Termination of Employment Clause Example with 6 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. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, if a Participant's employment is terminated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if required under the terms of an Award Agreement or other written agreement between the Company a...nd the Participant. In addition, the Committee, in its discretion, may pay a Pro-rated Award, subject to the Committee's certification that the Participant's Performance Goals for the Performance Period have been met. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination of Employment Due to Death or Disability. If a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant or his or her beneficiary will be paid a Pro-rated Award. If a Participant's employment is terminated by reason of his or her death or Disability following a Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Award or Pro-rated Award, as applicable will be made at the same time and in the same manner as Awards are paid to other Participants.View More
Variations of a "Termination of Employment" Clause from Business Contracts
Termination of Employment. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 herein, if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, the Committee, in its sole discretion, may pay a Pro-Rated Award if a Participant's employment is terminated without terminates prior to such date other than for Cause during a Performance Period, the Participant will be pai...d a Pro-rated Award if required under the terms of an Award Agreement or and other written agreement between the Company and the Participant. In addition, the Committee, in its discretion, may pay a Pro-rated Award, subject to the Committee's certification that than by the Participant's Performance Goals for the Performance Period have been met. resignation (including by reason of death or Disability). Such Pro-rated Pro-Rated Award will be paid at in a cash lump sum within sixty days after the same time and in date of termination of the same manner as Awards are paid to other Participants. Participant's employment. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, Cause or by the Participant's resignation, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination of Employment Due to Death or Disability. If a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant or his or her beneficiary will be paid a Pro-rated Award. If a Participant's employment is terminated by reason of his or her death or Disability following a Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Award or Pro-rated Award, as applicable will be made at the same time and in the same manner as Awards are paid to other Participants.View More
Termination of Employment. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 or pursuant to the terms of a Participant's employment agreement or similar agreement with the Company, if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights Participant shall no longer be eligible to earn an Award for the Performance Period shall be forfeited. Period. However, if a Participant's employment except in the event the Participant is termin...ated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if required under the terms of an Award Agreement or other written agreement between the Company and the Participant. In addition, for Cause, the Committee, in its sole discretion, may pay a Pro-rated Award, subject to the Committee's certification that Award reflecting the Participant's Performance Goals participation for a portion of the Performance Period have been met. Period. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination of Employment Due to Death or Disability. Death. If a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant or his or her beneficiary will be paid a Pro-rated Award. If Award reflecting participation for a Participant's employment is terminated by reason portion of his or her death or Disability following a the Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Period. Payment of such Pro-rated Award or Pro-rated Award, as applicable will be made at the same time and in the same manner as Awards are paid to other Participants. 7 8. Change in Control. If a Change in Control occurs during a Performance Period, subject to the terms of any Company plan or a Participant's employment agreement, change in control agreement, severance agreement or similar agreement, as applicable, the Committee may, but is not required to, provide for a Participant to be paid a Pro-rated Award based on actual or target performance, as determined by the Committee. Such Pro-rated Awards, if any, paid in connection with a Change in Control, will be paid within 30 days following the Change in Control. View More
Termination of Employment. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 or pursuant to the terms of a Participant's employment agreement or similar agreement with the Company, if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights Participant shall no longer be eligible to earn an Award for the Performance Period shall be forfeited. Period. However, if a Participant's employment except in the event the Participant is termin...ated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if required under the terms of an Award Agreement or other written agreement between the Company and the Participant. In addition, for Cause, the Committee, in its sole discretion, may pay a Pro-rated Award, subject to the Committee's certification that Award reflecting the Participant's Performance Goals participation for a portion of the Performance Period have been met. Period. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination of Employment Due to Death or Disability. Death. If a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant or his or her beneficiary will be paid a Pro-rated Award. If Award reflecting participation for a Participant's employment is terminated by reason portion 7 of his or her death or Disability following a the Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Period. Payment of such Pro-rated Award or Pro-rated Award, as applicable will be made at the same time and in the same manner as Awards are paid to other Participants. View More
