4Vesting Sample Clauses
A vesting clause establishes the schedule and conditions under which an individual earns rights to certain assets or benefits, typically equity or stock options, over a specified period. In practice, this means that an employee or founder gradually acquires ownership of shares or options, often with a standard schedule such as a four-year vesting period with a one-year cliff. The core function of a vesting clause is to incentivize long-term commitment and performance, while protecting the company from granting full ownership to individuals who leave prematurely.
4Vesting. (a) The Restricted Units shall vest according to the following schedule, provided that Recipient remains continuously employed by BRCC as of each vesting date below: (A) 25% of the Restricted Units shall become vested on the first anniversary of this Agreement (such date, the “First Vesting Date”), and (B) the remaining 75% of the Restricted Units shall become vested ratably on a quarterly basis (at the end of each quarter) during the three-year period beginning on the First Vesting Date such that all of the Restricted Units shall become vested on the fourth anniversary of this Agreement.
(b) Upon the occurrence of a Change in Control or Public Offering that closes prior to the First Vesting Date, if Recipient has been continuously employed by BRCC from the Grant Date through and including the date that is 90 days prior to the date of such Change in Control or Public Offering (provided, that Recipient’s employment was not terminated by BRCC for Cause within 90 days of the date of such Change in Control or Public Offering, in which case no Restricted Units shall become vested pursuant to this Section 1.4(b)), then 20% of the Restricted Units that have not yet become vested pursuant to Section 1.4(a) above shall become vested as of the closing of such Change in Control or Public Offering. For purposes of this Section 1.4(b), if the Company or one of its Subsidiaries merges with a “SPAC”, then such merger shall be deemed to constitute a Change in Control. Any Change in Control or Public Offering that closes after the First Vesting Date shall not result in any accelerated vesting of the Restricted Units. For the sake of clarity, and notwithstanding the provisions of Section 1.4(a) above, if such Change in Control or Public Offering closes prior to the First Vesting Date, then 20% of Recipient’s Restricted Units shall become vested as of such closing, with another 5% of Recipient’s Restricted Units becoming vested on the First Vesting Date, so that 25% of the Restricted Units are vested as of the First Vesting Date (provided that Recipient has been continuously employed by BRCC from the Grant Date through and including the First Vesting Date).
4Vesting. (a) The Restricted Units shall vest according to the following schedule, provided that Recipient remains on the Board of the Company as of each vesting date below: (A) 25% of the Restricted Units shall become vested on February 13, 2019 (such date, the “First Vesting Date”), and (B) the remaining 75% of the Restricted Units shall become vested ratably on a quarterly basis (at the end of each quarter) during the three-year period beginning on the First Vesting Date such that all of the Restricted Units shall become vested on February 13, 2022.
(b) Upon the occurrence of a Change in Control, if Recipient has been continuously on the Board of the Company from the Grant Date through and including the date of such Change in Control, then all Restricted Units which have not yet become vested shall become vested (such Restricted Units that become vested in connection with a Change in Control are referred to herein as the “Accelerated Units”).