A grant establishes an award under its terms. Vesting describes when stated conditions are satisfied for an interest in that award. Payment is when and how the resulting benefit is settled. They can happen at different times.

Read each event separately

A hypothetical 5,000-unit grant with 50% vested has 2,500 vested units. That does not determine the amount payable today. You still need the defined value basis, any appreciation hurdle, payment event and the rest of the agreement.

A sale changes vesting or payment when the actual terms provide for it. Continued ownership, retirement and departure also need clear treatment. Each grant retains its original date, baseline and conditions.

Keep one supported current record

Maintain grant details, vesting, valuation and payment history with the governing agreement. Finance and appropriate advisers establish the accounting and funding treatment. The participant should understand the same terms in ordinary language.

M24: Long-Term Incentives connects those records to a supported participation decision and continuing review.