Termination of Employment. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 7(b) and subject to a Participant's employment agreement with the Company or an Affiliate, if a Participant's employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, if a Participant's employment is terminated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if requ...ired under the terms of an Award Agreement or other written agreement between the Company and the Participant. In addition, the Committee, in its sole discretion, may pay a Pro-rated Award, subject to the Committee's certification that the Participant's Performance Goals Targets for the Performance Period have been met. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 (b) Termination of Employment Due to Death or Disability. If Unless a Participant's employment agreement with the Company or an Affiliate states otherwise, if a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant Period or his or her beneficiary will be paid a Pro-rated Award. If a Participant's employment is terminated by reason of his or her death or Disability following a Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid his or her Target Award (in the case of termination during a Performance Period) or the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. paid (in the case of termination following a Performance Period but before Awards were paid). In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Target Award or Pro-rated Award, as applicable applicable, will be made within sixty (60) days following the employment termination (in the case of termination during a Performance Period) or at the same time and in the same manner as Awards are paid to other Participants (in the case of termination following a Performance Period but before Awards were paid). 9 (c) Termination Without Cause, for Good Reason. Unless a Participant's employment agreement with the Company or an Affiliate states otherwise, if a Participant's employment is terminated without Cause (other than due to death or Disability) or for Good Reason during a Performance Period or following a Performance Period but before the date that Awards are paid, the Participant will be paid a Pro-rated Award (in the case of termination during a Performance Period) or the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid (in the case of termination following a Performance Period but before Awards were paid). Payment of such Pro-rated Award or Award, as applicable, will be made at the same time and in the same manner as Awards are paid to other Participants. Amounts paid pursuant to this Section 8 will be paid within sixty (60) days following the employment termination. View More
Termination of Employment. 7.1 Employment 6.1.Employment Requirement. Except as otherwise provided in Section 7.2 6.2, if a Participant's employment terminates for any reason prior to the date that Awards are paid, last day of the Performance Period, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, if a Participant's employment is terminated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if required under the terms of an Award Ag...reement or other written agreement between the Company and the Participant. In addition, the Committee, in its sole discretion, may pay a Pro-rated Award, subject to the Committee's certification that the Participant's Performance Goals for the Performance Period have been met. Award. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination 6.2.Termination of Employment Due to Death or Disability. If a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant or his or her beneficiary will be paid a Pro-rated Award. If a Participant's employment is terminated by reason of his or her death or Disability following a Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Pro-rated Award or Pro-rated Award, as applicable will be made at the same time and in the same manner as Awards are paid to other Participants. View More
Termination of Employment. 7.1 Employment Requirement. Except as otherwise provided in Section 7.2 and subject to a Participant's employment agreement with the Company or an Affiliate, if a Participant's 7 employment terminates for any reason prior to the date that Awards are paid, all of the Participant's rights to an Award for the Performance Period shall be forfeited. However, if a Participant's employment is terminated without Cause during a Performance Period, the Participant will be paid a Pro-rated Award if require...d under the terms of an Award Agreement or other written agreement between the Company and the Participant. In addition, the Committee, in its sole discretion, may pay a Pro-rated Award, subject to the Committee's certification that the Participant's Performance Goals Targets for the Performance Period have been met. Such Pro-rated Award will be paid at the same time and in the same manner as Awards are paid to other Participants. Notwithstanding the foregoing, if a Participant's employment is terminated for Cause, the Participant shall in all cases forfeit any Award not already paid. 7.2 Termination of Employment Due to Death or Disability. If Unless a Participant's employment agreement with the Company or an Affiliate states otherwise, if a Participant's employment is terminated by reason of his or her death or Disability during a Performance Period, the Participant Period or his or her beneficiary will be paid a Pro-rated Award. If a Participant's employment is terminated by reason of his or her death or Disability following a Performance Period but before the date that Awards are paid, the Participant or his or her beneficiary will be paid a Pro-rated Award (in the case of termination during a Performance Period) or the Award that would otherwise be payable if the Participant remained employed through the date that Awards are paid. paid (in the case of termination following a Performance Period but before Awards were paid). In the case of a Participant's Disability, the employment termination shall be deemed to have occurred on the date that the Committee determines that the Participant is Disabled. Payment of such Pro-rated Award or Pro-rated Award, as applicable applicable, will be made at the same time and in the same manner as Awards are paid to other Participants. View More
