Effect of Termination of Service Clause Example with 4 Variations from Business Contracts
This page contains Effect of Termination of Service clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Effect of Termination of Service. Unless otherwise provided in the Grant Notice or the Plan, in the event of termination of your service with the Company or any of its Affiliates for any reason (whether voluntarily or involuntarily), all your unvested PSUs will be cancelled 1667584 and forfeited. Exceptions are made for termination of service due to death, Retirement, Disability or a Covered Termination in accordance with the terms of the Plan. For purposes of the PSUs, your service will be con...sidered terminated as of the date you cease active service with the Company or any of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company in its sole discretion, your right to vest in the PSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any). The Company shall have the exclusive discretion to determine when you have ceased active service for purposes of your PSU grant (including whether you may still be considered to be providing services while on a leave of absence).5. Dividend Equivalent Units. With respect to record dates occurring from and after the Date of Grant until the date that the PSUs are settled, you will be entitled to a cash payment equal to any cash dividend or cash distribution that would have been paid on the PSUs had the PSUs been issued and outstanding Shares on the record date for such dividend or distribution. Dividend Equivalent Units are not eligible for dividend reinvestment during the vesting period. (a) If you are a United States taxpayer, payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date set forth by the Company’s Board of Directors. (b) If you are not a United States taxpayer, Dividend Equivalent Units will accrue on your unvested PSUs over the vesting period, and you will be paid in cash at the same time the related PSUs vest. If you forfeit your unvested PSUs, then the related accrued Dividend Equivalent Units will also be forfeited.View More
Variations of a "Effect of Termination of Service" Clause from Business Contracts
Effect of Termination of Service. Unless otherwise provided in the Grant Notice or the Plan, in the event of termination of your service with the Company or any of its Affiliates for any reason (whether voluntarily or involuntarily), all your unvested PSUs RSUs will be cancelled 1667584 and forfeited. Exceptions are made for termination of service due to death, Retirement, Disability or a Covered Termination Termination, in accordance with the terms of the Plan. 1 For purposes of the PSUs, RSUs, your service will be considered t...erminated as of the date you cease active service with the Company or any of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company in its sole discretion, your right to vest in the PSUs RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any). The Company shall have the exclusive discretion to determine when you have ceased active service for purposes of your PSU RSU grant (including whether you may still be considered to be providing services while on a leave of absence).5. Dividend Equivalent Units. With respect to record dates occurring from and after the Date of Grant until the date that the PSUs RSUs are settled, you will be entitled to a cash payment equal to any cash dividend or cash distribution that would have been paid on the PSUs RSUs had the PSUs RSUs been issued and outstanding Shares on the record date for such dividend or distribution. Dividend Equivalent Units are not eligible for dividend reinvestment during the vesting period. (a) If you are a United States taxpayer, payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date set forth by the Company’s Board of Directors. (b) If you are not a United States taxpayer, Dividend Equivalent Units will accrue on your unvested PSUs RSUs over the vesting period, and you will be paid in cash at the same time the related PSUs RSUs vest. If you forfeit your unvested PSUs, RSUs, then the related accrued Dividend Equivalent Units will also be forfeited. View More
Effect of Termination of Service. Unless otherwise provided in the Grant Notice or the Plan, in the event of termination of your service with the Company or any of its Affiliates for any reason (whether voluntarily or involuntarily), all your unvested PSUs RSUs will be cancelled 1667584 and forfeited. Exceptions are made for termination of service due to death, Retirement, Disability or a Covered Termination Termination, in accordance with the terms of the Plan. For 166 4827-5735-1003.2For purposes of the PSUs, RSUs, your servic...e will be considered terminated as of the date you cease active service with the Company or any of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company in its sole discretion, your right to vest in the PSUs RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any). The Company shall have the exclusive discretion to determine when you have ceased active service for purposes of your PSU RSU grant (including whether you may still be considered to be providing services while on a leave of absence).5. Dividend Equivalent Units. With respect to record dates occurring from and after the Date of Grant until the date that the PSUs RSUs are settled, you will be entitled to a cash payment equal to any cash dividend or cash distribution that would have been paid on the PSUs RSUs had the PSUs RSUs been issued and outstanding Shares on the record date for such dividend or distribution. Dividend Equivalent Units are not eligible for dividend reinvestment during the vesting period. (a) If you are a United States taxpayer, payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date set forth by the Company’s Board of Directors. (b) If you are not a United States taxpayer, Dividend Equivalent Units will accrue on your unvested PSUs RSUs over the vesting period, and you will be paid in cash at the same time the related PSUs RSUs vest. If you forfeit your unvested PSUs, RSUs, then the related accrued Dividend Equivalent Units will also be forfeited. View More
