Effect of Termination of Service on Unvested Units Sample Clauses

Effect of Termination of Service on Unvested Units. 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) or (b) above, multiplied by a fraction, the numerator of which is the number of completed full calendar quarters completed during the period commencing on January 1 of the Termination Year and ending on the Termination Date, and the denominator of which is four, shall vest as of December 31 of the Termination Year if the Company’s EBITDA for the Termination Year equaled or exceeded the EBITDA Target for such year, as set forth in Appendix A. Any other Class C Units, to the extent not vested as of the Termination Date, and any Class C Units that fail to vest as of December 31 of the Termination Year pursuant to the preceding sentence (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). Except as expressly set forth in this Section 2.2, 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. 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. 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. 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. 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 
Sample 1

Related to Effect of Termination of Service on Unvested Units

  • 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 Upon a termination of the Participant’s Service by the Company for Cause the Option, including the Vested Portion, shall immediately terminate and be forfeited without consideration.

  • 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.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Effect of Termination for Cause In the event the Executive’s employment shall be terminated for Cause pursuant to Section 5.1 hereof, the Company shall pay the Executive his salary through the date of termination.

  • Termination Effect of Termination 40 8.1 Termination.........................................................40 8.2

  • Effect of Termination of Agreement Upon the Termination Date or the Expiration Date, as applicable, any amounts then owing by a Party to the other Party shall become immediately due and payable and the then future obligations of Customer and Provider under this Agreement shall be terminated (other than the indemnity obligations set forth in Section 13). Such termination shall not relieve either Party from obligations accrued prior to the effective date of termination or expiration.

  • 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 6.2. To promote a non-discriminatory work environment based on the principle of equality, employers and the trade union should adopt appropriate measures to ensure that employees with HIV and AIDS are not unfairly discriminated against and are protected from victimisation through positive measures such as: (i) preventing unfair discrimination and stigmatisation of people living with HIV or AIDS through the development of HIV/AIDS policies and programmes for the workplace; (ii) awareness, education and training on the rights of all persons with regard to HIV and AIDS; (iii) mechanisms to promote acceptance and openness around HIV/AIDS in the workplace; (iv) providing support for all employees infected or affected by HIV and AIDS; and (v) grievance procedures and disciplinary measures to deal with HIV-related complaints in the workplace. 7. HIV TESTING, CONFIDENTIALITY AND DISCLOSURE

  • Termination on Death or Disability If the employment of the Executive is terminated due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive’s estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) the following compensation and benefits: (i) The Accrued Obligations, at the times provided and subject to the conditions set forth in Section 8(a)(i) above; (ii) An amount equal to the Cash Bonus at the Target Percentage for which the Executive is eligible for the year in which the Executive’s death or Disability occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the Executive’s death or termination of employment due to Disability (less any payments in respect of such Cash Bonus related to that performance year received by the Executive during such year), such amount to be paid within thirty (30) days after the Executive’s death or such termination of employment due to Disability; (iii) Any and all outstanding Unvested Shares shall immediately vest and any restrictions thereon shall immediately lapse upon the Executive’s death or termination of employment due to Disability (the acceleration of any other equity incentives granted to the Executive under any equity incentive plan of the Guarantor in connection with the termination of the Executive’s employment due to death or Disability shall be governed by the applicable plan and related grant documents); and (iv) If the Executive is eligible for and elects to receive continued coverage under the Company’s medical and health benefits plan(s) in accordance with the provisions of COBRA for the Executive and, if applicable, the Executive’s eligible dependents, or if the Executive’s eligible dependents are eligible for such continued coverage due to the Executive’s death, then the Company shall reimburse the Executive or such dependents for a period of eighteen (18) months following the Executive’s termination of employment due to death or Disability (or, if less, for the period that the Executive or any such dependent is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive or any such dependent is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company’s group health benefits plan(s) had the Executive continued to be an employee of the Company.