Restricted Stock Benefit. In the event that Executive’s employment as a Managerial Employee is terminated, a pro rata portion of the unvested Restricted Stock granted to Executive shall vest as of the Employment Termination Date, and all other unvested Restricted Stock immediately terminate and be forfeited. The pro rata portion of the Restricted Stock that vest shall be calculated by multiplying the number of shares of Restricted Stock available for vesting for the Restricted Stock Year by a fraction rounded to the nearest whole number. The numerator of this fraction shall equal the number of quarters that the Executive was employed during the Restricted Stock Year, either for the entire quarter or partial quarter, and the denominator shall equal four (4). The “Restricted Stock Year” shall begin the day after the last vesting, if any, of any portion of Executive’s Restricted Stock before Executive’s termination as a Managerial Employee and shall end on the day of the next scheduled vesting of any portion of Restricted Stock that has been granted to Executive.
Appears in 4 contracts
Samples: Separation Agreement and Release (Socket Mobile, Inc.), Executive Employment Agreement (Socket Mobile, Inc.), Executive Employment Agreement (Socket Mobile, Inc.)
