Termination of Continuous Service. (i) If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below. (ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service and the denominator of which is 365. (iii) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below: A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d). B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below. C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 3 contracts
Sources: Executive Performance Rsu Award Agreement (Fuel Tech, Inc.), Executive Performance Rsu Award Agreement (Fuel Tech, Inc.), Executive Performance Rsu Award Agreement (Fuel Tech, Inc.)
Termination of Continuous Service. (i) If the Participant’s Continuous Service with the Company terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, due to death or (C) Disability, no Executive Performance Look-Back RSUs will be awarded to the Participant, except as provided in Section 2(e3(e) below.
(ii) If, before the Determination Date, . If the Participant’s Continuous Service is terminated by terminates before the Company without Cause, or Determination Date due to death or Disability, the Committee shall determine, in its sole discretion, whether to award none, some or all of the Target Look-Back RSUs to the Participant and any such RSUs will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service and the denominator of which is 365.
(iii) will be fully-vested when they are awarded. If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance Look-Back RSUs have fully vested under Section 2(d3(d) or (e) below:
A. (i) If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance Look-Back RSUs, including any Executive Performance Look-Back RSUs that have vested under Section 2(d3(d).;
B. (ii) If the Participant terminates Continuous Service terminates due to death or Disability, the Participant will vest in any Executive Performance Look-Back RSUs that have not vested under Section 2(d3(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance Look-Back RSUs that were awarded to the Participant in accordance with Section 3 6 below.;
C. (iii) If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance Look-Back RSUs that have not vested under Section 2(d3(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance Look-Back RSUs that already have vested in accordance with Section 3 6 below.
Appears in 2 contracts
Sources: Executive Performance Rsu Award Agreement (Fuel Tech, Inc.), Executive Performance Rsu Award Agreement (Fuel Tech, Inc.)
Termination of Continuous Service. (i) If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (Ai) termination by the Company without Cause, (Bii) death, or (Ciii) Disability, no Executive Performance Revenue Growth RSUs will be awarded to the Participant, except as provided in Section 2(e4(e) below.
(ii) . If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive Performance Revenue Growth RSUs on the Distribution Date equal to Date, determined as follows: (A) the product obtained by multiplying “X” by “Y” where “X” equals Company shall determine the number of Executive Performance Revenue Growth RSUs such Participant that would have been entitled awarded to receive had such the Participant remained in as a percentage of the Target Revenue Growth RSU Amount, based on the Company’s Revenue Growth as of the calendar quarter ending immediately prior to his or her termination of Continuous Service until measured against the Determination Date and “Y” equals Revenue Growth of the Peer Group Companies on that date, according to the metrics of Section 4(a) above, then (B) the Company shall multiply that number by a fraction, the numerator of which is the number of days months of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service and the denominator of which is 365.
thirty-six (iii) 36). If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance Revenue Growth RSUs have fully vested under Section 2(d4(d) or (e) below:
A. (i) If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance Revenue Growth RSUs, including any Executive Performance Revenue Growth RSUs that have vested under Section 2(d4(d).;
B. (ii) If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance Revenue Growth RSUs that have not vested under Section 2(d4(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance Revenue Growth RSUs that were awarded to the Participant in accordance with Section 3 6 below.;
C. (iii) If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance Revenue Growth RSUs that have not vested under Section 2(d4(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance Revenue Growth RSUs that already have vested in accordance with Section 3 6 below.
Appears in 2 contracts
Sources: Executive Performance Rsu Award Agreement (Fuel Tech, Inc.), Executive Performance Rsu Award Agreement (Fuel Tech, Inc.)
Termination of Continuous Service. (i) If If, prior to the Participantvesting of the PSUs, the Employee’s Continuous Service terminates for any reason before at any time during the Determination DatePerformance Period, other than the Participantunvested PSUs shall be automatically forfeited and cancelled upon such termination of Service and the Company shall not have any further obligations to Employee under this Agreement; provided, however, that (a) in the event of death, presumed death, the Employee becoming Totally Disabled (as defined in Section 3(f)(i) of the Employment Agreement with the Company dated October 26, 2020, as amended by the Amendment dated June 28, 2021 (as further amended from time to time, the “Employment Agreement”)), termination of the Employee’s (A) termination employment by the Company without CauseCause (as defined in Section 4(a)(ii) of the Employment Agreement) (which includes a non-renewal by the Company of the Employment Agreement for each Additional Term, as defined in Section 2 of the Employment Agreement) or termination by the Employee for Good Reason (Bas defined in Section 4(a)(iv) deathof the Employment Agreement), all outstanding unvested PSUs will be fully vested, and/or payable at the maximum level regardless of whether all vesting conditions relating to length of service, attainment of Performance Goals, or otherwise have been satisfied; and (Cb) Disability, no Executive Performance RSUs will be awarded to in the Participant, except event of a Retirement (as provided defined in Section 2(e4(a)(v) below.
