No Entitlement or Claims for Compensation Clause Example with 26 Variations from Business Contracts

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Time-Based Units under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Time-Based Units under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Time-Based Units under the Plan is volunta...ry and occasional and does not create any contractual or other right to receive future grants of Performance Time-Based Units, or benefits in lieu of them, even if Performance Time-Based Units have been granted repeatedly in the past; 5 (c) all decisions with respect to future grants of Performance Time-Based Units, if any, will be at the sole discretion of the Committee; (d) the Grantee is voluntarily participating in the Plan; (e) the Performance Time-Based Units and any shares of Company Stock acquired under the Plan payments thereunder are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance Time-Based Units and any shares of Company Stock acquired under the Plan payments thereunder are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance Time-Based Units and the shares of Company Stock subject to the award payments thereunder are not intended to replace any pension rights or compensation; (h) the grant of Performance Time-Based Units and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Performance Units and receives shares of Company Stock, the value of the acquired shares may increase or decrease. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Grantee's local currency that may affect the value of the Performance Units or the shares of Company Stock; Time-Based Units; and (j) the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock payment under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Time-Based Units or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. View More

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Units under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Units under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Units under the Plan is voluntary and occasional and does not cr...eate any contractual or other right to receive future grants of Performance Units, or benefits in lieu of them, even if Performance Units have been granted repeatedly in the past; (c) all decisions with respect to future grants of Performance Units, if any, will be at the sole discretion of the Committee; (d) the Grantee is voluntarily participating in the Plan; (e) the Performance Units and any shares of Company Stock acquired under the Plan payments thereunder are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance Units and any shares of Company Stock acquired under the Plan payments thereunder are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance Units and the shares of Company Stock subject to the award payments thereunder are not intended to replace any pension rights or compensation; (h) the grant of Performance Units and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Performance Units and receives shares of Company Stock, the value of the acquired shares may increase or decrease. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Grantee's local currency that may affect the value of the Performance Units or the shares of Company Stock; Units; and (j) the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock payment under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Units or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. * * * EX-10.7 8 d713872dex107.htm EX-10.7 EX-10.7 Exhibit 10.7 ARMSTRONG WORLD INDUSTRIES, INC. 2011 LONG-TERM INCENTIVE PLAN PERFORMANCE RESTRICTED STOCK UNIT GRANT TERMS AND CONDITIONS 1. Grant. (a) Subject to the terms set forth below, Armstrong World Industries, Inc. (the "Company") has granted to the designated employee (the "Grantee") a target award (the "Target Award") of performance-based restricted stock units (the "Performance Units") as specified in the 2014 Long-Term Performance Restricted Stock Unit Grant letter to which these Grant Conditions relate (the "Grant Letter"). The "Date of Grant" is February 25, 2014. The Performance Units are Stock Units that relate to common stock of the Company ("Company Stock") and entitle the Grantee to receive a cash bonus payment from the Grantee's employer subject to the terms set forth below. (b) The Performance Units shall be earned, vested and payable if and to the extent that the Return on Invested Capital performance goals set forth in the Grant Letter (the "Performance Goals"), employment conditions and other terms of these Grant Conditions are met. The "Performance Period" for which the attainment of the Performance Goals will be measured is the period beginning January 1, 2014 and ending December 31, 2016. (c) These Terms and Conditions (the "Grant Conditions") are part of the Grant Letter. This grant is made under the Armstrong World Industries, Inc. 2011 Long-Term Incentive Plan (the "Plan"). Any terms not defined herein shall have the meanings set forth in the Plan. View More

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Time-Based Units under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the (a)the Plan is established voluntarily by the Company, the grant of the Performance Time-Based Units under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the (b)the grant of the Performance Time-Based Units under the P...lan is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Time-Based Units, or benefits in lieu of them, even if Performance Time-Based Units have been granted repeatedly in the past; (c) all 7 (c)all decisions with respect to future grants of Performance Time-Based Units, if any, will be at the sole discretion of the Committee; (d) the (d)the Grantee is voluntarily participating in the Plan; (e) the Performance (e)the Time-Based Units and any shares of Company Stock acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance (f)the Time-Based Units and any shares of Company Stock acquired under the Plan are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance (g)the Time-Based Units and the shares of Company Stock subject to the award are not intended to replace any pension rights or compensation; (h) the (h)the grant of Performance Time-Based Units and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) the (i)the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Performance Time-Based Units and receives shares of Company Stock, the value of the acquired shares may increase or decrease. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Grantee's local currency that may affect the value of the Performance Time-Based Units or the shares of Company Stock; and (j) the (j)the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Time-Based Units or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. View More

