Termination of Employment Clause Example from Business Contracts

Termination of Employment. In the event the Employee's employment is terminated prior to the end of the Retention Period, this Performance Award and any LTI Account under the Deferred Compensation Plan shall be immediately and irrevocably forfeited, unless the Employee's employment is terminated under the circumstances described below. In the event the Employee's employment is terminated prior to the end of the Retention Period by reason of Disability (as defined below) or death (each, a "Qualifying Termination"), the Ret...ention Period shall end on the date of the Qualifying Termination. In the event the Employee incurs a Qualifying Termination before the end of the Performance Period, the LTI Account shall be credited with a pro-rata portion (based on the amount of time elapsed between the beginning of the Performance Period and the date of termination) of the Cash Value determined under paragraph 3 above. "Disability" shall mean any physical or mental condition which would qualify the Employee for a disability benefit under any long-term disability plan maintained by the Company or any Affiliate then employing the Employee. View More