Termination of Continuous Employment Sample Clauses
The 'Termination of Continuous Employment' clause defines the conditions under which an employee's ongoing period of employment with an employer is considered to end. Typically, this clause outlines specific events—such as resignation, dismissal, redundancy, or retirement—that break the continuity of employment, and may also address exceptions like certain types of leave or temporary layoffs that do not interrupt continuous service. Its core practical function is to clarify when employment is officially terminated for the purposes of calculating statutory entitlements, notice periods, or benefits, thereby preventing disputes over employment duration and associated rights.
Termination of Continuous Employment. Except as otherwise expressly provided in this Agreement, if Participant’s continuous Employment terminates for any reason at any time before all of Participant’s PSUs have vested, Participant’s unvested PSUs shall automatically be forfeited upon termination of continuous Employment and neither the Company nor any Affiliate shall have any further obligations to Participant under this Agreement. Notwithstanding the foregoing, if Participant’s continuous Employment terminates by reason of Participant’s death or disability, the Administrator may, in its sole discretion, accelerate the vesting of some or all of the unvested PSUs held by Participant.
Termination of Continuous Employment. Notwithstanding any other provision of this Agreement to the contrary, if the Participant is an employee of the Company or one of its subsidiaries or affiliates, and if the Participant’s continuous employment with the Company terminates for any reason (or no reason), other than the Participant’s death or Disability (as defined in the Plan), any Restricted Units that are subject to the Period of Restriction on the date of the Participant’s termination shall be immediately forfeited by the Participant and shall be automatically transferred to and reacquired by the Company at no cost to the Company, and neither the Participant nor his or her heirs, executors, administrators or successors shall have any right or interest in such Restricted Units or the underlying Common Shares. In the event of the Participant’s death or Disability, any Restricted Units that are subject to the Period of Restriction on the date of death or Disability shall immediately vest and the Participant or his or her heirs, executors, administrators or successors shall have the right and interest in such Restricted Units.
Termination of Continuous Employment. If, prior to the Vesting Date set forth in Section 1, the Participant’s Continuous Employment with the Company terminates:
(i) by reason of death, then all unvested RSUs evidenced by this Agreement shall become 100% Vested to the extent such RSUs have not previously been forfeited;
(ii) by reason of Normal Retirement that does not result in Transition Director Service, or by reason of the termination of Transition Director Service, (A) before the second anniversary of the Date of Grant, then all unvested RSUs (and all dividend equivalents) shall be immediately forfeited without further consideration to the Participant or (B) on or after the second anniversary of the Date of G▇▇▇▇, then the Participant shall continue to Vest following such Normal Retirement (or such termination of Transition Director Service) in a pro rata portion of the RSUs to the same extent that the unvested RSUs would Vest had the Participant remained in Continuous Employment through the Vesting Date, with such pro rata portion of the RSUs determined by multiplying the total number of RSUs evidenced by this Agreement, to the extent not previously Vested or forfeited, by a fraction, the numerator of which is the total number of calendar days during which the Participant was employed by the Company (or providing Transition Director Service) during the period beginning on the Date of Grant and ending on the Participant’s termination of Continuous Employment and the denominator of which is the total number of calendar days beginning on the Date of Grant and ending on the Vesting Date, rounded to the nearest whole number of RSUs (such pro rata portion shall be considered non-forfeitable upon such Normal Retirement (or such termination of Transition Director Service) under this Section 3(b)(ii)(B) for purposes of the settlement provisions under Section 4(a)(v));
(iii) by reason of Disability, then the Participant shall immediately Vest in a pro rata portion of the RSUs determined by multiplying the total number of RSUs evidenced by this Agreement, to the extent not previously Vested or forfeited, by a fraction, the numerator of which is the total number of calendar days during which the Participant was employed by the Company during the period beginning on the Date of Grant and ending on the Participant’s termination of Continuous Employment and the denominator of which is the total number of calendar days beginning on the Date of Grant and ending on the Vesting Date, rounded to the nearest ...
Termination of Continuous Employment. (i) Subject to Section 3(d) below, in the event of the termination of the Participant’s continuous employment with the Company or an Affiliate for any reason other than death, disability (as defined and determined in the sole discretion of the Committee) or Retirement (as defined below) prior to the end of the Performance Period, the RSUs and the Participant’s right to receive any Earned Shares pursuant to this Agreement shall be forfeited as of the date of such termination without payment of any consideration.
