This example Vesting clause appears in
2 contracts
from
1 company
Vesting. The Restricted Shares that are granted hereby shall be subject to Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Restricted Shares that are granted hereby in accordance with the provisions of subsections (a) through (d) of this Section 4. 2 (a) Generally. The Forfeiture Restrictions shall lapse as to the Restricted Shares that are granted hereby as provided in subsections (b), provided that the Awardee's service as an employee has not terminated prior to the applicabl...e date provided in subsection (b). If the Awardee's service as a employee terminates before a date provided in subsections (b) then except as otherwise specified in subsections (c) or (d) below the Forfeiture Restrictions then applicable to any of the Restricted Shares shall not lapse and all of the Restricted Shares with respect to which Forfeiture Restrictions have not then lapsed shall be forfeited to the Company upon such cessation of service. (b) Vesting Date. The Restricted Shares will vest (subject to the provisions of subsection (a)) in accordance with the following schedule: (i) on , the Forfeiture Restrictions shall lapse, and the Restricted Shares will vest, with respect to one-quarter (25%) of the Restricted Shares; (ii) on , the Forfeiture Restrictions shall lapse, and the Restricted Shares will vest, with respect to an additional one-quarter (25%) of the Restricted Shares; (iii) on , the Forfeiture Restrictions shall lapse, and the Restricted Shares will vest, with respect to an additional one-quarter (25%) of the Restricted Shares; and (iv) on , the Forfeiture Restrictions shall lapse, and the Restricted Shares will vest, with respect to the remaining one-quarter (25%) of the Restricted Shares, so that on , the Restricted Shares will vest in full. (c) Death or Disability. Notwithstanding any provisions of Section 4 to the contrary, in the event the Awardee's service as an employee is terminated due to the death or Disability of the Awardee prior to a date provided in subsections (b), the Forfeiture Restrictions for all of the Restricted Shares with respect to which Forfeiture Restrictions have not then lapsed shall lapse on the date of such cessation of service due to death or Disability. (d) Change in Control. Notwithstanding any provisions of Section 4 to the contrary, in the event a Change in Control occurs prior to the date the Awardee's service with the Company is terminated the Forfeiture Restrictions for all of the Restricted Shares with respect to which Forfeiture Restrictions have not then lapsed shall lapse on the date of such Change in Control.View More
