Effect of Termination of Employment or Services Contract Clauses (41)
Grouped Into 2 Collections of Similar Clauses From Business Contracts
This page contains Effect of Termination of Employment or Services clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Effect of Termination of Employment or Services. The Participant's Stock Units shall terminate to the extent such units have not become vested prior to the first date the Participant is no longer employed by or in service as a director or consultant to the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Participant's employment or service with the Corporation or a Subsidiary, whether with or without cause, voluntarily or involuntarily (the last day that the Participant is employed by or provides serv...ices as a director or consultant to the Corporation or a Subsidiary is referred to as the Participant's "Severance Date"). If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable Severance Date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant's beneficiary or personal representative, as the case may be. 2 7. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation's stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any cash dividend for which dividend equivalents are credited pursuant to Section 3(b).View More
Effect of Termination of Employment or Services. The Participant's Stock Units shall terminate to the extent such units have not become vested prior to the first date the Participant is no longer employed by or in service as a director or consultant to the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Participant's employment or service with the Corporation or a Subsidiary, whether with or without cause, voluntarily or involuntarily (the last day involuntarily; provided, however, that if the Partic...ipant termination of the Participant's employment or services is employed by or provides services as a director or consultant due to the Corporation Participant's death or a Subsidiary "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator), the Award shall become vested and payable upon the date of such death or disability as to fifty percent (50%) of the then-outstanding and unvested portion of the Award (and any portion of the Award that is referred not vested after giving effect to as the Participant's "Severance Date"). such accelerated vesting shall terminate upon such death or disability). If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable Severance Date termination date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant's beneficiary or personal representative, as the case may be. 2 7. 9. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation's stock contemplated by Section 7.1 of the Plan, Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend equivalents are credited pursuant to Section 3(b). 5(b). View More
Effect of Termination of Employment or Services. The Participant's Stock Units shall terminate to the extent such units have not become vested prior to the first date the Participant is no longer employed by or in service as a director or consultant to the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Participant's employment or service with the Corporation or a Subsidiary, whether with or without cause, voluntarily or involuntarily (the last day that the Participant is employed by or provides serv...ices as a director or consultant to the Corporation or a Subsidiary is referred to as the Participant's "Severance Date"). If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable Severance Date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant's beneficiary or personal representative, as the case may be. 2 7. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation's stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any cash dividend for which dividend equivalents are credited pursuant to Section 3(b).View More
Effect of Termination of Employment or Services. Subject to earlier vesting as provided in Section 7 of the Plan, if the Participant ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary, the Participants' shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall be forfeited to the Corporation to the extent such shares have not become vested upon the date the Participant's employment or services terminate (regardless of the reason for such termination, whether with or... without cause, voluntarily or involuntarily, or due to death or disability). Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Corporation, without any other action by the Participant (or the Participant's beneficiary or personal representative in the event of the Participant's death or disability, as applicable). No consideration shall be paid by the Corporation with respect to such transfer. The Corporation my exercise its powers under Section 7(d) hereof and take any other action necessary or advisable to evidence such transfer. The Participant (or the Participant's beneficiary or personal representative in the event of the Participant's death or disability, as applicable) shall deliver any additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Corporation.View More
Effect of Termination of Employment or Services. Subject to earlier vesting as provided in Section 7 of If the Plan, if the Participant Director ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary, Subsidiary (the date of such termination of employment or service is referred to as the Participants' Director's "Severance Date"), the Director's shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall shall, except as expressly provided below, be forfeited to the Corpo...ration to the extent such shares have not become vested pursuant to Section 3 hereof or Section 7 of the Plan upon the date the Participant's employment or services terminate Severance Date (regardless of the reason for such termination, termination of employment or service, whether with or without cause, voluntarily or involuntarily, or due to death or disability). Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Corporation, Corporation as of the Severance Date, without any other action by the Participant Director (or the Participant's Director's beneficiary or personal representative in the event of the Participant's Director's death or disability, as applicable). No consideration shall be paid by the Corporation with respect to such transfer. The Corporation my may exercise its powers under Section 7(d) hereof and take any other action necessary or advisable to evidence such transfer. The Participant Director (or the Participant's Director's beneficiary or personal representative in the event of the Participant's Director's death or disability, as applicable) shall deliver any additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Corporation. View More
