Common use of Limitation on Rights; No Right to Future Grants; Extraordinary Item Clause in Contracts

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your employment contract, if any; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (g) the future value of the Shares subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in the employ of (or any other relationship with) the Company or any of its Affiliates, nor do they limit in any respect the right of the Company or any of its Affiliates to terminate your employment or other relationship with the Company or any of its Affiliates, as the case may be, at any time,(i) no claim or entitlement to compensation or damages arises from termination of the Award which results from the termination of your employment by the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination Date.

Appears in 2 contracts

Samples: Adc Telecommunications Inc, Adc Telecommunications Inc

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Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your employment contract, if any; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and you will have no entitlement to compensation or damages as a consequence of your forfeiture of any unvested portion of the Award as a result of the termination of your employment by the Company or any Subsidiary for any reason; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in the employ of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime and (i) no claim or entitlement to compensation or damages arises from termination in the event that you are not a direct employee of Company, the grant of the Award which results from will not be interpreted to form an employment relationship with the termination Company; and furthermore, the grant of the Award will not be interpreted to form an employment contract with your employment by employer, the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 2 contracts

Samples: Performance Stock Unit Award Agreement (Asiainfo Holdings Inc), Performance Stock Unit Award Agreement (Asiainfo Holdings Inc)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your employment contract, if any; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in the employ of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime and (i) no claim or entitlement to compensation or damages arises from termination in the event that you are not a direct employee of Company, the grant of the Award which results from will not be interpreted to form an employment relationship with the termination Company; and furthermore, the grant of the Award will not be interpreted to form an employment contract with your employment by employer, the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Amazon Com Inc)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your employment service contract, if any; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in the employ service of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect and (i) the right grant of the Company or any of its Affiliates Award will not be interpreted to terminate your form an employment or other relationship with the Company or any Subsidiary. Very truly yours, XXXXXX.XXX, INC. By: /s/ Xxxx Xxxxxxx Name: Xxxx Xxxxxxx Title: Senior Vice President, Human Resources ACCEPTANCE AND ACKNOWLEDGMENT I, a resident of its AffiliatesCalifornia (state, as or country if other than U.S.), accept the case may beRestricted Stock Unit Award described in this Agreement and in the Plan, at any time,(i) no claim or entitlement to compensation or damages arises from termination and acknowledge receipt of the Award which results from the termination a copy of your employment by the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Awardthis Agreement, the Plan or future grants under and the Plan, if anyapplicable Plan Summary, and (k) notwithstanding any terms or conditions of the Plan to the contraryacknowledge that I have read them carefully and that I fully understand their contents. Dated: March 14, in the event of involuntary termination of your employment (whether or not in breach of local labor laws)2017 /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx Address: [***] [***] indicates omitted, your right to receive Awards under the Planconfidential material, if any, will terminate on the Employment Termination Date.which material has been filed separately with the

Appears in 1 contract

Samples: Independent Contractor Agreement (Amazon Com Inc)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the AwardOption, you acknowledge the Participant acknowledges that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan, provided that, except as provided in Section 17 of the Plan, no amendment to this Agreement shall adversely affect in a material manner the Participant’s rights under this Agreement without his or her written consent; (b) the grant of the Award Option is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award Option is an extraordinary item which is outside the scope of your the Participant’s employment contract, if any, unless expressly provided for in any such employment contract; (f) the Award Option is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant will have no entitlement to compensation or damages as a consequence of the forfeiture of any unvested portion of the Option as a result of the Participant’s Termination of Service for any reason; (g) the future value of the Shares Common Stock subject to the Award Option is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award Option nor the issuance of the Shares shares underlying the Option confers upon you the Participant any right to continue in the employ or service of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your the Participant’s employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime with or without Cause, and (i) no claim or entitlement to compensation or damages arises from termination the grant of the Award which results from the termination of your Option will not be interpreted to form an employment by relationship with the Company or your Employer (for any reason Subsidiary; and whether or furthermore, the grant of the Option will not in breach of contract) be interpreted to form an employment contract with the Company or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 1 contract

Samples: Qualified Stock Option Agreement (NRG Energy Inc)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge the Participant acknowledges that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan, provided that, except as provided in Section 24 of the Plan, no amendment to this Agreement shall adversely affect in a material manner the Participant’s rights under this Agreement without his or her written consent; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your the Participant's employment contract, if any, unless expressly provided for in any such employment contract; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant will have no entitlement to compensation or damages as a consequence of the forfeiture of any unvested portion of the Award as a result of the Participant’s Termination of Service for any reason; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares shares underlying the Award confers upon you the Participant any right to continue in the employ or service of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your the Participant’s employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime with or without Cause, and (i) no claim or entitlement to compensation or damages arises from termination the grant of the Award which results from the termination of your will not be interpreted to form an employment by relationship with the Company or your Employer (for any reason Subsidiary; and whether or not in breach of contract) or any diminution in value furthermore, the grant of the Award or Shares issued pursuant will not be interpreted to the Award and you irrevocably release form an employment contract with the Company and its Affiliates from or any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (NRG Yield, Inc.)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge the Participant acknowledges that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan, provided that, except as provided in Section 17 of the Plan, no amendment to this Agreement shall adversely affect in a material manner the Participant’s rights under this Agreement without his or her written consent; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your the Participant’s employment contract, if any, unless expressly provided for in any such employment contract; (f) the Award is not part of normal or The terms and provisions of the plans described in this agreement are governed by the applicable plan document. If there is any discrepancy between this grant agreement and the plan document, the plan document will govern. expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant will have no entitlement to compensation or damages as a consequence of the forfeiture of any unvested portion of the Award as a result of the Participant’s Termination of Service for any reason; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares shares underlying the Award confers upon you the Participant any right to continue in the employ or service of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your the Participant’s employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime with or without Cause, and (i) no claim or entitlement to compensation or damages arises from termination the grant of the Award which results from the termination of your will not be interpreted to form an employment by relationship with the Company or your Employer (for any reason Subsidiary; and whether or not in breach of contract) or any diminution in value furthermore, the grant of the Award or Shares issued pursuant will not be interpreted to the Award and you irrevocably release form an employment contract with the Company and its Affiliates from or any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 1 contract

Samples: Performance Stock Unit Agreement (NRG Energy, Inc.)

