Forfeiture Clause Example with 4 Variations from Business Contracts
This page contains Forfeiture 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.
Forfeiture. (a) Termination of Employment. Except as provided in Sections 3(b) through (e) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates prior to a Vesting Date for any reason, the unvested portion of this Award shall be forfeited as of the date of such termination of employment or service. (b) Death or Disability. If the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of death or Disabilit...y, the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service and shall be paid in accordance with Section 2(b) above. (c) Without Cause. If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause, each Tranche of the Award shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(b) above. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (i) Pro-Rata Definition. For purposes of this Section 3(c) of this Notice, the term “Pro-Rata” means: (1) with respect to Tranche 1, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 24, and (2) with respect to Tranche 2, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 36. (d) Retirement in Year of Grant. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement during the calendar year that includes the date of grant and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, each Tranche of the Award shall vest based on a fraction, the numerator of which is the number of days completed from January 1 in the calendar year of the date of grant through the date of such termination of employment or service, and the denominator of which is 365, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (e) Other Retirement. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement following the calendar year that includes the date of grant and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service.View More
Variations of a "Forfeiture" Clause from Business Contracts
Forfeiture. (a) Termination of Employment. Service. Except as provided in Sections 3(b) through (e) and (c) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates prior to a Vesting Date for any reason, the unvested portion of this Award shall be forfeited as of the date of such termination of employment or service. (b) Death or Disability. If the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of death or Disability, ...the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service and shall be paid in accordance with Section 2(b) above. (c) Without Cause. Retirement. If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause, each Tranche of the Award shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(b) above. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (i) Pro-Rata Definition. For purposes of this Section 3(c) of this Notice, the term “Pro-Rata” means: (1) with respect to Tranche 1, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 24, and (2) with respect to Tranche 2, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 36. (d) Retirement in Year of Grant. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement during (as defined below), the calendar year that includes the date of grant and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, each Tranche of the Award shall vest based on a fraction, the numerator of which is the number of days completed from January 1 in the calendar year of the date of grant through the date of such termination of employment or service, and the denominator of which is 365, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (e) Other Retirement. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement following the calendar year that includes the date of grant and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment service. The term “Retirement” means the Grantee has served as a non-employee director of the Board for a period of five (5) years or service. more. View More
Forfeiture. (a) Termination of Employment. Service. Except as provided in Sections 3(b) through (e) and (c) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates prior to a Vesting Date for any reason, the unvested portion of this Award shall be forfeited as of the date of such termination of employment or service. (b) Death or Disability. If the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of death or Disability, ...the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service and shall be paid in accordance with Section 2(b) above. (c) Without Cause. Retirement. If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause, each Tranche of the Award shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(b) above. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (i) Pro-Rata Definition. For purposes of this Section 3(c) of this Notice, the term “Pro-Rata” means: (1) with respect to Tranche 1, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 24, and (2) with respect to Tranche 2, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 36. (d) Retirement in Year of Grant. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement during the calendar year that includes the date of grant and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, each Tranche of the Award shall vest based on a fraction, the numerator of which is the number of days completed from January 1 in the calendar year of the date of grant through the date of such termination of employment or service, and the denominator of which is 365, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service. The unvested portion of the Award shall be forfeited as of the date of such termination of employment or service. (e) Other Retirement. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement following the calendar year that includes the date of grant (as defined below) and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, the unvested portion of this Award shall become fully vested as of the date of such termination of employment or service, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment service. The term “Retirement” means the Grantee has served as a non-employee director of the Board for a period of five (5) years or service. more. View More