of the Employment Agreement) or in the event of a Change in Control (iias defined in Section 4(a)(iii) If, before of the Determination Date, Employment Agreement) following which the Participant’s Continuous Service employment of the Employee is terminated by the Company without CauseCompany, or due with respect to death or Disabilityall unvested PSUs that are outstanding on a Termination Date (as defined in Section 4(a)(vi) of the Employment Agreement), the Participant will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs shares to be earned, issued and delivered to the Employee, if any, for such Participant would have been entitled to receive had such Participant remained in Continuous Service until outstanding PSUs will be determined at the Determination Date and “Y” equals a fraction, the numerator end of which is the number of days of Continuous Service during the Performance Period Periods in which such Retirement or termination of employment following a Change in Control occurs and will be issued and paid to the Participant had completed Employee as though he continued to be employed through the end of the date of his or her termination of Continuous Service and the denominator of which is 365Performance Period.
(iii) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d).
B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 2 contracts
Sources: Performance Share Unit Grant Agreement (M.D.C. Holdings, Inc.), Performance Share Unit Grant Agreement (M.D.C. Holdings, Inc.)
Termination of Continuous Service. (i) If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (Ai) termination by the Company without Cause, (Bii) death, or (Ciii) Disability, no Executive TSR Performance RSUs will be awarded to the Participant, except as provided in Section 2(e5(e) below.
(ii) . If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive TSR Performance RSUs on the Distribution Date equal to Date, determined as follows: (A) the product obtained by multiplying “X” by “Y” where “X” equals Company shall determine the number of Executive Performance RSUs such Participant that would have been entitled awarded to receive had such the Participant remained in as a percentage of the Target TSR Performance RSU Amount, based on the Company’s TSR Performance as of the calendar quarter ending immediately prior to his or her termination of Continuous Service until measured against the Determination Date and “Y” equals TSR Performance of the Peer Group Companies on that date, according to the metrics of Section 5(a) above, then (B) the Company shall multiply that number by a fraction, the numerator of which is the number of days months of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service and the denominator of which is 365.
thirty-six (iii) 36). If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive TSR Performance RSUs have fully vested under Section 2(d5(d) or (e) below:
A. (i) If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive TSR Performance RSUs, including any Executive TSR Performance RSUs that have vested under Section 2(d5(d).;
B. (ii) If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive TSR Performance RSUs that have not vested under Section 2(d5(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive TSR Performance RSUs that were awarded to the Participant in accordance with Section 3 6 below.;
C. (iii) If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive TSR Performance RSUs that have not vested under Section 2(d5(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive TSR Performance RSUs that already have vested in accordance with Section 3 6 below.
Appears in 2 contracts
Sources: Executive Performance Rsu Award Agreement (Fuel Tech, Inc.), Executive Performance Rsu Award Agreement (Fuel Tech, Inc.)
Termination of Continuous Service. (i) 3.1. If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disabilityterminated, the Participant Options will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days remain exercisable as follows:
(a) If Participant’s termination of Continuous Service during is due to death, all unvested Options will terminate and all vested Options will be exercisable by Participant’s designated beneficiary, or if none, the Performance Period person(s) to whom such Participant’s rights under the Participant had completed Option are transferred by will or the laws of descendent and distribution for one (1) year following the Termination Date (but in no event beyond the term of the Option).
(b) If Participant’s termination of Continuous Service is due to Disability (as such term is defined in Participant’s Employment Agreement with the Company dated as of the date hereof (the “Employment Agreement”)), all unvested Options will terminate and all vested Options will be exercisable by Participant for one (1) year following the Termination Date (but in no event beyond the term of his or her the Option).