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Time-Based Units under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Time-Based Units under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Time-Based Units under the Plan is volunta...ry and occasional and does not create any contractual or other right to receive future grants of Performance Time-Based Units, or benefits in lieu of them, even if Performance Time-Based Units have been granted repeatedly in the past; (c) all decisions with respect to future grants of Performance Time-Based Units, if any, will be at the sole discretion of the Committee; (d) the Grantee is voluntarily participating in the Plan; (e) the Performance Time-Based Units and any shares of Company Stock acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance Time-Based Units and any shares of Company Stock acquired under the Plan are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance Time-Based Units and the shares of Company Stock subject to the award are not intended to replace any pension rights or compensation; (h) the grant of Performance Time-Based Units and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Performance Time-Based Units and receives shares of Company Stock, the value of the acquired shares may increase or decrease. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Grantee's local currency that may affect the value of the Performance Time-Based Units or the shares of Company Stock; and (j) the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Time-Based Units or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. View More

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Units Restricted Stock under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Units Restricted Stock under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Units Restricted Stock under t...he Plan is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Units, any equity-based awards, or benefits in lieu of them, even if Performance Units equity-based awards have been granted repeatedly in the past; (c) all decisions with respect to future grants of Performance Units, Restricted Stock, if any, will be at the sole discretion of the Committee; (d) the Grantee is voluntarily participating in the Plan; (e) the Performance Units Restricted Stock and any shares of Company Stock acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance Units and any shares of Company Stock acquired under the Plan are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) (f) the Performance Units Restricted Stock and the shares of Company Stock subject to the award are not intended to replace any pension rights or compensation; (h) (g) the grant of Performance Units Restricted Stock and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) 6 (h) the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Performance Units and receives shares of Company Restricted Stock, the value of the acquired shares of Company Stock may increase or decrease. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar decrease; and the Grantee's local currency that may affect the value of the Performance Units or the shares of Company Stock; and (j) (i) the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Units Restricted Stock or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. View More

No Entitlement or Claims for Compensation. In connection with the acceptance of the grant of the Performance Units Option under the Grant Letter and these Grant Conditions, the Grantee acknowledges the following: (a) the Plan is established voluntarily by the Company, the grant of the Performance Units Option under the Plan is made at the discretion of the Committee and the Plan may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of the Performance Units Option under the Plan is voluntary and occas...ional and does not create any contractual or other right to receive future grants of Performance Units, options, or benefits in lieu of them, even if Performance Units options have been granted repeatedly in the past; (c) all decisions with respect to future grants of Performance Units, options, if any, will be at the sole discretion of the Committee; (d) the Grantee is voluntarily participating in the Plan; (e) the Performance Units Option and any shares of Company Stock acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer (including, as applicable, the Grantee's employer) and which are outside the scope of the Grantee's employment contract, if any; (f) the Performance Units Option and any shares of Company Stock acquired under the Plan are not to be considered part of the Grantee's normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, payment in lieu of notice, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (g) the Performance Units Option and the shares of Company Stock subject to the award Option are not intended to replace any pension rights or compensation; (h) the grant of Performance Units the Option and the Grantee's participation in the Plan will not be interpreted to form an employment contract or relationship with the Employer; (i) the future value of the underlying shares of Company Stock is unknown and cannot be predicted with certainty. If the Grantee vests in exercises the Performance Units Option and receives acquires shares of Company Stock, the value of the acquired shares may increase or decrease. decrease, including below the exercise price. The Grantee understands that the Company is not responsible for any foreign exchange fluctuation between the United States Dollar and the Grantee's local currency that may affect the value of the Performance Units Option or the shares of Company Stock; and (j) the Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's cessation of employment (for any reason whatsoever, whether or not in breach of contract or local labor law or the terms of the Grantee's employment agreement, if any), insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to receive shares of Company Stock under or ceasing to have the opportunity to participate in the Plan as a result of such cessation or loss or diminution in value of the Performance Units Option or any of the shares of Company Stock acquired thereunder as a result of such cessation, and the Grantee irrevocably releases the Employer from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim. View More