Common use of Involuntary Termination or Voluntary Termination Clause in Contracts

Involuntary Termination or Voluntary Termination. If the Awardee ceases to be employed by the Company, its parent or a subsidiary because of Awardee’s involuntary termination (other than for cause as described above) or voluntary termination, before the Awardee is eligible to retire under a Company sponsored retirement plan, then that portion of the Award which shall be considered vested on such termination shall be, unless otherwise determined by the Board in its sole discretion, calculated in accordance with the following schedule. Date of Termination Vesting Percentage Prior to <<date 3 years from grant date>> 0 % On or after <<date 3 years from grant date>> 15 % On or after <<date 4 years from grant date>> 20 % On or after <<date 5 years from grant date>> 25 % On or after <<date 6 years from grant date>> 30 % On or after <<date 7 years from grant date>> 35 % On or after <<date 8 years from grant date>> 40 % On or after <<date 9 years from grant date>> 45 % On or after <<date 10 years from grant date>> 100 % Any portion of the Award which is not vested on the date of termination of employment, or determined to be vested by the Board in its sole discretion, shall be forfeited as of the date of termination of employment. It shall be the responsibility of the Awardee to notify the Company of any changes in address. As used in this Agreement, the term “parent” means any present or future corporation which would be a “parent corporation” of the Company as defined in Section 424(e) of the Internal Revenue Code and, “subsidiary” means any present or future corporation which would be a “subsidiary corporation” of the Company as defined in Section 424(f) of the Internal Revenue Code.

Involuntary Termination or Voluntary Termination. If the Awardee ceases to be employed by the Company, its parent or a subsidiary because of Awardee’s involuntary termination (other than for cause as described above) or voluntary termination, before the Awardee is eligible to retire under a Company sponsored retirement plan, then that portion of the Award which shall be considered vested on such termination shall be, unless otherwise determined by the Board in its sole discretion, calculated in accordance with the following schedule. Date of Termination Vesting Percentage Prior to <<date [Date 3 years from grant date>> ] 0 % On or after <<date [Date 3 years from grant date>> ] 15 % On or after <<date [Date 4 years from grant date>> ] 20 % On or after <<date [Date 5 years from grant date>> ] 25 % On or after <<date [Date 6 years from grant date>> ] 30 % On or after <<date [Date 7 years from grant date>> ] 35 % On or after <<date [Date 8 years from grant date>> ] 40 % On or after <<date [Date 9 years from grant date>> ] 45 % On or after <<date [Date 10 years from grant date>> ] 100 % Any portion of the Award which is not vested on the date of termination of employment, or determined to be vested by the Board in its sole discretion, shall be forfeited as of the date of termination of employment. It shall be the responsibility of the Awardee to notify the Company of any changes in address. As used in this Agreement, the term “parent” means any present or future corporation which would be a “parent corporation” of the Company as defined in Section 424(e) of the Internal Revenue Code and, “subsidiary” means any present or future corporation which would be a “subsidiary corporation” of the Company as defined in Section 424(f) of the Internal Revenue Code.

Involuntary Termination or Voluntary Termination. If the Awardee ceases to be employed by the Company, its parent or a subsidiary because of Awardee’s involuntary termination (other than for cause as described above) or voluntary termination, before the Awardee is eligible to retire under a Company sponsored retirement plan, then that portion of the Award which shall be considered vested on such termination shall be, unless otherwise determined by the Board in its sole discretion, calculated in accordance with the following schedule. Date of Termination Vesting Percentage Prior to <<date 3 years from grant date>> 0 % On or after <<date 3 years from grant date>> 15 % On or after <<date 4 years from grant date>> 20 % On or after <<date 5 years from grant date>> 25 % On or after <<date 6 years from grant date>> 30 % On or after <<date 7 years from grant date>> 35 % On or after <<date 8 years from grant date>> 40 % On or after <<date 9 years from grant date>> 45 % On or after <<date 10 years from grant date>> 100 % Any portion of the Award which is does not become vested on the date of termination of employment, or determined to be vested by the Board in its sole discretion, employment shall be forfeited as of the date of termination of employment. It shall be the responsibility of the Awardee to notify the Company of any changes in address. As used in this Agreement, the term “parent” means any present or future corporation which would be a “parent corporation” of the Company as defined in Section 424(e) of the Internal Revenue Code andCode, and “subsidiary” means any present or future corporation which would be a “subsidiary corporation” of the Company as defined in Section 424(f) of the Internal Revenue Code.