Effect of Termination of Continuous Service Sample Clauses
The 'Effect of Termination of Continuous Service' clause defines the consequences that arise when an individual's ongoing employment or engagement with a company ends. Typically, this clause outlines what happens to benefits, stock options, or other rights that depend on continued service, such as whether unvested equity is forfeited or vested options must be exercised within a certain period. Its core practical function is to provide clarity and certainty for both parties regarding their rights and obligations upon the end of the service relationship, thereby reducing potential disputes.
Effect of Termination of Continuous Service. In the event of the termination of Grantee’s Continuous Service, all Units that are not vested will be immediately and automatically forfeited except as expressly provided on Exhibit A.
Effect of Termination of Continuous Service. In the event of a termination of the Participant’s Continuous Service for any reason, the Participant shall automatically forfeit the Participant’s Restricted Shares that have not become vested in accordance with Section 2 hereof, which portion shall be cancelled and be of no further force or effect.
Effect of Termination of Continuous Service. Except as provided in Section 3 in connection with the termination of Grantee’s Continuous Service as a result of ▇▇▇▇▇▇▇’s death or Disability, in the event of the termination of Grantee’s Continuous Service, all Units that are not vested will be immediately, automatically, and without consideration forfeited.
Effect of Termination of Continuous Service. (a) In the event of the termination of the Grantee’s Continuous Service, all Units that are not vested will be immediately and automatically forfeited, except as provided in Sections 3(b) and 4 below or as otherwise provided in an employment agreement or other written agreement by and between the Grantee and the Company.
(b) In the event that ▇▇▇▇▇▇▇’s Continuous Service is terminated by the Company (other than for Cause or on account of ▇▇▇▇▇▇▇’s death or Disability) or by the Grantee for Good Reason (as defined in ▇▇▇▇▇▇▇’s employment agreement with the Company), then, conditioned upon Grantee executing and not revoking a release of claims against the Company, its parents, subsidiaries and affiliates and each of its officers, directors, employees, agents, successors and assigns in a form reasonably acceptable to the Company that becomes effective by its terms on or prior to the sixtieth (60) day following such termination, all then-unvested Units that would have vested during the twelve (12) months immediately following the date on which ▇▇▇▇▇▇▇’s Continuous Service was terminated had such termination not occurred shall fully vest.
Effect of Termination of Continuous Service. (a) If the Participant’s Continuous Service terminates for any reason other than the Participant’s (i) Disability, (ii) retirement after attaining age 65, or (iii) failure to be renominated for election to the Board, then the unvested portion of the Restricted Stock granted under this Agreement shall be immediately forfeited and canceled.
(b) If the Participant’s Continuous Service terminates as a result of the Participant’s (i) Disability, (ii) retirement after attaining age 65, or (iii) failure to be renominated for election to the Board, then all shares of Restricted Stock granted under this Agreement shall be fully vested on the date the Participant’s Continuous Service terminates.
Effect of Termination of Continuous Service. 4.1 The following terms shall govern the treatment of the RSU Award upon the Participant’s termination of Continuous Service:
Effect of Termination of Continuous Service. (a) Subject to Sections 4(b), (c), (d) and (e), upon the Participant’s termination of Continuous Service, the unvested portion of the RSUs granted under this Agreement shall be immediately forfeited and cancelled.
(b) Notwithstanding Sections 1(b) or 4(a), and notwithstanding any provision in the Plan to the contrary, upon the date of a termination of Continuous Service that occurs prior to a Change in Control by (i) the Company other than for Cause or (ii) the Participant on account of Good Reason, death, or Disability, the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) shall be vested in a ProRata Number of RSUs, and the Company shall issue to the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) one (1) share of Stock free and clear of any restrictions for each vested RSU. Upon such date of termination, any unvested RSUs shall be immediately forfeited and canceled.
(c) Notwithstanding Sections 1(b) or 4(a), and notwithstanding any provision in the Plan to the contrary, in the event that a Change in Control occurs prior to the Vesting Date and the Participant’s Continuous Service is terminated on or following such Change in Control by (i) the Company other than for Cause or (ii) the Participant on account of Good Reason, death or Disability, the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) shall, as of the date of such termination, be fully vested in the RSUs granted under this Agreement, and the Company shall issue to the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) one (1) share of Stock free and clear of any restrictions for each vested RSU.
(d) Subject to Section 14, all shares of Stock to be issued pursuant to Section 4(b) or 4(c), if any, shall be issued to the Participant within thirty (30) days of the date on which the Participant’s Continuous Service is terminated.
Effect of Termination of Continuous Service. In the event of the termination of ▇▇▇▇▇▇▇’s Continuous Service, all Units that are not vested will be forfeited.
Effect of Termination of Continuous Service. If, prior to vesting of the Restricted Stock Units pursuant to Section 3 or 4, Grantee ceases to provide Continuous Service for any reason (whether voluntary or involuntary), then Grantee’s rights to any unvested Restricted Stock Units shall be immediately and irrevocably forfeited, including the right to receive any Additional Restricted Stock Units.
Effect of Termination of Continuous Service. (a) Subject to Sections 4(b) and (c), upon the Participant’s termination of Continuous Service for any reason prior to the Vesting Date, the RSUs granted under this Agreement shall be immediately forfeited and cancelled.
(b) Notwithstanding Sections 1(b) or 4(a), upon the date of a termination of Continuous Service by (i) the Company other than for Cause or (ii) the Participant on account of Good Reason, death, or Disability, the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) shall be vested in a ProRata Number of RSUs, and any unvested RSUs shall be immediately forfeited and canceled. The Company shall issue to the Participant (or the Participant’s designated beneficiary in the event of the Participant’s death) one (1) share of Stock free and clear of any restrictions for each RSU that vests pursuant to this Section 4(b) within ten (10) days following the date of termination of Continuous Service.
(c) A “ProRata Number of RSUs” means a number of RSUs equal to the number of RSUs granted under this Agreement subject to Section 4(b), multiplied by a fraction, the numerator of which is the number of fully completed months that have elapsed during the period commencing on the Grant Date and ending on the date of termination of Continuous Service, and the denominator of which is 36.
(d) The determination of whether the Participant’s Continuous Service is terminated by the Company other than for Cause shall be made by the Committee, in its sole discretion.
(e) For the purposes of Section 4, the following terms shall have the following meanings: