Vesting of Units Clause Example with 4 Variations from Business Contracts
This page contains Vesting of 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 Units. 4.1 Scheduled Vesting. Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice, and shall be settled as soon as practicable, and no later than the fifteenth day of the third month following, the Scheduled Vesting Date, in each case, subject to the Participant's continuous provision of Service from the Date of Grant through the applicable Scheduled Vesting Date, and the Participant's continuous compliance from the Date of Grant through the settlement da...te of the Vested Units with the following: [insert any additional vesting criteria] (the "Agreement Conditions") . 4.2 [Insert any applicable additional vesting provisions] 5. Company Reacquisition Right. 5.1 Grant of Company Reacquisition Right. In the event that the Participant's Service terminates for any reason or no reason, with or without Cause, or upon the Participant's breach of the Agreement Conditions, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination or breach, as the case may be, Vested Units ("Unvested Units"), and the Participant shall not be entitled to any payment therefor (the "Company Reacquisition Right"). In the event that the Participant breaches any of the Agreement Conditions prior to the settlement of any Vested Units, the Participant shall forfeit and the Company shall automatically reacquire all such Units pursuant to the Company Reacquisition Right and the Participant shall not be entitled to any payment therefor. 5.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company's dividend policy) to which the Participant is entitled by reason of the Participant's ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms "Units" and "Unvested Units" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event.View More
Variations of a "Vesting of Units" Clause from Business Contracts
Vesting of Units. 4.1 Scheduled 6.1 Normal Vesting. Except as provided by Section 6.2, Units acquired pursuant to this Agreement that are determined to be Earned Units shall become be deemed Vested Units as provided of the Vesting Date set forth in the Grant Notice, and shall be settled provided that the Participant's Service has not terminated prior to the Vesting Date. 6.2 Vesting Following Termination without Cause. In the event that the Participant's Service is terminated by the Company without Cause (and not... as soon as practicable, and no later than the fifteenth day a result of the third month following, Participant's death or disability) prior to the Scheduled Vesting Date, and provided that the Participant executes a general release of known and unknown claims in each case, a customary form reasonably acceptable to the Company and such release has become effective in accordance with its terms on or before the thirtieth (30th) day following such termination of Service, then the Total Number of Units shall not immediately be subject to the Participant's continuous provision Company Reacquisition Right (as defined below), but instead that portion of Service from the Date Total Number of Grant through Units determined to be Earned Units in accordance with Section 5.1 shall be deemed Vested Units as of the applicable Scheduled Vesting Date, and the Participant's continuous compliance from the Date of Grant through the settlement date of the Vested Units with the following: [insert any additional vesting criteria] (the "Agreement Conditions") . 4.2 [Insert any applicable additional vesting provisions] 5. Committee's certification pursuant to Section 5.1. WEST\275703696.1347684-900000 6 7. Company Reacquisition Right. 5.1 7.1 Grant of Company Reacquisition Right. In the event that the Participant's Service terminates for any reason or no reason, with or without Cause, or upon the Participant's breach of the Agreement Conditions, cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination or breach, as (taking into account the case may be, vesting pursuant to Section 6.2, if any), Vested Units ("Unvested Units"), and the Participant shall not be entitled to any payment therefor (the "Company Reacquisition Right"). In the event that the Participant breaches any of the Agreement Conditions prior to the settlement of any Vested Units, the Participant shall forfeit and the Company shall automatically reacquire all such Units pursuant to the Company Reacquisition Right and the Participant shall not be entitled to any payment therefor. 5.2 7.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, 11, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company's dividend policy) to which the Participant is entitled by reason of the Participant's ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms "Units" and "Unvested Units" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event. View More
Vesting of Units. 4.1 Scheduled Vesting. Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice, and Notice. Dividend Equivalent Units shall be settled become Vested Units at the same time as soon as practicable, and no later than the fifteenth day of the third month following, the Scheduled Vesting Date, in each case, Restricted Stock Units originally subject to the Participant's continuous provision Award with respect to which they have been credited. For purposes of...Service from determining the Date number of Grant through the applicable Scheduled Vesting Date, and the Participant's continuous compliance from the Date of Grant through the settlement date of the Vested Units following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the following: [insert any additional vesting criteria] (the "Agreement Conditions") . 4.2 [Insert any applicable additional vesting provisions] time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event. 2 5. Company Reacquisition Right. COMPANY REACQUISITION RIGHT. 