the three Performance Periods), Date, multiplied by (ii) a fraction based on fraction, the numerator of which is the number of days of continuous employment with the Company or a Subsidiary completed by the Grantee from after the Date of Grant through and the Vesting Date. denominator of which is 713. (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. View More
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The number of Restricted Share Units set forth above shall be allocated vest in three equal portions to installments on each of the three Performance Periods identified above. The Grantee's right to receiv...e all, a portion, or a multiple of the portion of the Restricted Share Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives established for that Performance Period in accordance with the payout levels applicable Vesting Dates set forth in the attached Exhibit A. After the end of each Performance Period, the Compensation Committee of the Board (the "Committee") shall determine in writing the extent, if any, to which the Performance Objective(s) for that Performance Period have been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to a Performance Period shall vest on the Vesting Date, above, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the such Vesting Date. Dates. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the a Vesting Date, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, below and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the a prorated portion of the Restricted Share Units equal to the product of: (i) the portion number of the Restricted Share Units that would have become vested under this Agreement had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date (based immediately following the date on actual performance results for each of which the three Performance Periods), Grantee's employment terminated, multiplied by (ii) a fraction based on the number of days of Grantee's continuous employment with the Company or a Subsidiary completed by during the Grantee from the Date of Grant through the Vesting Date. applicable vesting tranche. (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. View More
Vesting of Restricted Share Units. (a) In General. Subject to the Grantee's compliance with the restrictions of Section 8 hereof, or the terms of the Restrictive Covenants Agreement (as defined in Section 8) or of any separately executed covenant not to compete with the Company, as applicable: (i) Award. Restricted Share Units. The Target Number of Restricted Share Units shall be allocated in three two equal portions to each of the three two Performance Periods identified above. The Grantee's right to receive all, a portion, or a... multiple of the portion of the Restricted Share Units allocated to a Performance Period shall be contingent upon the extent to which the Company achieves the Performance Objectives Objective established for that Performance Period in accordance with the payout levels set forth in the attached Exhibit A. After Following the end commencement of each Performance Period, the Compensation Committee of the Board (the "Committee") shall establish in writing the Performance Objective applicable to that Performance Period, which shall be based upon the achievement of specified performance measures and set forth in the attached Exhibit A, as amended from time to time. After the end of each Performance Period, the Committee shall determine in writing the extent, if any, to which the Performance Objective(s) Objective for that Performance Period have has been satisfied and shall determine the percentage, if any, of the Restricted Share Units allocated to that Performance Period that shall be payable to Grantee, subject to the vesting requirements set forth below. The earned portion of the Restricted Share Units allocated to for a Performance Period shall vest on the Vesting Date, Date immediately following the end of that Performance Period, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the that Vesting Date. (ii) Continuous Employment. For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his or her employment among the Company and its Subsidiaries. (b) Involuntary Termination or Termination for Good Reason. If, prior to the Vesting Date, during a Performance Period, the Grantee's employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in the Plan) or by reason of the Grantee's Disability (as defined in the long-term disability plan of the Company or a Subsidiary applicable to the Grantee), (y) by the Grantee for Good Reason (as defined in the Plan), or (z) as a result of the Grantee's death, then, except as otherwise provided in paragraph (c) below, below (collectively, a "Qualified Termination", and provided that, within forty-five (45) days after such termination, the Grantee (or the Grantee's estate, beneficiary or other successor) shall have executed and delivered a release of claims in a form provided by the Company and such release of claims shall have become effective and irrevocable in accordance with its terms, the Grantee shall become vested in the portion of the Restricted Share Units allocated to that Performance Period equal to the product of: (i) the portion of the Restricted Share Units that would have become vested under this Agreement for that Performance Period had the Grantee remained continuously employed with the Company or a Subsidiary through the Vesting Date immediately following the date on which the Grantee's employment terminated (based on actual performance results for each of the three entire Performance Periods), Period), multiplied by (ii) a fraction based on fraction, the numerator of which is the number of days of continuous employment completed by the Grantee during that Performance Period and the denominator of which is 365. In addition to the Restricted Share Units that that may become vested in accordance with the prior sentence, if the Grantee's Qualified Termination occurs between January 1 and March 30 of a calendar year, then subject to the release requirement described above the Grantee shall become vested in the unvested Restricted Share Units, if any, that were earned for the immediately preceding Performance Period (if any) and that would have become vested had the Grantee remained employed with the Company or a Subsidiary completed by the Grantee from the Date through March 31 of Grant through the Vesting Date. that calendar year (without pro-ration). (c) Change in Control. The provisions of Section 21 of the Plan shall apply in the event of a Change in Control. Control and are incorporated herein by reference. View More
