Termination of Services Clause Example from Business Contracts

Termination of Services. If the Participant's Service terminates for any reason (including by reason of death or Disability and whether or not such termination is later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment agreement, if any), all unvested Restricted Stock Units shall be forfeited effective on the date the Participant's Service terminates. The Participant's date of termination of Service shall mean the date u...pon which the Participant's active Service terminates, regardless of any notice period or period in lieu of notice of termination of employment or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of a written employment agreement, if any. The Administrator shall have the exclusive discretion to determine when the Participant's active Service terminates for purposes of this Award (i.e., when the Participant has ceased active performance of services for purposes of vesting in this Award), including whether a leave of absence constitutes a termination of Service for purposes of this Award. View More