Common use of Termination of Relationship Clause in Contracts

Termination of Relationship. In the event a Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated for any reason other than death or Disability, all RSUs of such Key Person that are unvested at the date of termination shall be forfeited to the Company. In the event the Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated due to death or Disability, all RSUs of such Key Person shall immediately become fully vested on the date of termination and all restrictions shall lapse.

Appears in 6 contracts

Samples: Restricted Stock Unit Agreement (LKQ Corp), Restricted Stock Unit Agreement (LKQ Corp), Restricted Stock Unit Agreement (LKQ Corp)

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Termination of Relationship. In the event a Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated for any reason other than death or Disability, all RSUs Performance Units of such Key Person that are unvested at the date of termination shall be forfeited to the Company. In the event the Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated due to death or Disability, all RSUs Performance Units of such Key Person shall immediately become fully vested on the date of termination and all restrictions shall lapse.

Appears in 4 contracts

Samples: Performance Based Restricted Stock Unit Agreement (LKQ Corp), Performance Based Restricted Stock Unit Agreement (LKQ Corp), Performance Based Restricted Stock Unit Agreement (LKQ Corp)

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Termination of Relationship. In the event a Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated for any reason other than death Death or Disability, all RSUs of such Key Person that are unvested at the date of termination shall be forfeited to the Company. In the event the Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated due to death or Disability, all RSUs of such Key Person shall immediately become fully vested on the date of termination and all restrictions shall lapse.

Appears in 3 contracts

Samples: Restricted Stock Unit Agreement (LKQ Corp), Restricted Stock Unit Agreement (LKQ Corp), Restricted Stock Unit Agreement (LKQ Corp)

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