Common use of Grantees Clause in Contracts

Grantees. The Grantee understands and agrees that the Grantee’s Employment shall be deemed to cease as of: (i) the date the Grantee is no longer actively employed by the Employer or (ii) if earlier, the date the Grantee receives notice of termination of employment from the Employer, in each case regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law). The Grantee further understands that the Committee shall have the exclusive discretion to determine when the Grantee is no longer actively providing services for purposes of the Plan and the effective date on which the Grantee ceased to provide services.

Grantees. The Grantee understands and agrees that the Grantee’s Employment shall be deemed to cease as of: (i) the date the Grantee is no longer actively employed by the Employer or (ii) if earlier, the date the Grantee receives notice of termination of employment from the Employer, in each case regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law). The Grantee further understands that the Committee Board (or the Committee) shall have the exclusive discretion to determine when the Grantee is no longer actively providing services for purposes of the Plan and the effective date on which the Grantee ceased to provide services.