TERMINATION OF EMPLOYMENT AND FORFEITURE Sample Clauses

TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the occurrence of ---------------------------------------- a change in control, as defined in Section 8.3 of the Omnibus SERP, Centura and the Bank may terminate the Participant's employment for "cause" as defined in paragraph 8.5 of the Omnibus SERP and upon such termination, Participant shall forfeit all rights and benefits under this Agreement except those benefits provided pursuant to Section 4 above and Article VII of the Omnibus SERP. Notwithstanding the foregoing, the Participant's rights and benefits hereunder shall not be subject to forfeiture at any time after the occurrence of an event entitling the Participant to begin receiving benefits pursuant to Sections 1, 2 or 3 hereunder.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the ---------------------------------------- occurrence of a change in control, as defined in Section 8.3 of the Omnibus SERP, Centura and the Bank may terminate the Participant's employment for "cause" as defined in paragraph 8.5 of the Omnibus SERP and upon such termination, Participant shall forfeit all rights and benefits under this Agreement (including but not limited to residual rights and benefits, if any, under the Participant's SERP Agreement dated April 5, 1994), except those benefits provided pursuant to Section 4 above and Article VII of the Omnibus SERP. Notwithstanding the foregoing, the Participant's rights and benefits hereunder shall not be subject to forfeiture at any time after the occurrence of an event entitling the Participant to begin receiving benefits pursuant to Sections 1, 2 or 3 hereunder or under the Participant's SERP Agreement dated April 5, 1994 (pursuant to the operations of Section 9(j) of this Agreement)."
Sample 1Sample 2See All (4)
TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the occurrence of a change in control, as defined in Section 8.3 of the Omnibus SERP, Centura and the Bank may terminate the Participant's employment in the event the Committee and the Chief Executive Officer of Centura determine, in their discretion, that the Participant has performed poorly in the exercise of his duties on behalf of Centura and/or the Bank, and upon such termination the Participant shall forfeit all rights and benefits under this Agreement, except those benefits provided pursuant to Section 4 above and Article VII of the Omnibus SERP.
Sample 1Sample 2Sample 3
TERMINATION OF EMPLOYMENT AND FORFEITURE. In the event of the termination of Executive’s employment prior to the Vesting Date (and a Change of Control has not occurred at the time of termination of Executive’s employment), the Performance Shares shall be forfeited unless the reason for Executive’s termination of employment was Disability, death, Retirement, or, to the extent provided in the Employment Agreement, if any, termination by the Company without Cause or termination by the Executive for Good Reason, in which case the Performance Shares shall vest as follows:
Sample 1
TERMINATION OF EMPLOYMENT AND FORFEITURE. Centura or the Bank may terminate the Participant's employment with Cause. For purposes of this Agreement, "Cause" shall mean:
Sample 1
TERMINATION OF EMPLOYMENT AND FORFEITURE. If the Executive ceases to be an officer and director of the Corporation and no longer provides management services to the Corporation directly or through a formal agreement such as the management services agreement currently in place between Picchio International Inc. and the Corporation for any reason other than termination without cause or death or incapacity, all rights granted hereunder shall be immediately forfeited as of the first date on which the Executive is no longer an officer, director or management service provider and the Executive shall not be entitled to receive any Subject Shares pursuant to this Agreement. In the event of the death or incapacity of the Executive or termination of such management services without cause, the Executive or his heirs or other legal representatives, as the case may be, shall be entitled to receive, within 90 days of the death, determination of incapacity or termination, the Subject Shares which are issuable or deliverable, as the case may be, by the Corporation upon the execution of this Agreement and in respect of which the relevant Performance Target has been achieved, if any.
Sample 1
TERMINATION OF EMPLOYMENT AND FORFEITURE. Subject to Section 2.1(c) below, upon termination of Employee’s employment with the Company or any Subsidiary prior to the Settlement Date (or, if earlier, the date of the consummation of a Change in Control), all PSUs held by Employee at the effective time of such termination of employment shall be immediately and irrevocably forfeited and cancelled of the date of such termination of employment by the Company. Upon any forfeiture of the PSUs under this Section 2.1(b), the Company will not be obligated to pay Employee any consideration whatsoever for the forfeited PSUs.
Sample 1
AutoNDA by SimpleDocs
TERMINATION OF EMPLOYMENT AND FORFEITURE. Except as provided otherwise in this Paragraph 4(b) for a Qualifying Termination and Paragraph 4(c) in the event of a Vesting Acceleration Event after <<date>> and before the last day of the Performance Period, any termination of employment of the Participant by the Company or by the Participant before the last day of the Performance Period shall result in the immediate forfeiture of all Award Shares and Restricted Stock Units and no Achievement Shares shall be issued. Notwithstanding any other provision of this Agreement, any termination of the Participant’s employment for Cause prior to the certification and settlement and issuance of Shares under Paragraph 4(a) shall result in the immediate forfeiture of all Award Shares and Restricted Stock Units and no Achievement Shares shall be issued. In the event of a Qualifying Termination of the Participant, a portion of the Award Shares and Restricted Stock Units, respectively, shall be immediately forfeited (the “Forfeited Portions”) as determined in the following sentence and the remaining Award Shares and Restricted Stock Units (the “Remaining Portions”) shall remain subject to the provisions of this Agreement, including, but not limited to (i) the performance vesting and calculation provisions under Paragraph 2, (ii) the restrictions on transfer provided under Paragraph 3, and (iii) the payment provisions in Paragraph 4(a). The “Forfeited Portions” shall be determined by multiplying the number of Award Shares and Restricted Stock Units, respectively, by a fraction (not to exceed one), the numerator of which is the number of complete calendar months from and including the date of the Qualifying Termination until the end of the Performance Period, and the denominator of which is <<#>>. If the Participant’s death or Disability occurs before the last day of the Performance Period but after a Qualifying Termination, then the provisions of Paragraph 4(c) shall apply to the Remaining Portions (except for the time-weighted pro-ration calculation which will have already been applied).
Sample 1
TERMINATION OF EMPLOYMENT AND FORFEITURE. 20.1 If the employment of a salaried director or employee of a Founder Group Company terminates prior to the expiry of the Retention Period as a result of the occurrence of any of the following –
Sample 1

Related to TERMINATION OF EMPLOYMENT AND FORFEITURE

  • Termination of Employment and Options Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. If the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment. If the Optionee's employment with the Corporation shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such termination. If the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment other than for Cause or Retirement, the Option (to the extent then vested) may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such death or disability. If the Optionee's employment terminates by reason of Retirement, the Option shall (A) become fully and immediately vested and exercisable and (B) remain exercisable for three years from the date of such Retirement (but not beyond the Term of the Option).

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. The Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

Time is Money Join Law Insider Premium to draft better contracts faster.