Forfeiture Upon Termination for Cause. In the event of a Termination of Employment by the Company for Cause (a “Forfeiture Termination”), the Award and all Class C Units, whether vested or unvested 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 Class C Units (or such proportionate amount of Participant’s Capital Account balance).
Appears in 3 contracts
Samples: Class C Profits Interest Agreement (Hard Rock Hotel Holdings, LLC), Class C Profits Interest Agreement (Hard Rock Hotel Holdings, LLC), Class C Profits Interest Agreement (Hard Rock Hotel Holdings, LLC)
Forfeiture Upon Termination for Cause. In the event of a Participant’s Termination of Employment Service by the Company Employer for Cause (a “Forfeiture Termination”), the Award and all Class C Incentive Units, whether vested or unvested as of the Termination Date (and the proportionate amount of Participant’s Capital Account balance attributable to such Class C Incentive 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 Class C Units (or such proportionate amount of Participant’s Capital Account balance)Incentive Units.
Appears in 1 contract
Samples: Class C Incentive Unit Agreement (Cadence Bancorporation)
