Termination of Services Clause Example from Business Contracts

Termination of Services. (a) In the event that the Participant's Service with the Company and Genco Shipping & Trading Limited ("Genco") terminates before all the shares of Restricted Stock are vested for any reason (including without limitation the Participant's death or disability as defined in the Plan) other than (i) removal as a Director or termination of such Service for cause (as defined in Article III, Section 4 of the Amended and Restated By-Laws of the Company) or (ii) due to the Participant's voluntary termin...ation of his Service, all shares of Restricted Stock shall become vested immediately prior to such termination of Service. 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 or Genco. (b) In the event that the Participant's Service with the Company and Genco terminates before all the shares of Restricted Stock are vested (i) due to removal as a Director or termination of such Service for cause (as defined in Article III, Section 4 of the Amended and Restated By-laws of the Company) or (ii) due to the Participant's voluntary termination of his Service, 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. View More