(c) If Participant’s termination of Continuous Service and is due to termination for Cause (as such term is defined in the denominator Employment Agreement) or voluntary termination without Good Reason (as such term is defined in the Employment Agreement) by the Participant, the Options will terminate on the Termination Date, regardless of which is 365whether the Options were then exercisable.
(iiid) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s termination of Continuous Service is due to any other reason, all unvested Options will terminate on the Termination Date and all Options (to the extent exercisable as of the Termination Date) will be exercisable for a period of three (3) months following such Termination Date (but in no event beyond the term of the Option) and will thereafter terminate. Participant’s status as an employee will not be considered terminated in the case of leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided, that, such leave is for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d)a period of not more than three (3) months or reemployment upon expiration of such leave is guaranteed by contract or statute.
B. If 3.2. Nothing in the Plan or this Agreement will confer on Participant terminates any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate his Continuous Service due to death or Disability, the Participant will vest in at any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 belowtime.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 2 contracts
Sources: Employment Agreement (Wet Seal Inc), Employment Agreement (Wet Seal Inc)
Termination of Continuous Service. (i) 3.1. If the Participant’s Continuous Service terminates for any reason before the Determination Dateas Chief Operating Officer is terminated, other than the this Option will remain exercisable as follows:
(a) If Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service as Chief Operating Officer is due to death, all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the denominator Termination Date and all remaining unvested Shares will terminate and all vested Shares will be exercisable by Participant’s designated beneficiary, or if none, the person(s) to whom such Participant’s rights under this Option are transferred by will or the laws of which is 365descent and distribution for one (1) year following the Termination Date (but in no event beyond the term of this Option).
(iiib) If the Participant’s termination of Continuous Service terminates as Chief Operating Officer is due to Disability (as defined in the Employment Agreement), all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the Termination Date and all remaining unvested Shares will terminate and all vested Shares will be exercisable by Participant for one (1) year following the Termination Date (but in no event beyond the term of this Option).
(c) If Participant’s termination of Continuous Service as Chief Operating Officer is due to termination for Cause (as defined in the Employment Agreement) or after voluntary termination without Good Reason (as defined in the Determination Employment Agreement) by Participant, the Shares will terminate on the Termination Date, but before regardless of whether the Executive Performance RSUs have fully vested under Section 2(dShares were then exercisable.
(d) If Participant’s termination of Continuous Service as Chief Operating Officer is due to termination without Cause (as defined in the Employment Agreement) or termination for Good Reason (eas defined in the Employment Agreement) below:
A. If by Participant, all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the Termination Date and all remaining unvested Shares will terminate on the Termination Date. All Shares (to the extent exercisable as of the Termination Date, including previously vested Shares and Shares vested pursuant to this Section 3.1(d)), will be exercisable for a period of six (6) months following such Termination Date (but in no event beyond the term of this Option) and will thereafter terminate. Participant’s Continuous Service is status as Chief Operating Officer will not be considered terminated in the case of a leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided that, such leave is for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d)a period of not more than three (3) months or reemployment upon expiration of such leave is guaranteed by contract or statute.
B. If 3.2. Nothing in the Plan or this Agreement will confer on Participant terminates any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate his Continuous Service due to death or Disability, the Participant will vest in as Chief Operating Officer at any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 belowtime.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Termination of Continuous Service. (ia) If Except as otherwise expressly provided in this Agreement, if the ParticipantGrantee’s Continuous Service terminates for any reason at any time before any part of the Target or Actual Award has vested, the Grantee’s unvested Target or Actual Award shall be automatically forfeited upon such termination of Continuous Service, and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.
