Definitions Clause Example from Business Contracts

Definitions. Whenever the following terms are used in this Performance Share Unit Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan or the Grant Notice, as applicable.(a)Employment. The term "Employment" means the Participant's employment as an employee of the Company or any of its Affiliates or Subsidiaries. (b) Restrictive Covenant Violation. The term "Restrictive Covenant Violation" shall mean the Participant...'s breach of the Restrictive Covenants set forth in Section 10 or any covenant regarding confidentiality, competitive activity, solicitation of the Company's or any of its Affiliates' or Subsidiaries' vendors, suppliers, customers or employees or any similar provision applicable to or agreed to by the Participant.(c) Retirement. The term "Retirement" shall mean a Termination by the Participant that occurs on or after the date on which the Participant attains the age of sixty-five (65) and has completed at least ten (10) years of Employment (other than a Termination when grounds existed for a Termination for Cause at the time thereof). (d) Termination Date. The term "Termination Date" shall mean the date upon which the Participant incurs a Termination for any reason.2.Grant of Performance Share Units. Subject to the terms and conditions set forth herein, in the Grant Notice and in the Plan, for good and valuable consideration, the Company hereby grants to the Participant the Target Number of Performance Share Units (which are performance-based Restricted Stock Units for purposes of the Plan) provided in the Grant Notice (with each Performance Share Unit representing an unfunded, unsecured right to receive one share of Common Stock). The Company may make one or more additional grants of Performance Share Units to the Participant under this Performance Share Unit Agreement by providing the Participant with a new Grant Notice and new Exhibit A, to the extent applicable, which may also include any terms and conditions differing from this Performance Share Unit Agreement to the extent provided therein. The Company reserves all rights with respect to the granting of additional Performance Share Units hereunder and makes no implied promise to grant additional Performance Share Units. View More