Replacement Vest Clause Samples
The Replacement Vest clause outlines the conditions under which an individual may receive new or substitute equity vesting rights, typically in the context of a corporate transaction such as a merger or acquisition. In practice, this clause specifies how existing unvested equity awards, like stock options or restricted stock units, are converted into equivalent awards in the acquiring or successor company, ensuring the recipient maintains a comparable vesting schedule and value. Its core function is to protect the interests of equity holders by preserving their vesting benefits despite changes in company ownership or structure.
Replacement Vest. The County will replace an employee’s Vest, if purchased on or after January 2012, by no later than the expiration date of the Vest’s warranty according to the manufacturer’s specifications, up to the IIIA threat level. Employees must obtain their replacement Vest from a vendor selected by the County. If an employee chooses a Vest with a cost in excess of the County’s contribution of $1,000, the additional cost will be paid by the employee.
Replacement Vest. The County will reimburse an employee to replace an employee’s Vest by no later than the expiration date of the Vest’s warranty according to the manufacturer’s specifications, up to the IIIA threat level. Proof that the Vest’s warranty has expired must be presented to the Sheriff. Employees must obtain their replacement Vest from a reputable vendor selected by the employee. If an employee chooses a Vest with a cost in excess of the County’s contribution of $500, the additional cost will be paid by the employee. The purchase of replacement Vests pursuant to this section applies to twenty-five percent (25%) of the covered Employees each year of this Agreement. The Association shall provide to the department a list of those employees eligible during each year of this Agreement. A replacement vest will not be issued because of a change in the size needed.