Effect of Termination of Service on Unvested Units Sample Clauses

Effect of Termination of Service on Unvested Units. (a) In the event of Participant’s Termination of Employment by the Company without Cause (as defined below) or by Participant for Good Reason, to the extent that the date of termination (the “Termination Date”) occurs on or after April 1 of the calendar year of termination (the “Termination Year”), the number of any unvested Class C Units that could have vested on December 31 of the Termination Year pursuant to Section 2.1(a) above, multiplied by a fraction, the numerator of which is the number of completed calendar quarters of the Termination Year that preceded the Termination Date, and the denominator of which is four, shall vest immediately prior to the Termination Date. Any other Class C Units, to the extent not vested as of the Termination Date (and the proportionate amount of Participant’s Capital Account balance attributable to such Class C Units), shall thereupon automatically and without further action be cancelled and forfeited, and Participant shall have no further right or interest in or with respect to such unvested Class C Units (or such proportionate amount of Participant’s Capital Account balance). No portion of the Award and no Class C Units which are unvested as of Participant’s Termination of Employment shall thereafter become vested.
Sample 1See All (4)
AutoNDA by SimpleDocs
Effect of Termination of Service on Unvested Units. In the event of Participant’s Termination of Employment for any reason, the Award and all Class C Units, to the extent not vested as of the date of termination (the “Termination Date”) (and the proportionate amount of Participant’s Capital Account balance attributable to such Class C Units), shall thereupon automatically and without further action be cancelled and forfeited, and Participant shall have no further right or interest in or with respect to such unvested Class C Units (or such proportionate amount of Participant’s Capital Account balance). No portion of the Award and no Class C Units which are unvested as of Participant’s Termination of Employment shall thereafter become vested.
Sample 1
Effect of Termination of Service on Unvested Units. In the event of Participant’s Termination of Employment for any reason, the Award and all Class C Units, to the extent not vested as of the date of termination (the “Termination Date”) (and the proportionate amount of Participant’s Capital Account balance attributable to such Class C Units), shall thereupon automatically and without further action be cancelled and forfeited, and Participant shall have no further right or interest in or with respect to such unvested Class C Units (or such proportionate amount of Participant’s Capital Account balance). No portion of the Award and no Class C Units which are unvested as of Participant’s Termination of Employment shall thereafter become vested. For purposes of this Agreement, references to Participant’s “employment with the Company,” “Termination of Employment” with the Company, and similar terms shall refer to Participant’s provision of services and performance of duties as the President and Chief Operating Officer of Hard Rock Hotel, Inc.
Sample 1
Effect of Termination of Service on Unvested Units 
Sample 1

Related to Effect of Termination of Service on Unvested Units

  • Effect of Termination of Service on Restricted Stock Award 10.1 This Restricted Stock Award will vest as follows:

  • Effect of Termination of Service Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service Provider, you will forfeit all unvested Units.

  • Termination of Service for Cause If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this Option is outstanding, as determined by the Committee in its sole discretion, then you shall immediately forfeit all rights to your Option without consideration, including any vested portion of the Option, and the entire Option shall immediately expire, and any rights, payments and benefits with respect to the Option shall be subject to reduction or recoupment in accordance with the Clawback Policy and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and circumstances are discovered that would have justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior to or after your Termination Date.

  • Forfeiture upon Termination of Status as a Service Provider Notwithstanding any contrary provision of this Award Agreement, the balance of the Restricted Stock Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason and Participant’s right to acquire any Shares hereunder will immediately terminate.

  • Effect of Termination for Cause If Employee's employment is terminated "For Cause":

  • Termination Effect of Termination 44 9.1 TERMINATION................................................44 9.2

  • Effect of Termination of Agreement The provisions of Section 4.00 will survive any termination of this Agreement and the existence of any claim or cause of action by the Executive against the Company or any Group Member, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by the Group, the Company or any other Group Member of the covenants and agreements of this Section 4.00; provided, however, that this Section 4.11 will not, in and of itself, preclude the Executive from defending against the enforceability of the covenants and agreements of Section 4.00.

  • Termination by Reason of Retirement If the Grantee's employment by the Company terminates by reason of Retirement (as defined in the Plan), the Restricted Stock Units granted hereunder shall not be forfeited but shall be settled in Stock to the Grantee on the same schedule as provided in Section 2 (or otherwise) as if the Grantee had continued employment through each such Vesting Date (or such other vesting event pursuant to Section 3.4 or Section 5.2).

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • Termination of Services If the Optionee’s services with the Company and all Related Corporations are terminated for any reason (other than death or disability) prior to the Expiration Date, then this Option may be exercised by Optionee, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of such termination of services, at any time prior to the earlier of (i) the Expiration Date, or (ii) three months after such termination of services. Any part of the Option that was not exercisable immediately before the termination of Optionee’s services shall terminate at that time.

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