Common use of Termination in Connection with Failure to Nominate Clause in Contracts

Termination in Connection with Failure to Nominate. If Participant’s service as a Non-Employee Director is terminated because the Board fails to re-nominate such Participant to serve as a Non-Employee Director on the Board, the Restricted Stock Units that remain unvested shall remain outstanding and vest according to the schedule set forth in Section 2(b) as if Participant continually remained a Non-Employee Director until the first anniversary of the Date of Grant.

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (CST Brands, Inc.), Restricted Stock Unit Award Agreement (CST Brands, Inc.), Restricted Stock Award Agreement (CST Brands, Inc.)

AutoNDA by SimpleDocs

Termination in Connection with Failure to Nominate. If Participant’s service as a Non-Employee Director is terminated because the Board fails to re-nominate such Participant to serve as a Non-Employee Director on the Board, the Restricted Stock Units (or Converted Awards) that remain unvested on or prior to such date of termination shall remain outstanding and fully vest according to the schedule set forth in Section 2(b) as if Participant continually remained a Non-Employee Director until the first anniversary of the Date of Grantupon such termination.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (CST Brands, Inc.)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!