Vesting Clause Example with 5 Variations from Business Contracts
This page contains Vesting 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. (a) The RSUs shall become vested as follows: (i) 33.3% of the RSUs shall vest on the first anniversary of the Date of Grant; (ii) 33.3% of the RSUs shall vest on the second anniversary of the Date of Grant; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant (each a "Vesting Date"); provided that the Participant remains in continuous employment with the Company or its Affiliates through, and has not given or received a notice of termination of such employment as ...of, the applicable Vesting Date. (b) Except as set forth in Section 2(c) below, if the Participant's employment is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights of the Participant with respect to RSUs that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (c) If the Participant's employment is terminated either (x) by the Company without Cause or (y) due to the Participant's death or Disability, and provided in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within sixty (60) days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): (i) the portion of the RSUs that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs, (ii) this RSU Award Agreement shall terminate and all rights of the Participant with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate, (iii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iv) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs.View More
Variations of a "Vesting" Clause from Business Contracts
Vesting. (a) The RSUs shall become vested as follows: (i) 33.3% of the RSUs shall vest on the first anniversary date of the Date Company's 2021 annual meeting of Grant; (ii) 33.3% of the RSUs shall vest on the second anniversary of the Date of Grant; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant (each a stockholders (the "Vesting Date"); provided that the Participant remains in continuous employment service with the Company or its Affiliates through, and has not giv...en or received a notice of termination of such employment as of, through the applicable Vesting Date. (b) Except as set forth in Section 2(c) below, if the Participant's employment service is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights of the Participant with respect to RSUs that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (c) If the Participant's employment service is terminated either (x) by the Company without Cause or (y) due to the Participant's death or Disability, and provided Disability or following a Change in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within sixty (60) days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): (i) the portion of the Control, then all RSUs that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment service in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs, (ii) this RSU Award Agreement shall terminate and all rights of the Participant with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate, (iii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iv) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. below. View More
Vesting. (a) The RSUs shall become vested as follows: (i) 33.3% of the RSUs shall vest on the first anniversary of the Date of Grant; (ii) 33.3% of the RSUs shall vest on the second anniversary of the Date of Grant; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant (each a "Vesting Date"); provided that the Participant Grantee remains in continuous employment with the Company or its Affiliates an Affiliate thereof through, and has not given or received a notice of termi...nation of such employment as of, the applicable Vesting Date. vesting date. (b) Except as set forth in Section 2(c) below, if the Participant's Grantee's employment is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights of the Participant Grantee with respect to RSUs that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant Grantee nor any of the Participant's Grantee's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (c) If the Participant's Grantee's employment is terminated either (x) by the Company without Cause other than for Cause, by the Grantee for Good Reason (as defined in the amended and restated employment agreement by and between the Company and the Grantee as in effect from time to time), or (y) due to the Participant's Grantee's death or Disability, and provided in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within sixty (60) days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): Disability (i) the portion of the RSUs RSUs, if any, that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such the date of termination occurs, (ii) this RSU Award Agreement shall terminate and all rights of the Participant Grantee with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate, (iii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iv) neither the Participant Grantee nor any of the Participant's Grantee's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. View More
Vesting. (a) The RSUs Shares subject to the Option shall become vested as follows: (i) 33.3% of the RSUs Shares subject to the Option shall vest on the first anniversary of the Date of Grant; (ii) 33.3% of the RSUs Shares subject to the Option shall vest on the second anniversary of the Date of Grant; and (iii) 33.4% of the RSUs Shares subject to the Option shall vest on the third anniversary of the Date of Grant (each a "Vesting Date"); provided that the Participant remains in continuous employment with... the Company or its Affiliates through, and has not given or received a notice of termination of such employment as of, the applicable Vesting Date. (b) Except as set forth in Section 2(c) below, if the Participant's employment is terminated for any reason, reason prior to the Vesting Date, (i) this RSU Option Award Agreement shall terminate and all rights of the Participant with respect to RSUs the Shares subject to the Option that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs Shares subject to the Option shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. Shares subject to the Option. (c) If the Participant's employment is terminated either (x) by the Company without Cause or (y) due to the Participant's death or Disability, and provided in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within sixty (60) days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): (i) the portion of the RSUs Shares subject to the Option that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after on the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs, employment, (ii) this RSU Option Award Agreement shall terminate and all rights of the Participant with respect to the portion of the RSUs, Shares subject to the Option, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate, (iii) any such unvested RSUs Shares subject to the Option shall be forfeited without payment of any consideration, and (iv) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. Shares subject to the Option. 