Common use of Service Condition Clause in Contracts

Service Condition. Twenty-five percent (25%) of the Award shall satisfy the Service Condition on each of the first four (4) anniversaries of the Grant Date, subject to your Continuous Service through the applicable date on which the Service Condition is satisfied; provided, that the Award shall satisfy the Service Condition in full (to the extent not previously satisfied) upon the Initial Carried Interest Payment Date under the Carry Vehicle Agreement, subject to your Continuous Service through the Initial Carried Interest Payment Date. ii. Performance Condition. One hundred percent (100%) of the Award will satisfy the Performance Condition on the Initial Carried Interest Payment Date under the Carry Vehicle Agreement.