Termination of Services Clause Example with 16 Variations from Business Contracts
This page contains Termination of Services 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 Services. 5.1 General Rule. In the event that prior to the Vesting Date the Participant ceases to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") for any reason, with or without cause, other than by reason of the Participant's termination of Service described in Section 4.3, the Participant shall forfeit all Units which are not, as of the time of such termination, Vested Units, and the Pa...rticipant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. For purposes of this Award Agreement, the date of termination of the Participant's Service shall be the date upon which the Participant ceases active performance of services for the Company, a Subsidiary or Affiliate, as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event of termination of the Participant's Service (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant's right to vest in the Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Participant's period of Service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, if any). The Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of this Award Agreement (including whether the Participant may still be considered to be providing services while on a leave of absence).View More
Variations of a "Termination of Services" Clause from Business Contracts
Termination of Services. 5.1 General Rule. In If the event that prior to the Vesting Date the Participant ceases to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") Participant's Service terminates for any reason, with or without cause, other than reason (including by reason of death or Disability), all unvested Restricted Stock Units shall be forfeited effective on the date the Participant's termination... of Service described in Section 4.3, the Participant shall forfeit all Units which are not, as of the time of such termination, Vested Units, and the Participant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. For purposes of this Award Agreement, the terminates. The Participant's date of termination of the Participant's Service shall be mean the date upon which the Participant ceases Participant's active performance Service terminates, regardless of services for the Company, a Subsidiary any notice period or Affiliate, as determined by the Company following the provision period in lieu of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event notice of termination of the Participant's Service (regardless of the reason for such termination and employment, whether expressed or not later to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant's right to vest in the Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Participant's period of Service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, if any). implied. The Committee Administrator shall have the exclusive discretion to determine when the Participant is no longer actively providing services Participant's active Service terminates for purposes of this Award Agreement (including whether (i.e., when the Participant may still be considered to be providing has ceased active performance of services while on a leave for purposes of absence). vesting in this Award). View More
Termination of Services. 5.1 General Rule. In If the event that prior to the Vesting Date the Participant ceases to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") Participant's Service terminates for any reason, with or without cause, other than reason (including by reason of the Participant's termination of Service described in Section 4.3, the Participant shall forfeit all Units which are not, as of ...the time of such termination, Vested Units, and the Participant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. For purposes of this Award Agreement, the date of termination of the Participant's Service shall be the date upon which the Participant ceases active performance of services for the Company, a Subsidiary death or Affiliate, as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event of termination of the Participant's Service (regardless of the reason for such termination Disability and whether or not such termination is later found to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, agreement, if any), and unless otherwise expressly provided in this Agreement or determined by all unvested Restricted Stock Units shall be forfeited effective on the Company, date the Participant's right to vest in Service terminates. The Participant's date of termination of Service shall mean the Units under the Plan, if any, will terminate as date upon which Participant's active Service terminates, regardless of such date and will not be extended by any notice period (e.g., the Participant's or period in lieu of Service would not include any contractual notice period or any period of "garden leave" termination of employment or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's a written employment contract, agreement, if any). any. The Committee Administrator shall have the exclusive discretion to determine when the Participant is no longer actively providing services Participant's active Service terminates for purposes of this Award Agreement (including whether (i.e., when the Participant may still be considered to be providing has ceased active performance of services while on for purposes of vesting in this Award), including whether a leave of absence). absence constitutes a termination of Service for purposes of this Award. View More
