Discharge for Performance Clause Samples
The Discharge for Performance clause defines the conditions under which a party’s obligations under a contract are considered fully satisfied due to the completion of their required duties. In practice, this means that once a party has performed all of their contractual responsibilities as agreed, they are released from further liability or obligation under the contract. This clause ensures that parties are not indefinitely bound to a contract once their performance is complete, providing clarity and finality to contractual relationships.
Discharge for Performance. In the event the Company discharges Executive during the term of this Employment Agreement for Performance (as hereinafter defined):
(a) any stock options granted under this Employment Agreement shall continue to be bound by terms set forth in the Option Schedule;
(b) the Company shall pay Executive the Accrued Obligations; and
(c) the Company shall pay Executive the Severance Payment (as defined in Section 14.2.4(c) hereto).
Discharge for Performance. Upon a discharge for Performance (as defined in Section 14 of the Employment Agreement), no options that were not vested as of such discharge shall vest in the future, except that a portion of those options that would have vested at the end of the calendar year in which discharge occurs, shall vest immediately upon discharge, such portions to be calculated on a monthly pro rata basis.