1 3. Timing of Exercise. Following the vesting of the Option as set forth in Section 2 hereof, the Participant may exercise all or any portion of such Option at any time prior to the earliest to occur of: (a) The 10th anniversary of the Date of Grant; (b) The 1st anniversary of the date of the Participant's termination of employment (x) by the Company without Cause or (y) due to the Participant's death or Disability; (c) Ninety (90) days following the date of the Participant's termination of employment with the Company or its Affiliates as a result of a voluntary termination by the Participant; and (d) The close of business on the last business day immediately prior to the date of the Participant's (A) termination of employment by the Company for Cause or (B) breach of any restrictive covenants set forth in any agreement or other arrangement between the Participant and the Company or its Affiliates. View More
Vesting. (a) The RSUs shall become vested as follows: (i) 33.3% of the RSUs shall vest on the first anniversary of the Date of Grant; (ii) 33.3% of the RSUs shall vest on the second anniversary of the Date of Grant; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant (each a "Vesting Date"); provided that the Participant Grantee remains in continuous employment with the Company or its Affiliates an Affiliate thereof through, and has not given or received a notice of termi...nation of such employment as of, the applicable Vesting Date. vesting date. (b) Except as set forth in Section 2(c) below, if the Participant's Grantee's employment is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights of the Participant Grantee with respect to RSUs that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant Grantee nor any of the Participant's Grantee's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (c) If the Participant's Grantee's employment is terminated either (x) by the Company without other than for Cause or (y) due to by the Participant's death or Disability, Grantee for Good Reason (as defined in the employment agreement by and provided in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to between the Company (and does not revoke) a general release of claims and the Grantee as in a form satisfactory effect from time to the Company within sixty (60) days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): time) (i) the portion of the RSUs RSUs, if any, that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such the date of termination occurs, (ii) this RSU Award Agreement shall terminate and all rights of the Participant Grantee with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate, (iii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iv) neither the Participant Grantee nor any of the Participant's Grantee's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. View More
Vesting. (a) The RSUs shall become vested as follows: (i) 33.3% of the RSUs shall vest on the first anniversary of the Date of Grant; July 16, 2021; (ii) 33.3% of the RSUs shall vest on the second anniversary of the Date of Grant; July 16, 2022; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant July 16, 2023 (each a "Vesting Date"); provided that the Participant remains in continuous employment with the Company or its Affiliates through, and has not given or received a ...notice of termination of such employment as of, through the applicable Vesting Date. (b) Except as set forth in Section Sections 2(c) and 2(d) below, if the Participant's employment is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights of the Participant with respect to RSUs that have not vested as of the date of termination shall immediately terminate, (ii) any such unvested RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (c) If the Participant's employment is terminated either (x) by the Company without Cause Cause, provided that the Participant has not been terminated based on inadequate performance as determined by the Company in its sole discretion, and provided further that the Participant executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within 60 days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): (i) a pro rata amount of the RSUs that are scheduled to vest on the next applicable Vesting Date equal to (x) the total number of RSUs that are scheduled to vest on the next applicable Vesting Date, multiplied by (y) a fraction, the numerator of which is the number of full calendar months the Participant has been employed following July 16, 2020 (or, as applicable, any later Vesting Date immediately preceding such termination of employment), and the denominator of which is 12, shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs; (ii) this RSU Award Agreement shall terminate and all rights of the Participant with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) shall immediately terminate; (iii) any such unvested RSUs shall be forfeited without payment of any consideration; and (iv) neither the Participant nor any of the Participant's successors, heirs, assigns, or (y) personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (d) If the Participant's employment is terminated due to the Participant's death or Disability, and provided in each case that the Participant (or the Participant's estate, if applicable) executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within sixty (60) 60 days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law): (i) the portion of the RSUs that are scheduled to vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs, occurs; (ii) this RSU Award Agreement shall terminate and all rights of the Participant with respect to the portion of the RSUs, if any, that have not vested as of the date of termination in accordance with this Section 2(c) 2(d) shall immediately terminate, terminate; (iii) any such unvested RSUs shall be forfeited without payment of any consideration, consideration; and (iv) neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested RSUs. (e) Notwithstanding anything set forth in this Section 2 if (i) a Change in Control occurs, (ii) the Participant's employment is terminated by the Company without Cause on or after the effective date of the Change in Control but prior to 24 months following the Change in Control, and (iii) provided that the Participant executes and delivers to the Company (and does not revoke) a general release of claims in a form satisfactory to the Company within 60 days following such termination (or such shorter period as may be specified by the Company in accordance with applicable law), then all unvested RSUs shall immediately vest and shall be settled as soon as practicable after the date of such termination of employment in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which such date of termination occurs. View More
