Termination of Services Clause Example with 14 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. (a) In the event that the Participant's Service with the Company terminates before all the shares of Restricted Stock are vested for any reason other than a termination by the Company without cause (as defined in the Plan), by the Participant for Good Reason (as defined in the Participant's Employment Agreement with the Company dated as of September 21, 2007, as amended (the "Employment Agreement")), or the Participant's death or disability (as defined in the Plan), all unvested shares of Restri...cted Stock, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Service" means a continuous time period during which the Participant is at least one of the following: an employee or a director of, or a consultant to, the Company. (b) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason, all shares of Restricted Stock shall become vested immediately prior to such termination of Service. (c) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company terminates for reason of the Participant's death or disability (as defined in the Plan), a Pro Rata Portion of the shares of Restricted Stock shall become vested immediately prior to the date such Service terminates in addition to the portion of the shares of Restricted Stock which have already become vested as of such date, and all other shares of Restricted Stock which are not and have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Pro Rata Portion" shall mean that number of shares of Restricted Stock that would become vested on the next Vesting Date multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the 2 following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) and the date of termination of Service.View More
Variations of a "Termination of Services" Clause from Business Contracts
Termination of Services. (a) In the event that the Participant's Service with the Company and Genco terminates before all the shares of Restricted Stock are vested for any reason other than a termination by the Company without cause (as defined in the Plan), by the Participant for Good Reason (as defined in the Participant's Employment Agreement with the Company dated as of September 21, 2007, as amended (the "Employment Agreement")), reason, or due to the Participant's death or disability (as defined in the Plan), all ...unvested shares of Restricted Stock, together with any property received in respect of such shares, subject to and as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Service" means a continuous time period during which the Participant is at least one of the following: an employee or a director of, or a consultant to, the Company. Company or Genco. (b) In the event that, before all the shares of Restricted Stock are vested, that the Participant's Service with the Company and Genco is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason, all shares of Restricted Stock shall become vested immediately prior to such termination of Service. (c) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company terminates for reason of the Participant's death or disability (as defined in the Plan), a Pro Rata Portion portion of the shares of Restricted Stock shall become vested immediately prior to the date such Service terminates in addition to the portion of the shares of Restricted Stock which have already become vested as of such date, terminates, and all other shares of Restricted Stock which are not and have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Pro Rata Portion" shall mean that The number of shares of Restricted Stock that would to become vested immediately prior to the date such Service terminates shall be as follows: (i) If the termination occurs prior to November 15, 2013, 25% of the number of shares set forth in Section 1 hereof multiplied by a fraction, the denominator of which is 11 and the numerator of which is the number of completed months between the date hereof and the date such Service terminates. For the purposes of this paragraph, a month shall be deemed completed on the next Vesting Date 15th of such month. (ii) If the termination occurs on or after November 15, 2013, 25% of the number of shares set forth in Section 1 hereof multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the between 2 following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) November 15 and the date such Service terminates. For the purposes of termination this paragraph, a month shall be deemed completed on the 15th of Service. such month. View More
Termination of Services. (a) In the event that the Participant's Service with the Company and Genco terminates before all the shares of Restricted Stock are vested for any reason other than a termination by the Company without cause (as defined in the Plan), by the Participant for Good Reason (as defined in the Participant's Employment Agreement with the Company dated as of September 21, 2007, as amended (the "Employment Agreement")), reason, or due to the Participant's death or disability (as defined in the Plan), all ...unvested shares of Restricted Stock, together with any property received in respect of such shares, subject to and as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the 2 Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Service" means a continuous time period during which the Participant is at least one of the following: an employee or a director of, or a consultant to, the Company. Company or Genco. (b) In the event that, before all the shares of Restricted Stock are vested, that the Participant's Service with the Company and Genco is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason, all shares of Restricted Stock shall become vested immediately prior to such termination of Service. (c) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company terminates for reason of the Participant's death or disability (as defined in the Plan), a Pro Rata Portion portion of the shares of Restricted Stock shall become vested immediately prior to the date such Service terminates in addition to the portion of the shares of Restricted Stock which have already become vested as of such date, terminates, and all other shares of Restricted Stock which are not and have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Pro Rata Portion" shall mean that The number of shares of Restricted Stock that would to become vested immediately prior to the date such Service terminates shall be as follows: (i) If the termination occurs prior to November 15, 2014, 25% of the number of shares set forth in Section 1 hereof multiplied by a fraction, the denominator of which is 11 and the numerator of which is the number of completed months between the date hereof and the date such Service terminates. For the purposes of this paragraph, a month shall be deemed completed on the next Vesting Date 15th of such month. (ii) If the termination occurs on or after November 15, 2014, 25% of the number of shares set forth in Section 1 hereof multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the 2 following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) November 15 and the date such Service terminates. For the purposes of termination this paragraph, a month shall be deemed completed on the 15th of Service. such month. View More
Termination of Services. (a) In the event that the Participant's Service with the Company terminates before all the shares of Restricted Stock are vested Vesting Date for any reason other than a termination by the Company without cause (as defined in the Plan), by the Participant for Good Reason (as defined in the Participant's Employment Agreement with the Company dated as of September 21, 2007, as amended (the "Employment Agreement")), or the Participant's death or disability (as defined in the Plan), all unvested sha...res of the Restricted Stock, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, the Restricted Stock, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Service" means a continuous time period during which the Participant is at least one of the following: an employee or a director of, or a consultant to, the Company. (b) In the event that, before all the shares of Restricted Stock are vested, that the Participant's Service with the Company is terminated by terminates before the Company without cause Vesting Date for reason of the Participant's death or disability (as defined in the Plan) or by the Participant for Good Reason, Plan), all shares of Restricted Stock shall become vested immediately prior to such termination of Service. (c) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company terminates for reason of the Participant's death or disability (as defined in the Plan), a Pro Rata Portion of the shares of Restricted Stock shall become vested immediately prior to the date such Service terminates in addition to the portion of the shares of Restricted Stock which have already become vested as of such date, and all other shares of Restricted Stock which are not and have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Pro Rata Portion" shall mean that number of shares of Restricted Stock that would become vested on the next Vesting Date multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the 2 following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) and the date of termination of Service.View More
Termination of Services. (a) In the event that the Participant's Service with the Company terminates before all the shares of Restricted Stock are vested for any reason other than a termination by the Company without cause (as defined in the Plan), by the Participant for Good Reason (as defined in the Participant's Employment Agreement with the Company dated as of September 21, 2007, as amended (the "Employment Agreement")), or the Participant's death or disability (as defined in the Plan), MIP), all unvested shares of ...Restricted Stock, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Service" means a continuous time period during which the Participant is at least one of the following: an employee or a director of, or a consultant to, of the Company. (b) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason, all shares of Restricted Stock shall become vested immediately prior to such termination of Service. (c) In the event that, before all the shares of Restricted Stock are vested, the Participant's Service with the Company terminates for reason of the Participant's death or disability (as defined in the Plan), MIP), a Pro Rata Portion of the shares of Restricted Stock shall become vested immediately prior to the date such Service terminates in addition to the portion of the shares of Restricted Stock which have already become vested as of such date, and all other shares of Restricted Stock which are not and have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates, and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. For purposes hereof, "Pro Rata Portion" shall mean that number of shares of Restricted Stock that would become vested on the next Vesting Date multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the 2 following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) and the date of termination of Service. View More
