Vesting Clause Example with 7 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) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 below. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), all Units to the extent not yet vested under Section 3(a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfeited by ...Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies or in the event of termination of Participant's Continuous Status as an Employee as a result of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, in which case such date shall be deemed the Vesting Date. Unless changed by the Committee, "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, in the absence of such determining authority, as determined by the Committee in accordance with the policies of the Company.View More
Variations of a "Vesting" Clause from Business Contracts
Vesting. (a) Units Participant's interest in the Stock awarded under paragraph 1 shall become vested and nonforfeitable in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject Employee. Upon vesting, the Company shall, within thirty (30) days of such vesting, deliver to Section 16 below. Participant the certificates evidencing the nonforfeitable shares (free of restrictive legends on such stock certificates), provided the... withholding requirements of paragraph 4 have been satisfied. Alternatively, provided the withholding requirements of paragraph 4 have been satisfied, the Committee may permit or require that such nonforfeitable shares of Stock (free of the restrictive notations on shares of Stock issued in book-entry form) be deposited directly with a brokerage firm or transfer agent determined acceptable to the Company for such purpose or to a designated agent of the Company, and the Committee may utilize electronic or automated methods of share transfer. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), subparagraph (c)), all Units shares of Stock to the extent not yet vested under Section 3(a) subparagraph (a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units shares of Stock so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies or in the event of termination of Participant's Continuous Status as an Employee as a result of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units shares of Stock awarded hereunder shall become fully vested and nonforfeitable as of the date of death or termination of employment on account of such disability, in which case such date shall be deemed the Vesting Date. disability. Unless changed by the Committee, Board, "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined by the Committee Board in accordance with the policies of the Company. View More
Vesting. (a) Units Participant's interest in the Stock awarded under Section 1 shall become vested and non-forfeitable in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 12 below. Upon vesting, the Company shall, within thirty (30) days of such vesting, deliver to Participant the certificates evidencing the non-forfeitable shares (free of restrictive legends on such stock certificates), provided the wit...hholding requirements of Section 4 have been satisfied. Alternatively, provided the withholding requirements of Section 4 have been satisfied, the Committee may permit or require that such non-forfeitable shares of Stock (free of the restrictive notations on shares of Stock issued in book-entry form) be deposited directly with a brokerage firm or transfer agent determined acceptable to the Company for such purpose or to a designated agent of the Company, and the Committee may utilize electronic or automated methods of share transfer. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), all Units shares of Stock to the extent not yet vested under Section 3(a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units shares of Stock so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies or in the event of termination of Participant's Continuous Status as an Employee as a result of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units shares of Stock awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, in which case such date shall be deemed the Vesting Date. disability. Unless changed by the Committee, "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined by the Committee in accordance with the policies of the Company. View More
Vesting. (a) Units Participant's interest in the Stock awarded under Section 1 shall become vested and non-forfeitable in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 13 below. Upon vesting, the Company shall, within thirty (30) days of such vesting, deliver to Participant the certificates evidencing the non-forfeitable shares (free of restrictive legends on such stock certificates), provided the wit...hholding requirements of Section 4 have been satisfied. Alternatively, provided the withholding requirements of Section 4 have been satisfied, the Committee may permit or require that such non-forfeitable shares of Stock (free of the restrictive notations on shares of Stock issued in book-entry form) be deposited directly with a brokerage firm or transfer agent determined acceptable to the Company for such purpose or to a designated agent of the Company, and the Committee may utilize electronic or automated methods of share transfer. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), all Units shares of Stock to the extent not yet vested under Section 3(a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units shares of Stock so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies or in the event of termination of Participant's Continuous Status as an Employee as a result of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units shares of Stock awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, in which case such date shall be deemed the Vesting Date. disability. Unless changed by the Committee, "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined by the Committee in accordance with the policies of the Company. View More
Vesting. (a) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, Employee or Consultant, subject to Section 16 below. (b) If Participant ceases to maintain a Continuous Status as an Employee or Consultant for any reason other than death or disability (as described except as otherwise provided in this Section 3(c)), 3, then all Units to the extent not yet vested under Section 3(a) on the date Particip...ant ceases to maintain a Continuous Status as an Employee or Consultant shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled cancelled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, to be held for future distributions under the Company's 2002 Plan. (c) Death or Disability. If Participant dies or in the event of termination of Participant's Continuous Status as an Employee or Consultant as a result of disability (as determined by an executive officer of the Company Management in accordance with the applicable policies of the 3 Company) while an employee or Consultant of the Company or any of its Subsidiaries, Participant's interest in all a 1 pro rata portion of the Units awarded hereunder to the extent not yet vested shall become fully vested vest, and any then remaining unvested Units hereunder shall be forfeited to the Company, in each case as of the date of death or termination of employment Service on account of such disability, in which case such date shall be deemed the Vesting Date. disability. Unless changed by the Committee, "disability" means that Participant ceases to be an employee or Consultant on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed an employee or Consultant and, in the absence of such determining authority, as determined by the Committee in accordance with the policies of the Company. As used herein, "pro rata portion" means the amount determined by Management in their sole discretion. View More
Vesting. (a) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 below. Employee. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), reason, all Units to the extent not yet vested under Section 3(a) subparagraph (a) on the date Participant ceases to maintain a Continuous Status as... an 1 Employee shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled and any Shares shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies Notwithstanding the above, an executive officer of the Company, in his or in her sole discretion, may determine whether a portion or all of the event unvested Units awarded hereunder become vested as of the date of death or termination of Participant's Continuous Status as an Employee as a result employment on account of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, in which case such date shall be deemed the Vesting Date. Company). Unless changed by the Committee, Board of Directors of the Company, "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined authority by the Committee Board in accordance with the policies of the Company. View More
Vesting. (a) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 below. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), reason, all Units to the extent not yet vested under Section 3(a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfe...ited by Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies Notwithstanding the above, an executive officer of the Company, in his or in her sole discretion, may determine whether a portion or all of the event unvested Units awarded hereunder become vested as of the date of death or termination of Participant's Continuous Status as an Employee as a result employment on account of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, Company), in which case such date shall be deemed the Vesting Date. Unless changed by the Committee, Board, 1 "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined authority by the Committee Board in accordance with the policies of the Company. View More
Vesting. (a) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains a Continuous Status as an Employee, subject to Section 16 below. (b) If Participant ceases to maintain a Continuous Status as an Employee for any reason other than death or disability (as described in Section 3(c)), reason, all Units to the extent not yet vested under Section 3(a) on the date Participant ceases to maintain a Continuous Status as an Employee shall be forfe...ited by Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled and any Shares considered issuable pursuant to such Units, if applicable, shall be returned to the status of authorized but unissued Shares, to be held for future distributions under the Company's 2002 Plan. (c) If Participant dies Notwithstanding the above, an executive officer of the Company, in his or in her sole discretion, may determine whether a portion or all of the event unvested Units awarded hereunder become vested as of the date of death or termination of Participant's Continuous Status as an Employee as a result employment on account of disability (as determined by an executive officer of the Company in accordance with the policies of the 3 Company) while an employee of the Company or any of its Subsidiaries, Participant's interest in all Units awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability, Company), in which case such date shall be deemed the Vesting Date. Unless changed by the Committee, 1 "disability" means that Participant ceases to be an employee on account of disability as a result of which Participant is determined to be disabled by the determining authority under the long-term or total permanent disability policy, or government social security or other similar benefit program, of the country or location in which Participant is employed and, and in the absence of such determining authority, as determined authority by the Committee in accordance with the policies of the Company. View More
