Common use of Forfeiture of Right to Receive Units Prior to Transfer Clause in Contracts

Forfeiture of Right to Receive Units Prior to Transfer. Unless otherwise provided herein, if the Company or its Affiliate terminates Recipient's employment or Recipient terminates employment with the Company or its Affiliate, for any reason and including without limitation death or Disability, before one or more of the Transfer Dates for some or all of the Units, all of the Recipient's right to receive additional Units under this Agreement and all rights to receive Distribution Equivalent Rights ("DERs"), if any, shall immediately be forfeited. Upon such forfeiture, Recipient shall have no further rights under this Agreement. Notwithstanding the foregoing, any DERs that have been declared but not yet paid prior to the Recipient's termination and any Units, to the extent they have vested but not yet been transferred, will be paid and transferred to Recipient or Recipient's designated beneficiary, as the case may be, within 60 days of the date of Recipient's termination of employment.