Example ContractsClausesVesting Start Date
Remove:

Maximum number of shares for

Maximum number of shares for which this Option is exercisable:

Start Date. The Company shall continue to employ you, and you shall continue to serve the Company, on the terms and conditions set forth in this Agreement. Your employment with the Company initially commenced on June 14, 2010 (the “Start Date”). From and after the Effective Date, you will continue to carry out your day-to-day activities hereunder in an office of the Company located in the Philadelphia area.

Start Date. Your employment will begin on August 5, 2015 (the “Start Date”).

Your employment as Executive Chairman will commence on April 27, 2020 (herein called “Start Date”).

Vesting Start Date:

Retirement Vesting Date. In the event Holder reaches his Retirement Vesting Date prior to the Vesting Date, then irrespective of whether or not Holder experiences a Separation prior to the Vesting Date, Holder will be entitled to receive Performance Cash in an amount equal to the amount of Earned Performance Cash on the Vesting Date (which Performance Cash will be delivered to Holder on the Delivery Date), without any right to receive any additional Performance Cash pursuant to this Award, and without any proration of the amount of Performance Cash earned in such circumstances. Notwithstanding the foregoing, in the event Holder experiences a Separation after Holder’s Retirement Vesting Date but within 12 months of the Date of Grant, all rights to receive Performance Cash under this Award will be forfeited.

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Vesting Schedule: [Note: Company to elect vesting schedule; following is an example of a standard vesting provision] This Option shall become exercisable for 25% of the maximum number of shares granted on the first anniversary of the Vesting Start Date, and shall become exercisable for an additional 2.0833% of the maximum number of shares granted on the last day of each one month period thereafter; so that the Option shall be fully vested on the fourth anniversary of the Vesting Start Date. All vesting shall cease upon the date of termination of employment.

The Form of Performance Share Unit Award Agreement (the “Agreement”), filed as [Exhibit 10.4] to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, contains blanks where the grantee's name, target number of shares, grant date, vesting date, performance measurement period, shortened performance measurement period start date, and months in term provided under the Agreement vary for each executive.

You will be granted 3,000 restricted stock units effective on your start date. One-half of the units will vest on the first anniversary of the grant date and one-half will vest on the second anniversary of the grant date, subject to your continued employment. This is intended as a buyout of your current unvested, in-the-money equity with a similar vesting schedule.

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