Forfeiture; Termination Clause Samples
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Forfeiture; Termination. Any Unvested Restricted Stock shall be forfeited without consideration upon termination of the Participant’s Service. For the avoidance of doubt, Vested Stock shall not be subject to forfeiture or any right of repurchase. Notwithstanding the foregoing, this Award Agreement and any unvested restricted stock shall automatically terminate upon the earlier to occur of an IPO or a Sale as defined in the Stockholders’ Agreement. As used herein, “Stockholders’ Agreement” refers to the stockholders’ agreement entered into by and among the Company, the PSG Stockholders and certain other stockholders as of October 17, 2016.
Forfeiture; Termination. (a) If, during the Restricted Period, (a) you incur a Separation from Service (for the avoidance of doubt, which does not otherwise result in the vesting of the Restricted Shares), (b) you materially breach this Agreement, or (c) you fail to meet the tax withholding obligations described in Section 5 below, you will immediately and automatically forfeit all of your rights in respect of the Restricted Shares.
(b) [Notwithstanding anything contained herein or in the Plan to the contrary, if you incur a Separation from Service due to a Qualifying Termination, then [ ]% of the Restricted Shares shall vest and the restrictions shall lapse on the date of such Qualifying Termination. “Qualifying Termination” shall mean your Separation from Service due to a termination by the Company without Cause (other than as a result of death or Disability) on or within 12 months following a Change in Control.]
Forfeiture; Termination. 10.6.1 If at any time the rent or any part of the rent shall remain unpaid for 14 days after becoming payable (whether formally or legally demanded or not); or if any agreement or obligation on the Tenant’s part shall not be performed or observed; or if the Tenant shall become bankrupt or enter into a Voluntary Arrangement with his Creditors; or if any of the grounds listed in Schedule 2 of the Housing ▇▇▇ ▇▇▇▇ as amended by the Housing ▇▇▇ ▇▇▇▇ apply; then the Landlord may re-enter upon the Premises provided he has complied with his statutory obligations and has obtained a court order and at that time the Tenancy shall end, but the Landlord retains the right to take action against the Tenant in respect of any breach of the Tenant’s agreements and obligations contained in the Tenancy.
Forfeiture; Termination of Services; Change in Control
(a) In the event of the death of the Participant while employed by the Corporation, the Award held by the Participant which has not vested, shall vest irrespective of whether the vesting period has been completed. In the case of Performance Shares, the number of shares will be calculated as if the target number of the Performance Goals had in fact been earned.
(b) In the event the Participant’s employment is terminated by reason of Disability, the Award held by such participant which has not vested, shall vest irrespective of whether the vesting period has been completed. In the case of Performance Shares, the number of shares will be calculated as if the target number of the Performance Goals had in fact been earned.
(c) In the event the Participant’s employment is terminated by the Corporation or any Affiliate for Cause, the Award held by the Participant which has not vested shall be forfeited and canceled upon such termination.
(d) Unless otherwise determined by the Committee, in the event the Participant’s employment ends as a result of the Participant’s resignation from the Corporation or an Affiliate, any Award held by such Participant which has not vested, shall be forfeited and canceled upon such termination.
(e) In the event the Participant’s employment is involuntarily terminated within one year after a Change in Control, if any Award held by the Participant is not assumed by the successor entity it shall vest irrespective of whether the vesting period has been completed. In the case of Performance Shares, the number of shares will be calculated as if the target number of the Performance Goals had in fact been earned.
(f) In the event of the Participant’s Retirement:
(1) Restricted Stock held by Participant which have not vested, shall vest irrespective of whether the vesting period has been completed; and
(2) outstanding Performance Shares shall continue outstanding and vest in full on the Performance Shares Vesting Date in accordance with the actual results of the Performance Goals during the Performance Cycle.
(g) Based on particular circumstances evaluated by the Committee as they may relate to the termination of a Participant, the Board may, with the recommendation of the Committee, grant the full vesting of the Award held by the Participant upon termination of employment.
(h) If awards are accelerated for reasons other than death, disability, retirement, or change in control, those accelerated shares will be l...
Forfeiture; Termination. (a) If, during the Restricted Period, (a) you incur a Separation from Service (for the avoidance of doubt, which does not otherwise result in the immediate or continued earning and payment of the RSUs), (b) you materially breach this Agreement, or (c) you fail to meet the tax withholding obligations described in Section 7 below, you will immediately and automatically forfeit all of your rights in respect of the RSUs.
(b) Notwithstanding anything contained herein or in the Plan to the contrary, if you incur a Separation from Service due to a Qualifying Termination, then 100% of the RSUs (to the extent such restrictions have not previously lapsed) shall be deemed earned and payable on the date of such Qualifying Termination. “Qualifying Termination” shall mean your Separation from Service due to a termination by the Company without Cause (other than as a result of death or Disability) or a resignation by you for Good Reason (as defined on Exhibit A attached hereto), in each case, on or following a Change in Control.
Forfeiture; Termination