Termination of Services. 5.1 General Rule. In If the event that prior to the Vesting Date the Participant ceases to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") Participant's Service terminates for any reason, with or without cause, other than reason (including by reason of the Participant's termination of Service described in Section 4.3, the Participant shall forfeit all Units which are not, as of ...the time of such termination, Vested Units, and the Participant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. For purposes of this Award Agreement, the date of termination of the Participant's Service shall be the date upon which the Participant ceases active performance of services for the Company, a Subsidiary death or Affiliate, as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event of termination of the Participant's Service (regardless of the reason for such termination Disability and whether or not such termination is later found to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, agreement, if any), and unless otherwise expressly provided in this Agreement or determined by all unvested Restricted Stock Units shall be forfeited effective on the Company, date the Participant's right to vest in Service terminates. The Participant's date of termination of Service shall mean the Units under date upon which the Plan, if any, will terminate as Participant's active Service terminates, regardless of such date and will not be extended by any notice period (e.g., the Participant's or period in lieu of Service would not include any contractual notice period or any period of "garden leave" termination of employment or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's a written employment contract, agreement, if any). any. The Committee Administrator shall have the exclusive discretion to determine when the Participant is no longer actively providing services Participant's active Service terminates for purposes of this Award Agreement (including whether (i.e., when the Participant may still be considered to be providing has ceased active performance of services while on for purposes of vesting in this Award), including whether a leave of absence). absence constitutes a termination of Service for purposes of this Award. View More
Termination of Services. 5.1 General Rule. In If the event that prior to the Vesting Date the Participant ceases to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") for any reason, with or without cause, other than Participant's Service terminates by reason of the Participant's termination of Service described in Section 4.3, death or Disability or if the Participant shall forfeit all Units which are not..., as ceases to be Chairman of the time Board at the request or upon action of such termination, Vested Units, and the Participant Board or by action of the Company's shareholders or is not re-elected to the Board, all unvested Restricted Stock Units shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. For purposes of this Award Agreement, the date of termination of vest immediately. If the Participant's Service shall be the date upon which the Participant ceases active performance of services in any capacity terminates for the Company, a Subsidiary or Affiliate, any reason other than as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, set forth in the event of termination of the Participant's Service (regardless of the reason for foregoing sentence (whether or not such termination and whether or not is later found to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, agreement, if any), and unless otherwise expressly provided in this Agreement or determined by all unvested Restricted Stock Units shall be forfeited effective on the Company, date the Participant's right to vest in Service terminates. The Participant's date of termination of Service shall mean the Units under date upon which the Plan, if any, will terminate as Participant's active Service terminates, regardless of such date and will not be extended by any notice period (e.g., the Participant's or period in lieu of Service would not include any contractual notice period or any period of "garden leave" termination of employment or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's a written employment contract, agreement, if any). any. The Committee Administrator shall have the exclusive discretion to determine when the Participant is no longer actively providing services Participant's active Service terminates for purposes of this Award Agreement (including whether (i.e., when the Participant may still be considered to be providing has ceased active performance of services while on for purposes of vesting in this Award), including whether a leave of absence). absence constitutes a termination of Service for purposes of this Award. View More
Termination of Services. 5.1 General Rule. In The Option term specified in Section 2.3 shall terminate (and the event that Option shall cease to be outstanding) prior to the Vesting Expiration Date should any of the following provisions become applicable: 3.1. General Rule. Should the Participant ceases cease to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") for any reason, with reason (other than Disa...bility or without cause, other than Misconduct) while the Option is outstanding, then the Option shall remain exercisable until the earlier of (i) the expiration of the three (3)-month period measured from the date of such cessation of Service or (ii) the Expiration Date. 3.2. Disability of the Participant. Should the Participant cease Service by reason of Disability while the Option is outstanding, then the Option shall remain exercisable until the earlier of (i) the expiration of the twelve (12)-month period measured from the date of such cessation of Service or (ii) the Expiration Date. 3.3. Number of Exercisable Shares Post-Service. During the applicable post-Service exercise period, the Option may not be exercised in the aggregate for more than the number of vested Shares for which the Option is exercisable on the date of the Participant's termination cessation of Service. Upon the expiration of the applicable exercise period or (if earlier) upon the Expiration Date, the Option shall terminate and cease to be outstanding for any vested Shares for which the Option has not been exercised. 