Termination of Employment Clause Example from Business Contracts

Termination of Employment. (a) Cause. In the event that Grantee's employment is terminated by any entity in the Company Group for Cause, as of the date of such termination of employment all Performance Share Units shall cease to vest and any outstanding Performance Share Units and Vested Shares that have yet to settle pursuant to Section 8 hereof shall immediately be forfeited to the Company without payment of consideration by the Company. (b) Resignation. Unless the Committee determines otherwise, in the event that Grant...ee's employment is terminated upon his Resignation, as of the date of such termination of employment all Performance Share Units shall cease to vest and, with the exception of any Vested Shares that have yet to settle pursuant to Section 8 hereof, shall immediately be forfeited to the Company without payment of consideration by the Company. (c) Other. In the event that Grantee's employment is terminated for any reason, the terms of the Employment Agreement shall govern the impact on the Performance Share Units. View More