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Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares of Common Stock subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your employment contract, if any; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (g) the future value of the Shares subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in the employ of (or any other relationship with) the Company or any of its Affiliates, nor do they limit in any respect the right of the Company or any of its Affiliates to terminate your employment or other relationship with the Company or any of its Affiliates, as the case may be, at any time,(itime, (i) no claim or entitlement to compensation or damages arises from termination of the Award which results from the termination of your employment by the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination Date.

Appears in 1 contract

Samples: Adc Telecommunications Inc

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge the Participant acknowledges that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b) the grant of the this Award is a discretionary one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your the Participant’s participation in the Plan is voluntary; (e) the value of the this Award is an extraordinary item which is outside the scope of your the Participant’s employment contract, if any; (f) the this Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, welfare, insurance, pension or retirement benefits or similar payments; (g) the future value of the Shares subject to the this Award is unknown and cannot be predicted with certainty, ; (h) neither the Plan, the this Award nor the issuance of the Shares confers will (1) confer upon you the Participant any right to continue in the employ of (or any other relationship with) the Company or any subsidiary of its Affiliatesthe Company, nor do they (2) if the Participant is an employee, alter in any way the Participant’s “at will” employment, or (3) limit in any respect the right of the Company or any of its Affiliates subsidiary to terminate your employment the Participant’s Employment or other relationship with the Company or any of its Affiliatessubsidiary, as the case may be, at any time,(itime, and (i) no claim in the event that the Participant is not a direct employee of the Company, the grant of this Award will not be interpreted to form an employment relationship with the Company; and furthermore, the grant of this Award will not be interpreted to form an employment contract with the Participant’s employer, the Company or entitlement any subsidiary. For the avoidance of doubt, language relating to compensation termination for “Cause” or damages arises from “not-for-Cause” pertains solely to the opportunity to vest and earn the Performance Stock Units as provided in this Agreement, and does not require the Company to establish “Cause” for the termination of the Award which results from the termination of your employment by the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value of the Award or Shares issued pursuant to the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateParticipant’s Employment.

Appears in 1 contract

Samples: Performance Stock Unit Award Agreement (Green Mountain Coffee Roasters Inc)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge the Participant acknowledges that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan, provided that, except as provided in Section 17 of the Plan, no amendment to this Agreement shall adversely affect in a material manner the Participant’s rights under this Agreement without his or her written consent; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope of your the Participant's employment contract, if any, unless expressly provided for in any such employment contract; (f) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant will have no entitlement to compensation or damages as a consequence of the forfeiture of any unvested portion of the Award as a result of the Participant’s Termination of Service for any reason; (g) the future value of the Shares Common Stock subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the Shares shares underlying the Award confers upon you the Participant any right to continue in the employ or service of (or any other relationship with) the Company or any of its AffiliatesSubsidiary, nor do they limit in any respect the right of the Company or any of its Affiliates Subsidiary to terminate your the Participant’s employment or other relationship with the Company or any of its AffiliatesSubsidiary, as the case may be, at any time,(itime with or without Cause, and (i) no claim or entitlement to compensation or damages arises from termination the grant of the Award which results from the termination of your will not be interpreted to form an employment by relationship with the Company or your Employer (for any reason Subsidiary; and whether or not in breach of contract) or any diminution in value furthermore, the grant of the Award or Shares issued pursuant will not be interpreted to the Award and you irrevocably release form an employment contract with the Company and its Affiliates from or any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateSubsidiary.

Appears in 1 contract

Samples: Market Stock Unit Agreement (NRG Energy, Inc.)

Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge that: (ai) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (bii) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (ciii) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the CompanyCommittee; (div) your participation in the Plan is voluntary; (ev) the value of the Award is an extraordinary item which is outside the scope of your employment contractany agreement you may have with the Company, if any; (fvi) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and you will have no entitlement to compensation or damages as a consequence of your forfeiture of any Unvested Shares of the Award or the Stock Units prior to the Stock Unit Vest Date as a result of the termination of your employment by the Company for any reason; (gvii) the future value of the Shares subject to the Award is unknown and cannot be predicted with certainty, (hviii) neither the Plan, the Award nor the issuance of the Shares confers upon you any right to continue in continued service as a director of the employ of (or any other relationship with) the Company or any of its AffiliatesCompany, nor do they limit in any respect the right of the Company’s stockholders or the Company or any of its Affiliates to terminate your employment status as a director or other relationship with the Company or any of its Affiliates, as the case may be, at any time,(itime and (ix) no claim or entitlement to compensation or damages arises from termination in the event that you are not a direct employee of Company, the grant of the Award which results from will not be interpreted to form an employment relationship with the termination of your employment by Company; and furthermore, the Company or your Employer (for any reason and whether or not in breach of contract) or any diminution in value grant of the Award or Shares issued pursuant will not be interpreted to form an employment contract with the Award and you irrevocably release the Company and its Affiliates from any such claim that may arise, (j) you consent to the delivery by electronic means of any notices, documents or election forms related to the Award, the Plan or future grants under the Plan, if any, and (k) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive Awards under the Plan, if any, will terminate on the Employment Termination DateCompany.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Virco MFG Corporation)

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