3.4. Termination for Misconduct. Should the Participant's Service described in Section 4.3, be terminated for Misconduct or should the Participant engage in Misconduct while the Option is outstanding, then the Option shall forfeit terminate immediately and cease to be outstanding. In the event the Participant's Service is suspended pending an investigation of whether the Participant's Service will be terminated for Misconduct, all Units which are not, as of the time Participant's rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period. 2 3.5. Cessation of such termination, Vested Units, and the Participant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. Service. For purposes of this Award Agreement, the Participant's date of termination cessation of the Participant's Service shall be mean the date upon which the Participant ceases active performance of services for the Company, a Subsidiary or Affiliate, as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event of termination of the Participant's Service (regardless of the reason for such termination and whether or not later found to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, contract of employment, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company, (i) the Participant's right to vest in the Units Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Participant's period of Service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of Participant's contract of employment, if any); and (ii) the period (if any) during which the Participant may exercise the Option after such termination of the Participant's Service will commence on the date Participant ceases active performance of services and will not be extended by any notice period mandated under employment contract, laws in the jurisdiction where the Participant is employed or terms of the Participant's contract of employment, if any). The any; the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of this Award Agreement the Option (including whether the Participant may still be considered to be providing services while on a leave of absence). View More
Termination of Services. 5.1 General Rule. In The Option term specified in Section 2.3 shall terminate (and the event that Option shall cease to be outstanding) prior to the Vesting Expiration Date should any of the following provisions become applicable: 3.1. General Rule. Should the Participant ceases cease to provide services to the Company (or any Subsidiary or Affiliate) in the capacity of an Employee, Director or Consultant (collectively referred to herein as "Service") for any reason, with reason (other than Disa...bility or without cause, other than Misconduct) while the Option is outstanding, then the Option shall remain exercisable until the earlier of (i) the expiration of the three (3)-month period measured from the date of such cessation of Service or (ii) the Expiration Date. 3.2. Disability of the Participant. Should the Participant cease Service by reason of Disability while the Option is outstanding, then the Option shall remain exercisable until the earlier of (i) the expiration of the twelve (12)-month period measured from the date of such cessation of Service or (ii) the Expiration Date. 3.3. Number of Exercisable Shares Post-Service. During the applicable post-Service exercise period, the Option may not be exercised in the aggregate for more than the number of vested Shares for which the Option is exercisable on the date of the Participant's termination cessation of Service. Upon the expiration of the applicable exercise period or (if earlier) upon the Expiration Date, the Option shall terminate and cease to be outstanding for any vested Shares for which the Option has not been exercised. 3.4. Termination for Misconduct. Should the Participant's Service described in Section 4.3, be terminated for Misconduct or should the Participant engage in Misconduct while the Option is outstanding, then the Option shall forfeit terminate immediately and cease to be outstanding. In the event the Participant's Service is suspended pending an investigation of whether the Participant's Service will be terminated for Misconduct, all Units which are not, as of the time Participant's rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period. 3.5. Cessation of such termination, Vested Units, and the Participant shall not be entitled to any payment therefor. 5.2 Determination of Termination Date. Service. For purposes of this Award Agreement, the Participant's date of termination cessation of the Participant's Service shall be mean the date upon which the Participant ceases active performance of services for the Company, a Subsidiary or Affiliate, as determined by the Company following the provision of such notification of termination or resignation from Service and shall be determined solely by this Award Agreement and without reference to any other agreement, written or oral, including the Participant's contract of employment (if any). Thus, in the event of termination of the Participant's Service (regardless of the reason for such termination and whether or not later found to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment contract, contract of employment, if any), and unless otherwise expressly provided in this Award Agreement or determined by the Company, (i) the Participant's right to vest in the Units Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Participant's period of Service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of Participant's contract of employment, if any); and (ii) the period (if any) during which the Participant may exercise the Option after such termination of the Participant's Service will commence on the date Participant ceases active performance of services and will not be extended by any notice period mandated under employment contract, laws in the jurisdiction where the Participant is employed or terms of the Participant's contract of employment, if any). The any; the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of this Award Agreement the Option (including whether the Participant may still be considered to be providing services while on a leave of absence). View More
