Common use of Termination of Employment or Service by Micro or its Affiliates in General Clause in Contracts

Termination of Employment or Service by Micro or its Affiliates in General. Except as the Committee may at any time otherwise provide or as required to comply with applicable law, if Awardee’s employment with the Employer, or service with Micro, as applicable, is terminated for any reason other than Voluntary Termination, death, Disability, Retirement or Cause (whether or not in breach of local labor laws), Awardee’s right to receive a payment under the Restricted Stock Unit Award shall be reduced from 100% of the payment that would be due if the Awardee remained employed throughout the Measurement and Vesting Periods to a fraction thereof whose numerator shall be the number of full months elapsed from the grant date through the Termination Date (as defined in Section 6(f) below) and whose denominator shall be 36; provided, however that if the numerator is less than 12, the Restricted Stock Unit Award shall immediately be cancelled (forfeited) and Awardee shall not be entitled to receive any payment thereunder. The payment will be made on each Vesting Date, as applicable, and shall be based on upon the results at the end of the Measurement Period.

Appears in 2 contracts

Samples: 2003 Equity Incentive Plan Eu Restricted Stock Unit Award Agreement (Ingram Micro Inc), Restricted Stock Unit Award Agreement (Ingram Micro Inc)

AutoNDA by SimpleDocs

Termination of Employment or Service by Micro or its Affiliates in General. Except as the Committee may at any time otherwise provide or as required to comply with applicable law, if Awardee’s employment with the Employer, or service with Micro, as applicable, Micro or an Affiliate is terminated for any reason other than Voluntary Termination, death, Disability, Retirement Disability or Cause (whether or not in breach of local labor laws)Cause, Awardee’s right to receive a payment under the Restricted Stock Unit Award shall be reduced from 100% of the payment that would be due if the Awardee remained employed throughout the Measurement and Vesting Periods to a fraction thereof whose numerator shall be the number of full months elapsed from the grant date beginning of the Measurement Period through the Termination Date (as defined in Section 6(f5(e) below) and whose denominator shall be 36; provided, however that if the numerator is less than 12, the Restricted Stock Unit Award shall immediately be cancelled (forfeited) and Awardee shall not be entitled to receive any payment thereunder. The payment will be made on each Vesting Date, as applicable, and shall be based on upon the results at the end of the Measurement Period.

Appears in 1 contract

Samples: 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement (Ingram Micro Inc)

Termination of Employment or Service by Micro or its Affiliates in General. Except as the Committee may at any time otherwise provide or as required to comply with applicable law, if Awardee’s employment with the Employer, or service with Micro, as applicable, is terminated for any reason other than Voluntary Termination, death, Disability, Retirement or Cause (whether or not in breach of local labor laws), Awardee’s right to receive a payment under the Restricted Stock Unit Award shall be reduced from 100% of the payment that would be due if the Awardee remained employed throughout the Measurement and Vesting Periods to a fraction thereof whose numerator shall be the number of full months elapsed from the grant date through the Termination Date (as defined in Section 6(f6(e) below) and whose denominator shall be 36; provided, however that if the numerator is less than 12, the Restricted Stock Unit Award shall immediately be cancelled (forfeited) and Awardee shall not be entitled to receive any payment thereunder. The payment will be made on each Vesting Date, as applicable, and shall be based on upon the results at the end of the Measurement Period.

Appears in 1 contract

Samples: 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement (Ingram Micro Inc)

AutoNDA by SimpleDocs

Termination of Employment or Service by Micro or its Affiliates in General. Except as the Committee may at any time otherwise provide or as required to comply with applicable law, if Awardee’s employment with the Employer, or service with Micro, as applicable, Micro or an Affiliate is terminated for any reason other than Voluntary Termination, death, Disability, Retirement Disability or Cause (whether or not in breach of local labor laws)Cause, Awardee’s right to receive a payment under the Restricted Stock Unit Award shall be reduced from 100% of the payment that would be due if the Awardee remained employed throughout the Measurement and Vesting Periods to a fraction thereof whose numerator shall be the number of full months elapsed from the grant date beginning of the Measurement Period through the Termination Date (as defined in Section 6(f6(e) below) and whose denominator shall be 36; provided, however that if the numerator is less than 12, the Restricted Stock Unit Award shall immediately be cancelled (forfeited) and Awardee shall not be entitled to receive any payment thereunder. The payment will be made on each Vesting Date, as applicable, and shall be based on upon the results at the end of the Measurement Period.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Ingram Micro Inc)

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