Common use of Termination Not for Cause Clause in Contracts

Termination Not for Cause. In the event of Employee’s Termination due to involuntary termination by the Company for reasons other than “Cause,” the Restricted Period on those Restricted Stock Units (if any) as to which the Restricted Period would have lapsed on the next anniversary of the Grant Date pursuant to Section 3(b) in the absence of a Termination (but disregarding any other event occurring prior to that next date) will lapse on an accelerated basis at the time of such Termination (for example, if Termination occurs 1.5 years after the Grant Date, one additional tranche of the Restricted Stock Units will become non-forfeitable), so those Restricted Stock Units will not be forfeited. The other Restricted Stock Units as to which the Restricted Period has not lapsed at or before such Termination (i.e., any tranche as to which the Restricted Period would not have lapsed as scheduled pursuant to Section 3(b) assuming continued employment through the next anniversary of the Grant Date) shall be forfeited at the time of such Termination.

Appears in 3 contracts

Samples: 2010 Stock Award and Incentive Plan (Charming Shoppes Inc), 2004 Stock Award and Incentive Plan (Charming Shoppes Inc), Restricted Stock Units Agreement (Charming Shoppes Inc)

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Termination Not for Cause. In the event of Employee’s Termination due to involuntary termination by the Company for reasons other than “Cause,” the Restricted Period on those Restricted Stock Units (if any) as to which the Restricted Period would have lapsed on the next anniversary of the Grant Date pursuant to Section 3(b) in the absence of a Termination (but disregarding any other event occurring prior to that next date) will lapse on an accelerated basis at the time of such Termination (for example, if Termination occurs 1.5 3.5 years after the Grant Date, one additional tranche of the Restricted Stock Units will become non-forfeitable), so those Restricted Stock Units will not be forfeited. The other Restricted Stock Units as to which the Restricted Period has not lapsed at or before such Termination (i.e., any tranche as to which the Restricted Period would not have lapsed as scheduled pursuant to Section 3(b) assuming continued employment through the next anniversary of the Grant Date) shall be forfeited at the time of such Termination. If the Employee is eligible for Retirement, his or her Termination shall be deemed a Retirement and not a Termination not for Cause.

Appears in 1 contract

Samples: 2004 Stock Award and Incentive Plan (Charming Shoppes Inc)

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Termination Not for Cause. In the event of Employee’s 's Termination due to involuntary termination by the Company for reasons other than "Cause," the Restricted Period on those Restricted Stock Units (if any) as to which the Restricted Period would have lapsed on the next anniversary of the Grant Date pursuant to Section 3(b3(c) in the absence of a Termination (but disregarding any other event occurring prior to that next date) will lapse on an accelerated basis at the time of such Termination (for example, if Termination occurs 1.5 3.5 years after the Grant Date, one additional tranche of the Restricted Stock Units will become non-forfeitable), so those Restricted Stock Units will not be forfeited. The , and the other Restricted Stock Units as to which the Restricted Period has not lapsed at or before such Termination (i.e., any tranche as to which the Restricted Period would not have lapsed as scheduled pursuant to Section 3(b3(c) assuming continued employment through the next anniversary of the Grant Date) shall be forfeited at the time of such Termination.

Appears in 1 contract

Samples: 2004 Stock Award and Incentive Plan (Charming Shoppes Inc)

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