Time Condition definition
Examples of Time Condition in a sentence
Each date as of which both the Performance Vesting and the Time Condition described in Section 1(a) and Section 1(b) have been satisfied with respect to this PSO shall be referred to as a “Vesting Date.” To the extent the Target Option Shares have not satisfied both the Performance Vesting and the Time Condition during the Performance Period, such Option Shares shall expire and be of no further force or effect on the last day of the Performance Period.
Subject to Section 1(c) and Section 1(d) below, for Option Shares that have satisfied the Performance Vesting, one-third of such Option Shares shall satisfy the Time Condition upon each of the first three anniversaries of the Grant Date, provided, in each case, that the Optionee continues to have a Service Relationship with the Company at such time.
For the avoidance of doubt, in the event that the Performance Vesting for any Option Shares has been satisfied after the Time Condition applicable to such Option Shares has been satisfied, such Option Shares shall be immediately exercisable upon the date that the Performance Vesting for such Option Shares is satisfied.
The Time Condition shall be satisfied in accordance with the Time-Based Vesting Schedule set forth in the Award Notice.
Each date as of which both the Time Condition and Performance Vesting described in paragraphs (a) and (b) have been satisfied with respect to any Restricted Stock Units shall be referred to as a “Vesting Date.” No Vesting Date shall occur after the Expiration Date.
To the extent the Restricted Stock Units have not satisfied both the Time Condition and the Performance Vesting, such Restricted Stock Units shall expire and be of no further force or effect on the Expiration Date.
Except as otherwise provided in Paragraph 6(c) and Paragraph 6(d) below, both the Performance Vesting Condition and Time Condition must be satisfied before the Expiration Date before the Option Shares will be deemed vested and exercisable.
If this PSO is not equitably assumed, substituted or continued by the Company or its successor entity in such Sale Event, the Time Condition shall be deemed to be fully achieved immediately prior to the effective time of the Sale Event, provided that the Optionee continues to have a Service Relationship with the Company through the date of the Sale Event.
Any Restricted Stock Units that have satisfied the Time Condition as of such date shall remain subject to the Performance Vesting set forth in Section 1(b) above, but shall expire and be of no further force or effect on the Expiration Date.
Notwithstanding the foregoing, if the Optionee’s Service Relationship terminates by reason of the Optionee’s death or disability (as determined by the Administrator), any Option Shares that remain subject to only the Time Condition (e.g., those Option Shares for which the Performance Vesting has been satisfied) as of the date of termination shall immediately vest and become exercisable upon the date of such termination.