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: Profits Interest Agreement (Hard Rock Hotel Holdings, LLC), Profits Interest Agreement (Hard Rock Hotel Holdings, LLC), 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)
