Termination of Employment Clause Example with 4 Variations from Business Contracts
This page contains Termination of Employment 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.
Termination of Employment. (a) Except as otherwise provided below or as provided in an employment agreement (or similar agreement) between Participant and the Company or any of its Subsidiaries in effect on the Date of Grant, if Participant's employment or service with the Company or any Subsidiary, as applicable, terminates for any reason other than due to death, Disability (as defined in Section 3(b) below) or Retirement (as defined in Section 3(c) below), then the unvested portion of the Option shall be cancelled immed...iately and Participant shall immediately forfeit any rights to the Option Shares subject to such unvested portion. (b) If Participant dies or is terminated on account of Disability prior to the end of the Option Period and while still in the employ or service of the Company or a Subsidiary, the unvested Options shall become immediately vested and exercisable as of the date of death or termination on account of Disability For purposes of this Agreement, "Disability" means a Participant has a total and permanent disability as defined in Section 22(e) (3) of the Code. (c) If the Participant's employment with the Company is terminated due to the Participant's Retirement, then the Option shall continue to vest on the schedule provided in Section 2 above. For purposes of this Agreement, "Retirement" means a Participant's voluntary termination of employment or service with the Company and its Subsidiaries (other than a termination for Cause) after the Participant reaches at least the age of sixty (60) and has completed at least ten (10) years of employment or service with the Company or any of its Subsidiaries. (d) If within twenty-four (24) months following the occurrence of a Change in Control of the Company, the Participant's employment or service with the Company is terminated by the Company without Cause, or, if Participant is a party to an employment agreement (or similar agreement) with the Company or any of its Subsidiaries that includes the ability of Participant to terminate Participant's employment for "good reason" or similar concept and Participant terminates his or her employment for "good reason" or similar concept as defined therein, the provisions of Section 11.2 of the Plan shall apply.View More
Variations of a "Termination of Employment" Clause from Business Contracts
Termination of Employment. (a) Except as otherwise provided below or [or as provided in an employment agreement (or similar agreement) between Participant and the Company or any of its Subsidiaries in effect on the Date of Grant, Grant,] if Participant's employment or service with the Company or any Subsidiary, as applicable, terminates for any reason other than due to death, Disability (as defined in Section 3(b) below) or Retirement (as defined in Section 3(c) below), reason, then the all unvested portion of the Option...Restricted Shares shall be cancelled immediately and Participant shall immediately forfeit any rights to the Option Shares subject to such unvested portion. (b) If Participant dies or is terminated on account of Disability prior to the end of the Option Period and while still in the employ or service of the Company or a Subsidiary, the unvested Options shall become immediately vested and exercisable as of the date of death or termination on account of Disability For purposes of this Agreement, "Disability" means a Participant has a total and permanent disability as defined in Section 22(e) (3) of the Code. (c) If the Participant's employment with the Company is terminated due to the Participant's Retirement, then the Option shall continue to vest on the schedule provided in Section 2 above. For purposes of this Agreement, "Retirement" means a Participant's voluntary termination of employment or service with the Company and its Subsidiaries (other than a termination for Cause) after the Participant reaches at least the age of sixty (60) and has completed at least ten (10) years of employment or service with the Company or any of its Subsidiaries. (d) Restricted Shares. If within twenty-four (24) months following the occurrence of a Change in Control of the Company, the Participant's employment or service with the Company is terminated by the Company without Cause, or, [or, if Participant is a party to an employment agreement (or similar agreement) with the Company or any of its Subsidiaries that includes the ability of Participant to terminate Participant's employment for "good reason" or similar concept and Participant terminates his or her employment for "good reason" or similar concept as defined therein, therein], the provisions of Section 11.2 of the Plan shall apply. View More
Termination of Employment. (a) Except as otherwise provided below or [or as provided in an employment agreement (or similar agreement) between Participant and the Company or any of its Subsidiaries in effect on the Date of Grant, Grant], if Participant's employment or service with the Company or any Subsidiary, as applicable, terminates for any reason other than due to death, Disability (as defined in Section 3(b) below) or Retirement (as defined in Section 3(c) below), reason, then the unvested portion of the Option shal...l be cancelled immediately and Participant shall immediately forfeit any rights to the Option Shares subject to such unvested portion. (b) If Participant dies or is terminated on account of Disability prior to the end of the Option Period and while still in the employ or service of the Company or a Subsidiary, the unvested Options shall become immediately vested and exercisable as of the date of death or termination on account of Disability For purposes of this Agreement, "Disability" means a Participant has a total and permanent disability as defined in Section 22(e) (3) of the Code. (c) If the Participant's employment with the Company is terminated due to the Participant's Retirement, then the Option shall continue to vest on the schedule provided in Section 2 above. For purposes of this Agreement, "Retirement" means a Participant's voluntary termination of employment or service with the Company and its Subsidiaries (other than a termination for Cause) after the Participant reaches at least the age of sixty (60) and has completed at least ten (10) years of employment or service with the Company or any of its Subsidiaries. (d) If within twenty-four (24) months following the occurrence of a Change in Control of the Company, the Participant's employment or service with the Company is terminated by the Company without Cause, or, [or, if Participant is a party to an employment agreement (or similar agreement) with the Company or any of its Subsidiaries that includes the ability of Participant to terminate Participant's employment for "good reason" or similar concept and Participant terminates his or her employment for "good reason" or similar concept as defined therein, therein], the provisions of Section 11.2 of the Plan shall apply. View More
