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Under a standard four-year time-based vesting schedule with a one-year cliff, 1/4 of your shares vest after one year. After the cliff, 1/36 of the remaining granted shares (or 1/48 of the original grant) vest each month until the four-year vesting period is over. After four years, you are fully vested.
Share vesting is the process by which an employee, investor, or co-founder is rewarded with shares or stock options but receives the full rights to them over a set period of time or, in some cases, after a specific milestone is hit usually one that's established in an employment contract or a shareholders' agreement.
A vesting agreement is an agreement entered into between a corporation and a shareholder (usually an employee) that restricts the vesting of securities with the shareholder over a period of time or subject to other conditions.
Generally, leaving the company before the vesting date of restricted stock or RSUs causes the forfeiture of shares that have not vested. Exceptions can occur, depending on the terms of your employment agreement.
In the context of retirement plan benefits, vesting gives employees rights to employer-provided assets over time, which gives the employees an incentive to perform well and remain with a company. The vesting schedule set up by a company determines when employees acquire full ownership of the asset.