Termination of Services Clause Example from Business Contracts

Termination of Services. Upon the Recipient's Termination of Service, all unvested RSUs (RSUs for which the Period of Restriction has not lapsed) shall be treated as follows: a. Death or Disability – If the Recipient's Termination of Service is on account of death or Disability, then all of the unvested RSUs shall immediately become nonforfeitable and the restrictions with respect to such RSUs shall lapse as of the date of death or the date the Committee determines that the Disability occurred, as applicable. b. Retirem...ent – Notwithstanding Section 13(b) of the Plan, if the Recipient's Termination of Service is on account of Retirement, then all unvested RSUs shall immediately become nonforfeitable and the restrictions with respect to such RSUs shall lapse as of the date of such Termination of Service. c. Any Other Reason – If the Recipient's Termination of Service is on account of any other reason, then all unvested RSUs shall be forfeited as of the end of the day of such Termination of Service. View More