Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units ___, 2024 25% ___, 2025 25% ___, 2026 25% ___,
... 2027 25% 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 25% ___, 2025 25% ___, 2026 25% ___,... 2027 25% The first anniversary of the Grant Date or, if earlier, the date of the first Annual Meeting of the Stockholders of the Company following the Grant Date 100 % 4. Termination of Service/Employment. Except as otherwise provided Service/Change in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the Control. 4.1 The vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. 1 4.2 Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if upon the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion occurrence of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, Change in Control, any Restricted Period in effect on the date of such Qualifying Termination the Change in Control shall expire as of such date. 1 5. Restrictions. Subject to date and any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the unvested Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company. vest.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 25% ___, 2025 25% ___, 2026 25% ___,... 2027 25% June 30, 2020 33.33 % September 30, 2020 33.33 % December 31, 2020 33.34 % 4. Termination of Service/Employment. Except as otherwise provided Service/Change in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the Control. 4.1 The vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. 4.2 Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if upon the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion occurrence of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, Change in Control, any Restricted Period in effect on the date of such Qualifying Termination the Change in Control shall expire as of such date. date and any unvested Restricted Stock Units shall vest. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company. Notwithstanding the foregoing, the Restricted Stock Units may be transferred during the Restricted Period to a Permitted Transferee with the prior written consent of the Committee, in accordance with Section 16(b)(ii) of the Plan. Any Permitted Transferee shall be bound by and subject to all of the terms and conditions of this Agreement and the Plan relating to the transferred Restricted Stock Units except as otherwise provided in Section 16(b)(iii) of the Plan. The Company shall cooperate with any Permitted Transferee and the Company's transfer agent in effectuating any transfer permitted under this Agreement. Common Shares issued upon settlement of the Restricted Stock Units shall not be subject to the Company's stock ownership guidelines; however, the provisions of the Company's Securities Trading Policy would continue to apply to such shares.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units
Number [Number of Vested
Units ___, 2024 25% ___, 2025 25% ___, 2026 25%... ___, 2027 25% Units] [First anniversary of the Grant Date] 25 % [Second anniversary of the Grant Date] 25 % [Third anniversary of the Grant Date] 25 % [Fourth anniversary of the Grant Date] 25 % 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), Employment Agreement, the vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock 1 Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 25% ___, 2025 25% ___, 2026 25% ___,... 2027 25% May 18, 2023 or, if earlier, the date of the second Annual Meeting of the Stockholders of the Company following the Grant Date 100% 4. Termination of Service/Employment. Except as otherwise provided Service/Change in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the Control. 4.1 The vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. 4.2 Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if upon the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion occurrence of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, Change in Control, any Restricted Period in effect on the date of such Qualifying Termination the Change in Control shall expire as of such date. date and any unvested Restricted Stock Units shall vest. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company. Notwithstanding the foregoing, the Restricted Stock Units may be transferred during the Restricted Period to a Permitted Transferee with the prior written consent of the Committee, in accordance with Section 16(b)(ii) of the Plan. Any Permitted Transferee shall be bound by and subject to all of the terms and conditions of this Agreement and the Plan relating to the transferred Restricted Stock Units except as otherwise provided in Section 16(b)(iii) of the Plan. The Company shall cooperate with any Permitted Transferee and the Company's transfer agent in effectuating any transfer permitted under this Agreement.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 25% ___, 2025 25% ___, 2026 25% ___,... 2027 25% May 19, 2023 or, if earlier, the date of the first Annual Meeting of the Stockholders of the Company following the Grant Date 100% 4. Termination of Service/Employment. Except as otherwise provided Service/Change in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the Control. 4.1 The vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. 4.2 Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if upon the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion occurrence of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, Change in Control, any Restricted Period in effect on the date of such Qualifying Termination the Change in Control shall expire as of such date. date and any unvested Restricted Stock Units shall vest. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company. Notwithstanding the foregoing, the Restricted Stock Units may be transferred during the Restricted Period to a Permitted Transferee with the prior written consent of the Committee, in accordance with Section 16(b)(ii) of the Plan. Any Permitted Transferee shall be bound by and subject to all of the terms and conditions of this Agreement and the Plan relating to the transferred Restricted Stock Units except as otherwise provided in Section 16(b)(iii) of the Plan. The Company shall cooperate with any Permitted Transferee and the Company's transfer agent in effectuating any transfer permitted under this Agreement.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 25% ___, 2025 25% ___, 2026 25% ___,... 2027 25% 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), Notwithstanding the vesting schedule above notwithstanding, above, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, Termination on or within the 12-month period following the consummation of the Change in Control, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units
