Common use of Time-Based Vesting Condition Clause in Contracts

Time-Based Vesting Condition. Except as set forth in Sections 5 and 6 of this Exhibit B, subject to Participant’s continued employment with the Company and its affiliates through the applicable date, the Time-Based Vesting Condition shall be satisfied as to twenty percent (20%) of the PSUs subject to the Award on the six (6)-month anniversary of the Vesting Commencement Date, and the Time-Based Vesting Condition shall be satisfied as to the remaining eighty percent (80%) of the PSUs subject to the Award (the “Remainder”) in substantially equal installments of one-sixteenth (1/16th) of the Remainder starting on the date that is three (3) months after the six (6)-month anniversary of the Vesting Commencement Date and continuing on each date that is three (3) months thereafter (such six (6)-month anniversary and each successive date that is three (3) months thereafter, a “Measurement Date”), such that the Time-Based Vesting Condition shall be satisfied with respect to one hundred percent 100% of the Award on the four and one-half (4.5) year anniversary of the Vesting Commencement Date. For purposes of this Exhibit B, “Tranche” will refer to the initial installment of twenty percent (20%) of the Award and to each installment of one-sixteenth (1/16th) of the Remainder. Except as otherwise expressly provided in Sections 5 or 6 below, if Participant’s employment terminates for any reason prior to the fifth (5th) anniversary of the Vesting Commencement Date, then any Tranche that has not satisfied the Time-Based Vesting Condition pursuant to this Section 2 will be forfeited and cancelled for no consideration in respect thereof.

Time-Based Vesting Condition. Except as set forth provided in Sections 5 and or 6 of this Exhibit B, subject to Participant’s continued employment with the Company and its affiliates through the applicable date, the Time-Based Vesting Condition shall be satisfied as to twenty percent (20%i) of the PSUs subject to the Award Tranche 1 on the six (6)-month anniversary of the Vesting Commencement Date, and the Time-Based Vesting Condition shall be satisfied as to the remaining eighty percent ; (80%ii) of the PSUs subject to the Award (the “Remainder”) Tranche 2 in four substantially equal installments of one-sixteenth (1/16th) of the Remainder starting on the date that is three (3) months after the six (6)-month anniversary of the Vesting Commencement Date and continuing on each date that is three (3) months thereafter thereafter; (such six iii) Tranche 3 in four substantially equal installments starting on the date that is three (6)-month 3) months after the eighteen (18)-month anniversary of the Vesting Commencement Date and continuing on each successive date that is three (3) months thereafter, a “Measurement Date”); (iv) Tranches 4 and 5 in four substantially equal installments starting on the date that is three (3) months after the two and one-half (2.5) year anniversary of the Vesting Commencement Date and continuing on each date that is three (3) months thereafter; (v) Tranche 6 in four substantially equal installments starting on the date that is three (3) months after the three and one-half (3.5) year anniversary of the Vesting Commencement Date and continuing on each date that is three (3) months thereafter; and (vi) Tranche 7 in four substantially equal installments starting on the date that is three (3) months after the fourth (4th) anniversary of the Vesting Commencement Date and continuing on each date that is three (3) months thereafter, such that the Time-Based Vesting Condition shall be satisfied with respect to one hundred percent (100% %) of the Award on the four and one-half fifth (4.55th) year anniversary of the Vesting Commencement Date. For purposes of this Exhibit B, “Tranche” will refer to the initial installment of twenty percent (20%) of the Award and to each installment of one-sixteenth (1/16th) of the Remainder. Except as otherwise expressly provided in Sections 5 or 6 below, if If Participant’s employment with the Company and its affiliates terminates for any reason prior to the fifth (5th) anniversary of the Vesting Commencement Date, then then, except as set forth in Section 5 and Section 6 of this Exhibit B, any Tranche PSUs that has have not satisfied the Time-Based Vesting Condition pursuant to this Section 2 3 will be forfeited and cancelled for no consideration in respect thereof.