Common use of Time Based Vesting Conditions Clause in Contracts

Time Based Vesting Conditions. Subject to the terms and conditions of this Agreement, the Award shall vest on the following dates (each a “Scheduled Vesting Date”), provided that Participant remains continuously employed by the Company or an Affiliate until any such Scheduled Vesting Date: 25% of the Award shall vest on the date that is the first anniversary of the Award Date, an additional 25% of the Award shall vest on the date that is the second anniversary of the Award Date, an additional 25% of the Award shall vest on the date that is the third anniversary of the Award Date, and the final 25% of the Award shall vest on the date that is the fourth anniversary of the Award Date. Except as otherwise provided in the Agreement, if Participant ceases to be an employee of the Company or an Affiliate prior to any Scheduled Vesting Date, the unvested portion of the Award will be immediately and irrevocably forfeited.

Time Based Vesting Conditions. Subject to the terms and conditions of this Agreement, the Award shall vest on the following dates (each a “Scheduled Vesting Date”), provided that Participant remains continuously employed by the Company or an Affiliate until any such Scheduled Vesting Date: 25% of the Award shall vest on the date that is the first anniversary of the Award Date, an additional 25% of the Award shall vest on the date that is the second anniversary of the Award Date, an additional 25Date and the final 50% of the Award shall vest on the date that is the third anniversary of the Award Date, and the final 25% of the Award shall vest on the date that is the fourth anniversary of the Award Date. Except as otherwise provided in the Agreement, if Participant ceases to be an employee of the Company or an Affiliate prior to any Scheduled Vesting Date, the unvested portion of the Award will be immediately and irrevocably forfeited.