Effect of Termination of Employment or Services. Subject to Section 9 below, if the Participant ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary at any time before an Award Payment Date, the Award shall terminate and any Dividend Equivalent that would otherwise be paid as of such Award Payment Date pursuant to this Award Agreement shall not be paid and shall be extinguished upon the date the Participant’s employment or services terminate (regardless of the reason for such termination, whether with or without cause, voluntarily or involuntarily, or due to death or disability); provided, however, that the Administrator may in its sole discretion provide for payment of any Dividend Equivalent that would otherwise have been extinguished pursuant to this Section 8.
Appears in 8 contracts
Samples: Dividend Equivalent Rights Award Agreement (New Century Financial Corp), Dividend Equivalent Rights Award Agreement (New Century Financial Corp), Dividend Equivalent Rights Award Agreement (New Century Financial Corp)