(b) Notwithstanding Section 4(a):
(i) If the Grantee’s Continuous Service terminates before the Determination DateTarget Award has vested as a result of the Grantee’s death or Disability, other than the ParticipantTarget Award shall vest in accordance with Section 3 as if the Grantee’s Continuous Service had not terminated. The Cash Payment and Common Shares that would have constituted Restricted Shares but for vesting in accordance with this Section 4(b)(i) comprising the Actual Award shall be paid to the Grantee or Grantee’s estate or beneficiary(ies) as the case may be in accordance with Section 1;
(Aii) If the Grantee’s Continuous Service terminates before the end of the Performance Period as a result of Retirement, termination by the Company without Cause, (B) deathor termination by the Grantee for Good Reason, or (C) Disability, no Executive Performance RSUs will be awarded a pro rata portion of the unvested Target Award shall vest in proportion to the Participantnumber of months, except as provided including any partial month, elapsed in the Performance Period. The Actual Award shall be determined on the Certification Date, and the Cash Payment and the Common Shares comprising the Actual Award shall be paid in accordance with Section 2(e) below.1, subject to consideration of Section 409A (any Cash Payment and Common Shares issued are intended to comply with Section 409A); and
(iiiii) If, before If following the Determination Certification Date, the ParticipantGrantee’s Continuous Service is terminated terminates before the Restricted Shares comprising the Actual Award have vested as a result of Retirement, termination by the Company without Cause, or due to death or Disabilitytermination by the Grantee for Good Reason, the Participant will be awarded a number of vested Executive Performance RSUs all unvested Restricted Shares shall vest on the Distribution Date equal effective date of the Grantee’s separation from service and be paid to the product obtained by multiplying “X” by “Y” where “X” equals Grantee in the number form of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until Common Shares within sixty (60) days following the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as effective date of the date Grantee’s termination, subject to consideration of his or her termination Section 409A (any vesting of Continuous Service and the denominator of which Common Shares is 365.
(iii) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under intended to comply with Section 2(d) or (e) below:
A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d409A).
B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Sources: Annual Incentive Plan Award Agreement (United Community Financial Corp)
Termination of Continuous Service. (i) 3.1. If the Participant’s Continuous Service terminates for any reason before the Determination Dateas Chief Executive Officer is terminated, other than the this Option will remain exercisable as follows:
(a) If Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service as Chief Executive Officer is due to death, all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the denominator Termination Date and all remaining unvested Shares will terminate and all vested Shares will be exercisable by Participant’s designated beneficiary, or if none, the person(s) to whom such Participant’s rights under this Option are transferred by will or the laws of which is 365descent and distribution for one (1) year following the Termination Date (but in no event beyond the term of this Option).
(iiib) If the Participant’s termination of Continuous Service terminates as Chief Executive Officer is due to Disability (as defined in the Employment Agreement), all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the Termination Date and all remaining unvested Shares will terminate and all vested Shares will be exercisable by Participant for one (1) year following the Termination Date (but in no event beyond the term of this Option).
(c) If Participant’s termination of Continuous Service as Chief Executive Officer is due to termination for Cause (as defined in the Employment Agreement) or after voluntary termination without Good Reason (as defined in the Determination Employment Agreement) by Participant, the Shares will terminate on the Termination Date, but before regardless of whether the Shares were then exercisable.
(d) If Participant’s termination of Continuous Service as Chief Executive Performance RSUs have fully vested under Section 2(dOfficer is due to termination without Cause (as defined in the Employment Agreement) or termination for Good Reason (eas defined in the Employment Agreement) below:
A. If by Participant, all unvested Shares that would have vested on the next vesting date immediately following the Termination Date will vest and be exercisable as of the Termination Date and all remaining unvested Shares will terminate on the Termination Date. All Shares (to the extent exercisable as of the Termination Date, including previously vested Shares and Shares vested pursuant to this Section 3.1(d)), will be exercisable for a period of six (6) months following such Termination Date (but in no event beyond the term of this Option) and will thereafter terminate. Participant’s Continuous Service is status as Chief Executive Officer will not be considered terminated in the case of a leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided that, such leave is for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d)a period of not more than three (3) months or reemployment upon expiration of such leave is guaranteed by contract or statute.
B. If 3.2. Nothing in the Plan or this Agreement will confer on Participant terminates any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate her Continuous Service due to death or Disability, the Participant will vest in as Chief Executive Officer at any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 belowtime.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Termination of Continuous Service. (i) If i. In the Participantevent of termination of the Grantee’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) a termination by the Company without Cause, for Cause (Bas defined in the Grantee’s Service Agreement) death, or (Ceach a “Qualified Termination”) Disability, no Executive Performance RSUs will be awarded prior to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Final Valuation Date, the Participant’s Continuous Service is terminated by calculations provided in Sections 3(b), (c) and (d) of the Company without Cause, or due to death or Disability, the Participant will Plan shall be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed performed as of the date Valuation Date next following such termination (and if such Valuation Date is not the Final Valuation Date, on the Final Valuation Date as well) as if such Qualified Termination had not occurred and the Grantee shall be entitled to the higher Total OPP Unit Equivalent determined by such calculations and such Total OPP Unit Equivalent shall no longer be subject to forfeiture hereunder, provided that the Grantee will not have the right to Transfer his Award LTIP Units or request redemption of his or her termination of Continuous Service and Award OP Units under the denominator Partnership Agreement until such dates as of which is 365his Total OPP Unit Equivalent would have become vested pursuant to Section 3(e) of the Plan absent a Qualified Termination.
