Common use of Time Award Clause in Contracts

Time Award. The Time Award shall vest on a monthly basis over a four-year period commencing on the first day of each calendar month following the Grant Date (each such date, a “Time Vesting Date”), such that 1/48 of the Time Award shall vest on each Time Vesting Date, subject to the Grantee’s continued Service through the applicable Time Vesting Date.

Time Award. The Time Award shall vest in equal installments on a monthly basis over a four-year period commencing on each of the first day first, second, third, fourth and fifth anniversaries of each calendar month following the Grant Date (each such date, a “Time Vesting Date”), such that 1/48 20% of the Time Award shall vest on each Time Vesting Date, subject to the Grantee’s continued Service through the applicable Time Vesting Date.