Common use of Forfeiture Upon Termination as a Service Provider Clause in Contracts

Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to accelerated vesting as set forth in the Company’s Change of Control Severance Plan (but only for participants in such plan), as amended from time to time. For purposes of the PRSUs, the Service Provider’s service will be considered terminated as of the date that the Service Provider is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Employee is employed), and unless otherwise expressly provided in this Agreement, the Service Provider’s employment agreement or the Company’s Change of Control Severance Plan (but only for participants in such plan), the Service Provider’s right to vest in the PRSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee is employed); the Company shall have the exclusive discretion to determine when the Service Provider is no longer providing services for purposes of the PRSUs (including whether the Service Provider may still be considered to be providing services while on a leave of absence).

Appears in 2 contracts

Samples: Restricted Stock Unit Agreement (Coherent Inc), Global Performance Restricted Stock Unit Agreement (Coherent Inc)

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Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to accelerated vesting as set forth in the Company’s Change of Control Severance Plan (but only for participants in such plan), as amended from time to time. For purposes of the PRSUs, the Service Provider’s 's service will be considered terminated as of the date that the Service Provider is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Employee is employed), and unless otherwise expressly provided in this Agreement, the Service Provider’s Employee's employment agreement or the Company’s 's Change of Control Severance Plan (but only for participants in such plan), the Service Provider’s right to vest in the PRSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee is employed); the Company shall have the exclusive discretion to determine when the Service Provider is no longer providing services for purposes of the PRSUs (including whether the Service Provider may still be considered to be providing services while on a leave of absence).

Appears in 1 contract

Samples: Global Performance Restricted Stock Unit Agreement (Coherent Inc)

Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to accelerated vesting as set forth in the Company’s Change of Control Severance Plan (but only for participants in such plan), as amended from time to time. For purposes of the PRSUs, the Service Provider’s service will be considered terminated as of the date that the Service Provider is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws unless otherwise provided in the jurisdiction where the Employee is employed), and unless otherwise expressly provided in this Agreement, the Service Provider’s employment agreement Agreement or the Company’s 's Change of Control Severance Plan (but only for participants in such plan), the Service Provider’s right service will be considered terminated as the last day on which the Service Provider is actively employed by or providing services to vest in the PRSUs under Company or a Subsidiary of the PlanCompany, if any, will terminate as of such date and will shall not include or be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where following such day during which the Employee is employed)in receipt of or eligible to receive any notice of termination, pay in lieu of notice of termination, severance pay or any other payments or damages, whether arising under statute, contract or at common law; the Company shall have the exclusive discretion to determine when the Service Provider is no longer providing services for purposes of the PRSUs (including whether the Service Provider may still be considered to be providing services while on a leave of absence).. The following provisions apply for residents of Quebec:

Appears in 1 contract

Samples: Global Performance Restricted Stock Unit Agreement (Coherent Inc)

Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to accelerated vesting as set forth in the Company’s Change of Control Severance Plan (but only for participants in such plan), as amended from time to time. For purposes of the PRSUsRSUs, the Service Provider’s service will be considered terminated as of the date that the Service Provider is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Employee is employedemployed or the terms of the Employee’s employment agreement, if any), and unless otherwise expressly provided in this Agreement, the Service Provider’s employment agreement Agreement or by the Company’s Change of Control Severance Plan (but only for participants in such plan)) or determined by the Company, the Service Provider’s right to vest in the PRSUs RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee is employedemployed or the terms of the Employee’s employment agreement, if any); the Company shall have the exclusive discretion to determine when the Service Provider is no longer providing services for purposes of the PRSUs RSUs (including whether the Service Provider may still be considered to be providing services while on a leave of absence).

Appears in 1 contract

Samples: Global Restricted Stock Unit Agreement (Coherent Inc)

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Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee Service Provider terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to accelerated vesting as set forth in the Company’s Change of Control and Leadership Change Severance Plan (but only for participants in such plan), as amended from time to time. For purposes of the PRSUsRSUs, the Service Provider’s service will be considered terminated as of the date that the Service Provider is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Employee Service Provider is employedemployed or otherwise providing services or the terms of the Service Provider’s employment or other service agreement, if any), and unless otherwise expressly provided in this Agreement, the Service Provider’s employment agreement Agreement or by the Company’s Change of Control and Leadership Change Severance Plan (but only for participants in such plan)) or determined by the Company, the Service Provider’s right to vest in the PRSUs RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the EmployeeService Provider’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee Service Provider is employedemployed or otherwise providing services or the terms of the Service Provider’s employment or other service agreement, if any); the Company shall have the exclusive discretion to determine when the Service Provider is no longer providing services for purposes of the PRSUs RSUs (including whether the Service Provider may still be considered to be providing services while on a leave of absence).

Appears in 1 contract

Samples: Equity Incentive Plan (Coherent Inc)

Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Employee terminates service as a Service Provider for any or no reason prior to vesting, the unvested PRSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company, subject to . [The accelerated vesting as provisions set forth in the Company’s Change of Control and Leadership Change Severance Plan (but only for participants in such plan)Plan, as amended from time to time. time shall not apply to these PRSUs.] For purposes of the PRSUs, the Service ProviderEmployee’s service will be considered terminated as of the date that the Service Provider Employee is no longer providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Employee is employed), and unless otherwise expressly provided in this Agreement, the Service Provider’s employment agreement or the Company’s Change of Control Severance Plan (but only for participants in such plan), the Service ProviderEmployee’s right to vest in the PRSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee is employed); the Company shall have the exclusive discretion to determine when the Service Provider Employee is no longer providing services for purposes of the PRSUs (including whether the Service Provider Employee may still be considered to be providing services while on a leave of absence).

Appears in 1 contract

Samples: Performance Restricted Stock Unit Agreement (Coherent Inc)

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