Vesting Schedule Clause Example from Business Contracts

Vesting Schedule. So long as the Participant has remained an employee of the Company or any of its Subsidiaries continuously from the Grant Date through the applicable vesting date, the Forfeiture Restrictions shall lapse and the Participant shall become vested in the Award in accordance with the following schedule, subject to Section 4: Vesting Date Percentage of Award Vested First anniversary of Grant Date 34% Second anniversary of Grant Date 67% Third anniversary of Grant Date 100% 4. Certain Vesting. Notwiths...tanding Section 3 above, the vesting of the Award shall change upon the occurrence of certain events as follows: 4.1. Death or Disability. Upon the Participant's Termination by reason of the Participant's death or Disability at any time on or after the Grant Date and prior to the third anniversary of the Grant Date, the Award will be deemed to be vested with respect to an additional 33% of the Restricted Stock Units. 4.2. Change in Control. Upon a Change in Control, the Award shall become 100% vested and all Forfeiture Restrictions shall lapse. 4.3. Retirement. If the Participant's employment with the Company and its Subsidiaries (the "Company Group") Terminates and either: (a) the Participant is at least 65 years of age, or (b) the Participant's age plus years of service equal to at least 80, in each case, upon that Termination, the Award shall continue to vest in accordance with the vesting schedule in Section 3 as if the Participant remained employed with the Company and its Subsidiaries so long as the Participant does not engage in a "Prohibited Activity" as defined on Exhibit A. Any Termination described in this Section 4.3 shall in this Agreement be referred to as a "Retirement". Notwithstanding the foregoing in this Section 4.3, the Participant must remain employed with the Company on or after the first anniversary of the Grant Date for this Section 4.3 to have effect unless the Company waives the one-year period. View More