Forfeiture. (a) Termination of Employment. Except as provided in Sections 3(b) through (e) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates prior to a Vesting Date for any reason, the unvested portion of this Award PRSUs, including any Earned PRSUs to the extent not vested, shall be forfeited as of the date of such termination of employment or service. (b) Death or Disability. If the Grantee’s employment or service with the Company and/or its Subsidiaries ter...minates on account of death or Disability, Disability during the unvested portion Performance Period, the PRSUs shall continue to be subject to Section 2(a) of this Award Notice as if the Grantee had remained employed with the Company through the end of the Performance Period and any Earned PRSUs as of the end of the Performance Period shall become fully vested at such time and shall be paid in accordance with Section 2(c) above. If the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of death or Disability following the Performance Period, the Earned PRSUs shall become fully vested as of the date of such termination of employment or service and shall be paid in accordance with Section 2(b) 2(c) above. 2 (c) Without Cause. If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause, Cause during the Performance Period, the PRSUs shall continue to be subject to Section 2(a) of this Notice as if the Grantee had remained employed with the Company through the end of the Performance Period and then each Tranche of the Award Earned PRSUs, if any, shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(b) 2(c) above. The If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause following the Performance Period, each Tranche of Earned PRSUs shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(c) above. Any unvested portion of the Award Earned PRSUs shall be forfeited as of the date of such termination of employment or service. (i) Pro-Rata Definition. For purposes of this Section 3(c) of this Notice, the term “Pro-Rata” means: (1) with respect to Tranche 1, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 24, and (2) with respect to Tranche 2, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 36. (d) Retirement in Year of Grant. Subject to Section 6 6(a) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement during the calendar year that includes the date of grant Performance Period and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, each Tranche the PRSUs shall continue to be subject to Section 2(a) of this Notice as if the Grantee had remained employed with the Company through the end of the Award Performance Period and any Earned PRSUs as of the end of the Performance Period shall vest based on a fraction, the numerator of which is the number of days completed from January 1 in the calendar year of the date of grant through the date of such termination of employment or service, and the denominator of which is 365, 365 and shall be paid within thirty (30) days following the end of the Grantee’s date of termination of employment or service. The Performance Period. Any unvested portion of the Award Earned PRSUs shall be forfeited as of the date end of such termination of employment or service. the Performance Period. (e) Other Retirement. Subject to Section 6 6(a) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement following the calendar year that includes the date of grant Performance Period and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, the any unvested portion of this Award Earned PRSUs shall become fully vested as of the date of such termination of employment or service, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service. View More
Forfeiture. (a) Termination of Employment. Except as provided in Sections 3(b) through (e) below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates prior to a Vesting Date for any reason, the unvested portion of this Award PRSUs, including any Earned PRSUs to the extent not vested, shall be forfeited as of the date of such termination of employment or service. (b) Death or Disability. If the Grantee’s employment or service with the Company and/or its Subsidiaries ter...minates on account of death or Disability, Disability during the unvested portion Performance Period, the PRSUs shall continue to be subject to Section 2(a) of this Award Notice as if the Grantee had remained employed with the Company through the end of the Performance Period and any Earned PRSUs as of the end of the Performance Period shall become fully vested at such time and shall be paid in accordance with Section 2(c) above. If the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of death or Disability following the Performance Period, the Earned PRSUs shall become fully vested as of the date of such termination of employment or service and shall be paid in accordance with Section 2(b) 2(c) above. (c) Without Cause. If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause, Cause during the Performance Period, the PRSUs shall continue to be subject to Section 2(a) of this Notice as if the Grantee had remained employed with the Company through the end of the Performance Period and then each Tranche of the Award Earned PRSUs, if any, shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(b) 2(c) above. The If the Grantee’s employment or service is terminated by the Company and/or its Subsidiaries without Cause following the Performance Period, each Tranche of Earned PRSUs shall vest Pro-Rata (as defined below), and shall be paid in accordance with Section 2(c) above. Any unvested portion of the Award Earned PRSUs shall be forfeited as of the date of such termination of employment or service. (i) Pro-Rata Definition. For purposes of this Section 3(c) of this Notice, the term “Pro-Rata” means: (1) with respect to Tranche 1, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 24, and (2) with respect to Tranche 2, a fraction, the numerator of which is the number of months completed from the date of grant through the date of such termination of employment or service, and the denominator of which is 36. (d) Retirement in Year of Grant. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement during the calendar year that includes the date of grant Performance Period and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, each Tranche the PRSUs shall continue to be subject to Section 2(a) of this Notice as if the Grantee had remained employed with the Company through the end of the Award Performance Period and any Earned PRSUs as of the end of the Performance Period shall vest based on a fraction, the numerator of which is the number of days completed from January 1 in the calendar year of the date of grant through the date of such termination of employment or service, and the denominator of which is 365, 365 and shall be paid within thirty (30) days following the end of the Grantee’s date of termination of employment or service. The Performance Period. Any unvested portion of the Award Earned PRSUs shall be forfeited as of the date end of such termination of employment or service. the Performance Period. (e) Other Retirement. Subject to Section 6 below, if the Grantee’s employment or service with the Company and/or its Subsidiaries terminates on account of Retirement following the calendar year that includes the date of grant Performance Period and the Grantee has provided at least six (6) months prior written notice of such Retirement to the Company, the any unvested portion of this Award Earned PRSUs shall become fully vested as of the date of such termination of employment or service, and shall be paid within thirty (30) days of the Grantee’s date of termination of employment or service. View More
