Time-Based Units definition

Time-Based Units. Each Unit represents a right to receive one (1) Share on the Settlement Date (as defined below).
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Time-Based Units means Units that vest based on continued employment over a specified period of time.
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Examples of Time-Based Units in a sentence

  • With respect to any Time-Based Units that have vested, the Shares related thereto shall be issued to you, in settlement of such vested Time-Based Units, on the Date of Issuance.

  • The accrued dividends that shall be paid out to you shall be only such amount that has accrued with respect to the Shares underlying the Units or Time-Based Units that vest on the Date of Issuance.

  • All Time-Based Units, including your rights thereto and to the underlying Shares, which do not vest on or before the Date of Issuance, as provided in this Section 2, shall immediately be forfeited as of such Date of Issuance (to the extent not previously forfeited as provided herein).

  • All Time-Based Units, including your rights thereto and to the underlying Shares, which do not vest on or before the Date of Issuance, as provided in this Section 3, shall immediately be forfeited as of such Date of Issuance (to the extent not previously forfeited as provided herein).

  • Notwithstanding the foregoing, any Time-Based Units shall become fully vested upon the occurrence of an Acceleration Event, so long as Executive has not been Terminated prior to the date of such Acceleration Event.

  • If the Participant experiences an involuntary termination of Service for reasons other than Cause during such vesting period, the Time-Based Units will vest in full.

  • Executive’s Time-Based Units shall continue to time vest in accordance with the vesting schedule set forth on Appendix B.

  • Dividends with respect to the Shares shall accrue beginning on January 1, 2021, through the applicable Date of Issuance when the Shares underlying the Units or Time-Based Units are delivered, at which time such accrued dividends shall be paid out in the form of additional shares of common stock of the Corporation based on the Fair Market Value of a share of the Company’s common stock on the business day prior to the Date of Issuance.

  • Except as set forth herein, if the Participant incurs a Termination of Service prior to the date or event upon which Time-Based Units and/or Performance-Based Units become vested, then all such unvested Time-Based Units and/or Performance-Based Units shall no longer vest and shall automatically, without any action on the part of the Participant, be sold, assigned, transferred and conveyed to Management LLC for an aggregate price of one dollar ($1.00).

  • Notwithstanding the provisions of Section 2.1(a) hereof, any Time-Based Units shall become fully vested upon the occurrence of a Company Sale so long as the Grantee has not been Terminated prior to such Company Sale.