(iii) If ii. In the Participant’s Continuous Service terminates on or event of a Qualified Termination after the Determination Final Valuation Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d).
B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs unvested Award LTIP Units that have not vested previously been forfeited pursuant to Section 3(d) of the Plan shall no longer be subject to forfeiture under the Plan, provided that the transfer restrictions described in Section 2(d(A)(i) or (e)of this Agreement shall continue to apply.
iii. Notwithstanding the foregoing, in the event any payment to be made hereunder after giving effect to this Section A is determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s Continuous Service Grantee is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested a “specified employee” under Section 2(d409A of the Code, any payments to be made during the six-month period commencing on the Grantee’s “separation from service” date (as defined in Section 409A of the Code) or (e), shall be delayed until the earlier of the expiration of such six-month period and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 belowGrantee’s death.
Appears in 1 contract
Sources: Award Agreement (American Realty Capital Properties, Inc.)
Termination of Continuous Service. (i) If 4.1. Except as otherwise expressly provided in this Agreement, if the ParticipantGrantee’s Continuous Service terminates for any reason at any time before any part of the Target or Actual Award has vested, the Grantee’s unvested Target or Actual Award shall be automatically forfeited upon such termination of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.
4.2. Notwithstanding Section 4.1:
(a) If the Grantee’s Continuous Service terminates before the Determination DateTarget Award has vested as a result of the Grantee’s death, other than Disability or Retirement, the ParticipantTarget Award shall vest in accordance with Section 3 as if the Grantee’s Continuous Service had not terminated. The Cash Payment and Common Shares that would have constituted Restricted Shares but for vesting in accordance with this Section 4.2(a) comprising the Actual Award shall be paid to the Grantee or Grantee’s estate or beneficiary(ies) as the case may be in accordance with Section 1;
(Ab) If the Grantee’s Continuous Service terminates before the end of the Performance Period as a result of termination by the Company without Cause, (B) deathor termination by the Grantee for Good Reason, or (C) Disability, no Executive Performance RSUs will be awarded a pro rata portion of the unvested Target Award shall vest in proportion to the Participantnumber of months, except as provided including any partial month, elapsed in the Performance Period. The Actual Award shall be determined on February 24, 2015, and the Cash Payment and the Common Shares comprising the Actual Award shall be paid in accordance with Section 2(e) below.1, subject to consideration of Section 409A (any Cash Payment and Common Shares issued are intended to comply with Section 409A); and
(iic) IfIf following the date upon which the Compensation Committee certified results (February 24, before 2015) the Determination Date, the ParticipantGrantee’s Continuous Service is terminated terminates before the Restricted Shares comprising the Actual Award have vested as a result of termination by the Company without Cause, or due to death or Disabilitytermination by the Grantee for Good Reason, the Participant will be awarded a number of vested Executive Performance RSUs all unvested Restricted Shares shall vest on the Distribution Date equal effective date of the Grantee’s separation from service and be paid to the product obtained by multiplying “X” by “Y” where “X” equals Grantee in the number form of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until Common Shares within sixty (60) days following the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as effective date of the date Grantee’s termination, subject to consideration of his or her termination Section 409A (any vesting of Continuous Service and the denominator of which Common Shares is 365.
(iii) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under intended to comply with Section 2(d) or (e) below:
A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d409A).