5.1 Grant of Company Reacquisition Right. In Except to the extent otherwise provided by the Superseding Agreement, if any, in the event that the Participant's Service terminates for any reason or no reason, with or without Cause, or upon the Participant's breach of the Agreement Conditions, cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination or breach, as the case may be, termination, Vested Units ("Unvested Units"), and the Participant shall not be entitled to any payment therefor (the "Company Reacquisition Right"). In the event that the Participant breaches any of the Agreement Conditions prior to the settlement of any Vested Units, the Participant shall forfeit and the Company shall automatically reacquire all such Units pursuant to the Company Reacquisition Right and the Participant shall not be entitled to any payment therefor. 5.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company's dividend policy) policy, which shall be treated in accordance with Section 3.3) to which the Participant is entitled by reason of the Participant's ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms "Units" and "Unvested Units" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event. View More
Vesting of Units. 4.1 Scheduled Normal Vesting. Except as provided by Section 4.2, Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice, Notice. Dividend Equivalent Units shall become Vested Units at the same time as the Units with respect to which they have been credited. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the t...ime the Service is rendered, whether or not such corporation is a Participating Company both before and shall be settled as soon as practicable, after the Ownership Change Event. 4.2 Acceleration of Vesting Upon a Change in Control. In the event of a Change in Control, and no later than provided that the fifteenth day Participant's Service has not terminated prior to the date of consummation of the third month following, the Scheduled Vesting Date, Change in each case, subject to the Participant's continuous provision of Service from the Date of Grant through the applicable Scheduled Vesting Date, and the Participant's continuous compliance from the Date of Grant through the settlement date of the Control, all unvested Units shall become Vested Units with the following: [insert any additional vesting criteria] (the "Agreement Conditions") . 4.2 [Insert any applicable additional vesting provisions] Units. 2 5. Company Reacquisition Right. COMPANY REACQUISITION RIGHT. 5.1 Grant of Company Reacquisition Right. In Except to the extent otherwise provided by the Superseding Agreement, if any, in the event that the Participant's Service terminates for any reason or no reason, with or without Cause, or upon the Participant's breach of the Agreement Conditions, cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination or breach, as the case may be, termination, Vested Units ("Unvested Units"), and the Participant shall not be entitled to any payment therefor (the "Company Reacquisition Right"). In the event that the Participant breaches any of the Agreement Conditions prior to the settlement of any Vested Units, the Participant shall forfeit and the Company shall automatically reacquire all such Units pursuant to the Company Reacquisition Right and the Participant shall not be entitled to any payment therefor. 5.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company's dividend policy) policy, which shall be treated in accordance with Section 3.3) to which the Participant is entitled by reason of the Participant's ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms "Units" and "Unvested Units" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event. View More
Vesting of Units. 4.1 Scheduled Vesting. Units acquired pursuant to this Agreement shall become Vested Units as provided in the Grant Notice, and Notice. Dividend Equivalent Units shall be settled become Vested Units at the same time as soon as practicable, and no later than the fifteenth day of the third month following, the Scheduled Vesting Date, in each case, Market Stock Units originally subject to the Participant's continuous provision Award with respect to which they have been credited. For purposes of Ser...vice from determining the Date number of Grant through the applicable Scheduled Vesting Date, and the Participant's continuous compliance from the Date of Grant through the settlement date of the Vested Units following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the following: [insert any additional vesting criteria] (the "Agreement Conditions") . 4.2 [Insert any applicable additional vesting provisions] time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event. 2 5. Company Reacquisition Right. COMPANY REACQUISITION RIGHT. 5.1 Grant of Company Reacquisition Right. In Except to the extent otherwise provided by the Superseding Agreement, if any, in the event that the Participant's Service terminates for any reason or no reason, with or without Cause, or upon the Participant's breach of the Agreement Conditions, cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination or breach, as the case may be, termination, Vested Units ("Unvested Units"), and the Participant shall not be entitled to any payment therefor (the "Company Reacquisition Right"). In the event that the Participant breaches any of the Agreement Conditions prior to the settlement of any Vested Units, the Participant shall forfeit and the Company shall automatically reacquire all such Units pursuant to the Company Reacquisition Right and the Participant shall not be entitled to any payment therefor. 5.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments. Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company's dividend policy) policy, which shall be treated in accordance with Section 3.3) to which the Participant is entitled by reason of the Participant's ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms "Units" and "Unvested Units" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event. View More
