Continuous Service Required Clause Samples
The "Continuous Service Required" clause mandates that a party, typically an employee or contractor, must maintain uninterrupted service with the organization for a specified period to qualify for certain benefits or rights. In practice, this means that if the individual takes an extended leave, resigns, or is terminated before the end of the required period, they may forfeit bonuses, stock options, or other entitlements linked to continuous service. This clause ensures that the organization retains stability and commitment from key personnel, and it helps prevent individuals from claiming benefits without fulfilling their full service obligations.
Continuous Service Required. The Exercise/Vesting Schedule requires the Optionee to be in Continuous Service through each applicable vesting date as a condition to the vesting of and right to exercise the applicable installment under this Agreement. Continuous Service that ends prior to a vesting date, even if substantial, will not entitle the Optionee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following termination of Continuous Service.
Continuous Service Required. Except as otherwise provided in this Section 2, this option may not be exercised unless ninety (90) days prior to exercising this option, the Optionee was and has been at all times since that date of grant of this option, maintaining a Business Relationship with the Company.
Continuous Service Required. Except as may otherwise be provided in the Participant’s employment or other services agreement with the Company or any of its Affiliates and which is in effect on the Grant Date, the Participant shall forfeit the unvested Restricted Stock Units upon a termination of Service occurring for any reason prior to the vesting of the Restricted Stock Units as described in Section 1(b) (including for or without Cause or due to the Participant’s voluntary resignation) other than due to the Participant’s (i) termination due to death or Disability, (ii) Retirement, or (iii) Qualifying Termination (as defined below). For purposes of this Agreement, the terms “Cause”, “Disability”, and “Severance Termination Event” shall have the meanings set forth in that that certain Employment Agreement by and between the Participant and the Company, dated December 13, 2022 (the “Employment Agreement”).
Continuous Service Required. Except as otherwise provided in this Section 2, the Option may not be exercised unless the Director, at the time he or she exercises the Option, is, and has been at all times since the Date of Grant of the Option, a director of the Company.
Continuous Service Required. The Participant shall forfeit the unvested Restricted Stock Units upon a termination of Service occurring for any reason prior to the expiration of the Service Period (including for or without Cause or due to the Participant’s voluntary resignation), other than due to the Participant’s (i) termination due to death or Disability or (ii) Qualifying Termination (as defined below).
Continuous Service Required. The restrictions placed on Shares, as described in Section 3 hereof, shall not lapse in accordance with any of the provisions of this Agreement unless the Participant shall have been in continuous Service from the Date of Grant until the date such lapse occurs.
Continuous Service Required. Except as may otherwise be provided in the Participant’s employment or other services agreement with the Company, the Participant shall forfeit unvested Restricted Stock Units upon a termination of Service occurring for any reason prior to the vesting of the Restricted Stock Units as described in Section 1(b) (including for or without Cause or due to the Participant’s voluntary resignation for any reason), other than due to the Participant’s (i) death or Disability or (ii) Qualifying Termination (as defined below). For purposes of this Agreement, the terms “Cause” and “Disability” shall have the meanings set forth in that that certain Employment and Non-Competition Agreement by and between the Participant and the Company, dated September 25, 2017 (the “Employment Agreement”).
Continuous Service Required. Except as may otherwise be provided in the Participant’s employment or other services agreement with the Company or any of its Affiliates and which is in effect on the Grant Date, the Participant shall forfeit the unvested Restricted Stock Units upon a termination of Service occurring for any reason prior to the vesting of the Restricted Stock Units as described in Section 1(b) (including for or without Cause or due to the Participant’s voluntary resignation), other than due to the Participant’s (i) termination due to death or Disability, (ii) Retirement or (ii) Qualifying Termination (as defined below).
Continuous Service Required. No Performance Shares shall vest and become Vested Shares unless on the Vest Date the Recipient is, and has been at all times since the date of grant of the Performance Shares, an employee, officer, or director of or individual consultant to the Employer. If the Recipient no longer provides services to the Company in at least one of those capacities, then any Performance Shares that do not become Vested Shares pursuant to Section 2 or 7 as a result of such cessation, shall be forfeited immediately upon such cessation and revert back to the Company without any payment to the Recipient with respect thereto. The Recipient shall have no further rights with respect to any Performance Shares that are so forfeited. To the maximum extent permitted under applicable law, the value of any benefit the Recipient realizes through this Agreement will not be included for purposes of calculating separation payments, pension and any other entitlements.
Continuous Service Required. Except as otherwise provided in this Section 3, this option may not be exercised unless the Optionee, at the time he or she exercises this option, is, and has been at all times since the date of grant of this option, an employee, officer or director of, or consultant or advisor to, the Company. If this option shall be assumed or a new option substituted therefor in a transaction to which Section 424(a) of the Code applies, employment or engagement as an officer, director, consultant or advisor by such assuming or substituting corporation (hereinafter called the "Successor Corporation") shall be considered for all purposes of this option to be employment or engagement, as the case may be, by the Company.