(ii) In the event of the termination of the Participant’s continuous employment with the Company or an Affiliate as a result of the Participant’s death, disability (as defined and determined in the sole discretion of the Committee) or Retirement prior to the last day of the Performance Period, the Award shall be payable at the Target Award level, less the number of shares eligible to be earned for any completed Measurement Periods, with such resulting amount deemed to be the Earned Shares. The Company shall issue such Earned Shares in accordance with the timing specified in Section 3(b) above.
Termination of Continuous Employment. (i) Subject to Section 3(c) below, in the event of the termination of the Participant’s continuous employment with the Company or an Affiliate for any reason other than death, disability or Retirement (as defined below) prior to the third anniversary of the Grant Date, any RSUs held by the Participant that have not vested as of the date of such termination shall be forfeited without payment of any consideration.
(ii) In the event of the termination of the Participant’s continuous employment with the Company or an Affiliate as a result of the Participant’s death, disability or Retirement prior to the third anniversary of the Grant Date, the Participant will become vested in a pro rata portion of the unvested RSUs, with such pro rata portion calculated by multiplying the number of RSUs that would have vested on the next vesting date had the Participant’s employment not terminated prior to such vesting date by a fraction, the numerator of which equals the number of days that the Participant was employed since the prior vesting date and the denominator of which shall be 365. The Company shall issue the pro rata portion of the vested RSUs in accordance with the timing specified in Section 3(d) below.
Termination of Continuous Employment. (i) Subject to Section 3(c) below, in the event of the termination of the Participant’s continuous employment with the Company or an Affiliate for any reason other than death, disability (as defined and determined in the sole discretion of the Committee) or Retirement (as defined below) prior to the third anniversary of the Grant Date, any RSUs held by the Participant that have not vested as of the date of such termination shall be forfeited without payment of any consideration.
(ii) In the event of the termination of the Participant’s continuous employment with the Company or an Affiliate as a result of the Participant’s death, disability (as defined and determined in the sole discretion of the Committee) or Retirement prior to the third anniversary of the Grant Date, any unvested RSUs held by the Participant shall vest in full. The Company shall issue the vested RSUs in accordance with the timing specified in Section 3(d) below.
Termination of Continuous Employment. (i) Subject to Section 3(d) below, in the event of the termination of the Participant’s continuous employment with the Company or an Affiliate for any reason other than death, disability or Retirement (as defined below) prior to the end of the Performance Period, the RSUs and the Participant’s right to receive any Earned Shares pursuant to this Agreement shall be forfeited as of the date of such termination without payment of any consideration.
(ii) In the event of the termination of the Participant’s continuous employment with the Company or an Affiliate as a result of the Participant’s death, disability or Retirement prior to the last day of a Measurement Period, the Participant will be issued a pro rata portion of the Earned Shares otherwise issuable pursuant to Section 3 hereof, with such pro rata portion calculated by multiplying the number of Earned Shares that would have been issued had the Participant’s employment not terminated during the Measurement Period by a fraction, the numerator of which equals the number of days that the Participant was employed during the Measurement Period and the denominator of which equals the total number of days in the Measurement Period. The Company shall issue the pro rata portion of the Earned Shares in accordance with the timing specified in Section 3(b) above.
Termination of Continuous Employment. The Participant’s right in any RSUs that are not vested as of the date on which the Participant’s Continuous Employment has ceased shall automatically terminate on such date, and such RSUs shall be canceled as provided under the General Terms and shall be of no further force and effect. In the event of termination of Continuous Employment, the Company, as soon as practicable following the effective date of termination, shall issue shares of Common Stock to the Participant (or the Participant’s designated beneficiary or estate executor in the event of Participant’s death) with respect to any RSUs which, as of the effective date of termination of Continuous Employment, have vested but for which shares of Common Stock had not yet been issued to the Participant.
Termination of Continuous Employment. The Grantee’s right in any RSUs that are not vested as of the date on which the Grantee’s Continuous Employment has ceased shall automatically terminate on such date, and such RSUs shall be canceled and shall be of no further force and effect. In the event of termination of Continuous Employment, the Company, as soon as practicable following the effective date of termination, shall issue shares of Common Stock to the Grantee (or the Grantee’s designated beneficiary or estate executor in the event of Grantee’s death) with respect to any RSUs which, as of the effective date of termination of Continuous Employment, have vested but for which shares of Common Stock had not yet been issued to the Grantee.