Common use of Termination of Employment for Good Reason or Without Cause Clause in Contracts

Termination of Employment for Good Reason or Without Cause. All unvested Restricted Stock Units shall remain eligible to vest subject to the satisfaction of the performance goals set forth on Exhibit A following a termination of employment by the Participant for Good Reason, or by the Company not for Cause, in each case, subject to Participant’s execution and non-revocation of a release of claims in a form provided by the Company within 60 days following Participant’s termination of employment (or any longer period required by applicable law). Participant’s termination of employment shall not be deemed to be for Good Reason unless (i) Participant has notified the Company in writing describing the occurrence of one or more Good Reason events within ninety (90) days after Participant first becomes aware of such occurrence (or should have become aware of such occurrence), (ii) the Company fails to cure such Good Reason event within thirty (30) days after its receipt of such written notice and (iii) the termination of employment occurs within thirty (30) days following such failure to cure. If the performance goals are deemed satisfied in connection with a Change in Control pursuant to Section 9(a)(iii) of the Plan, any unvested Restricted Stock Units determined to be earned shall vest on (A) if Participant’s termination of employment under the circumstances described in this Section 2(d) occurs prior to the Change in Control, effective as of the Change in Control or (B) if Participant’s termination of employment under the circumstances described in this Section 2(d) occurs following the Change in Control, effective as of Participant’s termination of employment.

Appears in 3 contracts

Samples: Performance Restricted Stock Unit Agreement (Independent Bank Group, Inc.), Performance Restricted Stock Unit Agreement (Independent Bank Group, Inc.), Performance Restricted Stock Unit Agreement (Independent Bank Group, Inc.)

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Termination of Employment for Good Reason or Without Cause. All unvested Restricted Stock Units shall remain eligible to vest subject to the satisfaction of the performance goals set forth on Exhibit A following a termination of employment by the Participant for Good Reason, or by the Company not for Cause, in each case, subject to Participant’s execution and non-revocation of a release of claims in a form provided by the Company within 60 days following Participant’s termination of employment (or any longer period required by applicable law). Participant’s termination of employment shall not be deemed to be for Good Reason unless (i) Participant has notified the Company in writing describing the occurrence of one or more Good Reason events within ninety (90) days after Participant first becomes aware of such occurrence (or should have become aware of such occurrence), (ii) the Company fails to cure such Good Reason event within thirty (30) days after its receipt of such written notice and (iii) the termination of employment occurs within thirty (30) days following such failure to cure. If the performance goals are deemed satisfied in connection with a Change in Control pursuant to Section 9(a)(iii8(a)(iii) of the Plan, any unvested Restricted Stock Units determined to be earned shall vest on (A) if Participant’s termination of employment under the circumstances described in this Section 2(d) occurs prior to the Change in Control, effective as of the Change in Control or (B) if Participant’s termination of employment under the circumstances described in this Section 2(d) occurs following the Change in Control, effective as of Participant’s termination of employment.

Appears in 1 contract

Samples: Performance Restricted Stock Unit Agreement (Independent Bank Group, Inc.)

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