Common use of Effect of Certain Terminations of Employment Clause in Contracts

Effect of Certain Terminations of Employment. If your employment terminates as a result of your death or Disability, in each case if such termination occurs on or after the Date of Grant, the target number of Shares of Performance Based Restricted Stock (as set forth in Exhibit A) which have not become vested in accordance with Section 3 or 5 hereof shall vest, and the restrictions thereon shall lapse as of the date of such termination. If your employment is terminated by your employer for any reason other than for Cause, then the Restricted Period shall not end and your Award shall continue until such time as the Committee certifies the extent to which the Performance Objectives set forth in Exhibit A have been attained, and if attained, the Restricted Period as to the Award shall lapse as provided in Section 3(a) above, without regard to Section 3(b). If neither of the Performance Objectives is attained, the Award shall lapse in its entirety.

Appears in 2 contracts

Sources: Performance Based Restricted Stock Award Agreement (Community Health Systems Inc), Performance Based Restricted Stock Award Agreement (Community Health Systems Inc)

Effect of Certain Terminations of Employment. If your employment terminates as a result of your death or Disability, in each case if such termination occurs on or after the Date of Grant, the target number of Shares of Performance Based Restricted Stock (as set forth in Exhibit A) which have not become vested in accordance with Section 3 or 5 hereof shall vest, and the restrictions thereon shall lapse as of the date of such termination. If your employment is terminated by your employer for any reason other than for Cause, then the Restricted Period shall not end and your Award shall continue until such time as the Committee certifies determines the extent to which the Performance Objectives set forth in Exhibit A have been attained, and if attained, the Restricted Period as to the Award shall lapse as provided in Section 3(a) above, without regard to Section 3(b). If neither of the minimum Performance Objectives is are not attained, the Award shall lapse in its entirety.

Appears in 1 contract

Sources: Performance Based Restricted Stock Award Agreement (Community Health Systems Inc)