Common use of Restricted Period; Vesting Clause in Contracts

Restricted Period; Vesting. Except as otherwise provided in this Agreement, provided there is no termination of Grantee’s employment (as determined in accordance with Section 7.2 of the Plan) as of the applicable vesting date, the RSUs will vest in accordance with the following schedule: Vesting Date Number of RSUs That Vest First anniversary of Grant Date 33⅓% of RSUs Second anniversary of Grant Date Additional 33⅓% of RSUs Third anniversary of Grant Date Remainder of RSUs The entire period over which the RSUs vest is referred to as the “Restricted Period.” Once vested, the RSUs become “Vested Units.”

Appears in 3 contracts

Samples: Restricted Stock Unit Agreement (Shyft Group, Inc.), Restricted Stock Unit Agreement (Shyft Group, Inc.), Restricted Stock Unit Agreement (Shyft Group, Inc.)

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Restricted Period; Vesting. Except as otherwise provided in this Agreement, provided there is no termination of Grantee’s employment (as determined in accordance with Section 7.2 of the Plan) as of the applicable vesting date, the RSUs will vest in accordance with the following schedule: Vesting Date Number of RSUs That Vest First anniversary of Grant Date 33⅓% of RSUs Second anniversary of Grant Date Additional 33⅓% of RSUs Third anniversary of Grant Date Remainder of RSUs 33⅓% The entire period over which the RSUs vest is referred to as the “Restricted Period.” Once vested, the RSUs become “Vested Units.”

Appears in 2 contracts

Samples: Restricted Stock Unit Agreement (Shyft Group, Inc.), Restricted Stock Unit Agreement (Spartan Motors Inc)

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