Termination of Employment. (a) Except as otherwise provided below or as provided in an employment agreement (or similar agreement) between Participant and the Company or any of its Subsidiaries in effect on the Date of Grant, if Participant's employment or service with the Company or any Subsidiary, as applicable, terminates for any reason other than due to death, Disability (as defined in Section 3(b) below) 4(b) below), or Retirement (as defined in Section 3(c) 4(c) below), then the unvested portion of the Option PRSUs ...shall be cancelled immediately and Participant shall immediately forfeit any rights to settlement of the Option Shares subject to such unvested portion. PRSUs. (b) If Participant dies or is terminated on account of Disability prior to the end of the Option Period applicable vesting date and while still in the employ or service of the Company or a Subsidiary, the unvested Options shall become immediately vested and exercisable then as of the date of death or termination on account of Disability Disability, Participant or his or her beneficiary, as applicable, shall vest in full in one hundred percent (100%) of the PRSUs granted pursuant to this Agreement as if the target level performance goals had been achieved as of such date, and such PRSUs shall be settled in accordance with Section 3 above. For purposes of this Agreement, "Disability" means a Participant has a total and permanent disability as defined in Section 22(e) (3) 22(e)(3) of the Code. (c) If the Participant's employment with the Company is terminated due to the Participant's Retirement, then then, at the Option end of the Performance Period, the Participant shall continue to vest in a percentage of PRSUs determined based on the schedule provided extent to which the applicable performance goals set forth in Exhibit A are achieved, as determined by the Committee, prorated from the Date of Grant through the date of such Retirement based on the number of completed months of employment or service during the Performance Period divided by thirty-six (36), and such PRSUs shall be settled in accordance with Section 2 3 above. For purposes of this Agreement, "Retirement" means a Participant's voluntary termination of employment or service with the Company and its Subsidiaries (other than a termination for Cause) after the Participant reaches at least the age of sixty (60) and has completed at least ten (10) years of employment or service with the Company or any of its Subsidiaries. (d) If within twenty-four (24) months following the occurrence of a Change in Control of the Company, the Participant's employment or service with the Company is terminated by the Company without Cause, or, if Participant is a party to an employment agreement (or similar agreement) with the Company or any of its Subsidiaries that includes the ability of Participant to terminate Participant's employment for "good reason" or similar concept and Participant terminates his or her employment for "good reason" or similar concept as defined therein, the provisions of Section 11.2 of the Plan shall apply. View More
Termination of Employment. (a) Except as otherwise provided below or as provided in an employment agreement (or similar agreement) between Participant and the Company or any of its Subsidiaries in effect on the Date of Grant, if Participant's employment or service with the Company or any Subsidiary, as applicable, terminates for any reason other than due to death, Disability (as defined in Section 3(b) below) 4(b) below), or Retirement (as defined in Section 3(c) 4(c) below), then the unvested portion of the Option RSUs s...hall be cancelled immediately and Participant shall immediately forfeit any rights to settlement of the Option Shares subject to such unvested portion. RSUs. (b) If Participant dies or is terminated on account of Disability prior to the end of the Option Period a Vesting Date and while still in the employ or service of the Company or a Subsidiary, the unvested Options shall become immediately vested and exercisable then as of the date of death or termination on account of Disability Participant or his or her beneficiary, as applicable, shall vest in full in all of the remaining unvested RSUs granted pursuant to this Agreement, and such RSUs shall be settled in accordance with Section 3 above. For purposes of this Agreement, "Disability" means a Participant has a total and permanent disability as defined in Section 22(e) (3) 22(e)(3) of the Code. (c) If the Participant's employment with the Company is terminated due to the Participant's Retirement, then the Option RSUs shall continue to vest on the schedule provided in Section 2 above, and such RSUs shall be settled in accordance with Section 3 above. For purposes of this Agreement, "Retirement" means a Participant's voluntary termination of employment or service with the Company and its Subsidiaries (other than a termination for Cause) after the Participant reaches at least the age of sixty (60) and has completed at least ten (10) years of employment or service with the Company or any of its Subsidiaries. (d) If within twenty-four (24) months following the occurrence of a Change in Control of the Company, the Participant's employment or service with the Company is terminated by the Company without Cause, or, if Participant is a party to an employment agreement (or similar agreement) with the Company or any of its Subsidiaries that includes the ability of Participant to terminate Participant's employment for "good reason" or similar concept and Participant terminates his or her employment for "good reason" or similar concept as defined therein, the provisions of Section 11.2 of the Plan shall apply. View More