Effect of Termination of Service. Unless otherwise provided in the Grant Notice or the Plan, in the event of termination of your service with the Company or any of its Affiliates for any reason (whether voluntarily or involuntarily), all your unvested PSUs will be cancelled 1667584 and forfeited. Exceptions are made for termination of service due to death, Retirement, Disability or a Covered Termination in accordance with Termination, as follows: (a) If you are a Board-appointed officer either at the beginning of the performance... period (or date of grant of this award, if later) or at the date of your termination, then the terms of the Plan. Plan apply to your PSUs. (b) If you are not a Board-appointed officer as described above, then:(i) If your termination is due to death or Disability, then the PSUs will be considered vested as if the target performance goals had been met as of the date of such termination; or(ii) If your termination is due to Retirement or a Covered Termination, then the PSUs will be considered vested as if the target performance goals had been met as of the date of such termination, but pro-rated based on the portion of the performance period during which you were employed. For purposes of the PSUs, your service will be considered terminated as of the date you cease active service with the Company or any of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company in its sole discretion, your right to vest in the PSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any). The Company shall have the exclusive discretion to determine when you have ceased active service for purposes of your PSU grant (including whether you may still be considered to be providing services while on a leave of absence).5. Dividend Equivalent Units. With respect to record dates occurring from and after the Date of Grant until the date that the PSUs are settled, you will be entitled to a cash payment equal to any cash dividend or cash distribution that would have been paid on the PSUs had the PSUs been issued and outstanding Shares on the record date for such dividend or distribution. Dividend Equivalent Units are not eligible for dividend reinvestment during the vesting period. (a) If you are a United States taxpayer, payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date set forth by the Company’s Board of Directors. (b) If you are not a United States taxpayer, Dividend Equivalent Units will accrue on your unvested PSUs over the vesting period, and you will be paid in cash at the same time the related PSUs vest. If you forfeit your unvested PSUs, then the related accrued Dividend Equivalent Units will also be forfeited. View More
Effect of Termination of Service. Unless otherwise provided in the Grant Notice or the Plan, in the event of termination of your service with the Company or any of its Affiliates for any reason (whether voluntarily or involuntarily), all your unvested PSUs will be cancelled 1667584 and 4829-6143-0363.1and forfeited. Exceptions are made for termination of service due to death, Retirement, Disability or a Covered Termination in accordance with Termination, as follows: (a) If you are a Board-appointed officer either at the beginnin...g of the performance period (or date of grant of this award, if later) or at the date of your termination, then the terms of the Plan. Plan apply to your PSUs. (b) If you are not a Board-appointed officer as described above, then:(i) If your termination is due to death or Disability, then the PSUs will be considered vested as if the target performance goals had been met as of the date of such termination; or(ii) If your termination is due to Retirement or a Covered Termination, then the PSUs will be considered vested as if the target performance goals had been met as of the date of such termination, but pro-rated based on the portion of the performance period during which you were employed. For purposes of the PSUs, your service will be considered terminated as of the date you cease active service with the Company or any of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company in its sole discretion, your right to vest in the PSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide services or the terms of your employment or service agreement, if any). The Company shall have the exclusive discretion to determine when you have ceased active service for purposes of your PSU grant (including whether you may still be considered to be providing services while on a leave of absence).5. Dividend Equivalent Units. With respect to record dates occurring from and after the Date of Grant until the date that the PSUs are settled, you will be entitled to a cash payment equal to any cash dividend or cash distribution that would have been paid on the PSUs had the PSUs been issued and outstanding Shares on the record date for such dividend or distribution. Dividend Equivalent Units are not eligible for dividend reinvestment during the vesting period. (a) If you are a United States taxpayer, payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date set forth by the Company’s Board of Directors. (b) If you are not a United States taxpayer, Dividend Equivalent Units will accrue on your unvested PSUs over the vesting period, and you will be paid in cash at the same time the related PSUs vest. If you forfeit your unvested PSUs, then the related accrued Dividend Equivalent Units will also be forfeited. View More