Number [Number of Vested
Units] [The Restricted Stock Units
___, 2024... 25% ___, 2025 25% ___, 2026 25% ___, 2027 25% shall vest ratably each month during the calendar year] 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), Employment Agreement, the vesting schedule above notwithstanding, if the Participant's 1 employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with For the avoidance of any doubt, any unvested Restricted Stock Units shall continue to vest during the Severance Period (as defined in the Employment Agreement, Agreement) if the Participant's employment of the Participant is terminated without Cause or by the Executive Participant for Good Reason at any time prior to the first anniversary in accordance with Section 9(d)(ii) of the Grant Date, a minimum of 12.5% Employment Agreement and subject to any other applicable terms and conditions of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Employment Agreement. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any portion of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after the Participant's termination date shall be vested on his or her termination date; and (ii) if the Participant experiences a Qualifying Termination, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units
Number [Number of Vested
Units ___, 2024 25% ___, 2025 25% ___, 2026 25%... ___, 2027 25% Units] ________________, 2023 50% ________________,2024 50% 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) if the Participant's employment or service terminates due to Retirement, and the Participant has been continuously employed by the Company for at least twelve (12) months following the Grant Date, then any a pro-rata portion of the Participant's Restricted Stock Units scheduled to become vested within twelve (12) months after on the Participant's termination next following vesting date shall be vested on his or her termination date; date based on completed calendar months since either (a) the Grant Date, or (b) the initial vesting date, as applicable; and (ii) if the Participant experiences a Qualifying Termination, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units Number of Vested Units
___, 2024 [First anniversary of the Grant Date]... 25% ___, 2025 [Second anniversary of the Grant Date] 25% ___, 2026 [Third anniversary of the Grant Date] 25% ___, 2027 [Fourth anniversary of the Grant Date] 25% 1 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) (i) if the Participant's employment or service terminates due to Retirement, and the Participant has has been continuously employed by the Company for at least twelve (12) months following the Grant Grant Date, then any portion of the Participant's Restricted Stock Units scheduled scheduled to become become vested within twelve (12) months after the Participant's termination date shall shall be vested on his or her termination date; and (ii) if if the Participant experiences a Qualifying Termination, any Restricted Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 date. 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the applicable vesting date, the Restricted Stock Units will vest in accordance with the schedule set forth in the chart below (the period during which restrictions apply, the "Restricted Period"). Once vested, the Restricted Stock Units shall become "Vested Units." Vesting Date Percentage of Vested Units
Number [Number of Vested
Units ___, 2024 Units] [First anniversary of... the Grant Date] 25% ___, 2025 [Second anniversary of the Grant Date] 25% ___, 2026 [Third anniversary of the Grant Date] 25% ___, 2027 [Fourth anniversary of the Grant Date] 25% 4. Termination of Service/Employment. Except as otherwise provided in the employment agreement entered into between the Participant and Target Logistics Management, LLC, dated [DATE] (the "Employment Agreement"), the vesting schedule above notwithstanding, if the Participant's employment or service terminates for any reason at any time before all of the Restricted Stock Units have vested, the Participant's unvested Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement. In accordance with the Employment Agreement, if the Participant's employment is terminated without Cause or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Restricted Stock Units shall become Vested Units as of the date of such termination of employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, (i) (i) if the Participant's employment or service terminates due to Retirement, and the Participant has has been continuously employed by the Company for at least twelve (12) months following the Grant Grant Date, then any portion of the Participant's Restricted Stock Units scheduled to become vested vested within twelve (12) months after the Participant's termination date shall be vested on his or her her termination date; and (ii) if if the Participant experiences a Qualifying Termination, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date. 1 5. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company.
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