B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Sources: Annual Incentive Award Grant Agreement (United Community Financial Corp)
Termination of Continuous Service. (i) 3.1 If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Causeterminated, or due to death or Disability, the Participant Options will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed remain exercisable as of the date of his or her follows:
(a) If Participant’s termination of Continuous Service is due to death, all unvested Options will terminate and all vested Options will be exercisable by Participant’s designated beneficiary, or if none, the denominator person(s) to whom such Participant’s rights under the Option are transferred by will or the laws of which descendent and distribution for 1 year following the Termination Date (but in no event beyond the term of the Option); provided, that, if the Option is 365a Nonqualified Stock Option, Participant’s designated beneficiary, or if none, the person(s) to whom such Participant’s rights under the Option are transferred by will or the laws of descent and distribution will have at least 1 year from the Termination Date to exercise such vested Option.
(iiib) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s termination of Continuous Service is terminated due to Disability, all unvested Options will terminate and all vested Options will be exercisable by Participant for 1 year following the Company Termination Date (but in no event beyond the term of the Option).
(c) If Participant’s termination of Continuous Service is due to termination for Cause, the Participant Option will forfeit all Executive Performance RSUsterminate on the Termination Date, including any Executive Performance RSUs that have vested under Section 2(d)regardless of whether the Option was then exercisable.
B. (d) If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s termination of Continuous Service is terminated other than (A) due to death or Disabilityany other reason, or all unvested Options will terminate on the Termination Date and all Options (Bto the extent exercisable as of the Termination Date) will be exercisable for a period of 3 months following such Termination Date (but in no event beyond the term of the Option) and will thereafter terminate. The Participant’s status as an employee will not be considered terminated in the case of leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided, that, such leave is for Causea period of not more than 3 months or reemployment upon expiration of such leave is guaranteed by contract or statute.
3.2 Nothing in the Plan or this Agreement will confer on Participant any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and right of the Company will distribute Shares or its Subsidiaries to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 belowterminate his or her Continuous Service at any time.
Appears in 1 contract
Termination of Continuous Service. (i) 3.1. If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Causeterminated, or due to death or Disability, the Participant this Option will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days remain exercisable as follows:
(a) If Participant’s termination of Continuous Service during is due to death, all unvested Shares will terminate and all vested Shares will be exercisable by Participant’s designated beneficiary, or if none, the Performance Period person(s) to whom such Participant’s rights under this Option are transferred by will or the Participant had completed laws of descent and distribution for one (1) year following the Termination Date (but in no event beyond the term of this Option).
(b) If Participant’s termination of Continuous Service is due to Disability (as such term is defined in Participant’s Employment Agreement with the Company dated as of the date hereof (the “Employment Agreement”)), all unvested Shares will terminate and all vested Shares will be exercisable by Participant for one (1) year following the Termination Date (but in no event beyond the term of his or her this Option).
(c) If Participant’s termination of Continuous Service and is due to termination for Cause (as such term is defined in the denominator Employment Agreement) or voluntary termination without Good Reason (as such term is defined in the Employment Agreement) by Participant, the Shares will terminate on the Termination Date, regardless of which is 365whether the Shares were then exercisable.
(iiid) If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s termination of Continuous Service is due to any other reason, all unvested Shares will terminate on the Termination Date and all Shares (to the extent exercisable as of the Termination Date) will be exercisable for a period of three (3) months following such Termination Date (but in no event beyond the term of this Option) and will thereafter terminate. Participant’s status as an employee will not be considered terminated in the case of leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided, that, such leave is for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d)a period of not more than three (3) months or reemployment upon expiration of such leave is guaranteed by contract or statute.
B. If 3.2. Nothing in the Plan or this Agreement will confer on Participant terminates any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate her Continuous Service due to death or Disability, the Participant will vest in at any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 belowtime.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Sources: Employment Agreement (Wet Seal Inc)
Termination of Continuous Service. (i) If 5.1 Except as otherwise expressly provided in this Award Agreement, any employment or similar agreement between the ParticipantCompany and the Grantee or the Plan, if the Grantee’s Continuous Service terminates for any reason at any time before the Determination Vesting Date, other than the ParticipantGrantee’s unvested PBRSUs shall be automatically forfeited upon such termination of Continuous Service and neither the Company nor any Related Entity shall have any further obligations to the Grantee under this Award Agreement.
5.2 Notwithstanding Section 5.1 and subject to Section 11(a)(ii) of the Plan or any provision in any employment or similar agreement between the Company and the Grantee that provides for greater vesting entitlements (A) which, if applicable, shall control), if the Grantee’s Continuous Service terminates during the Vesting Period due to the Grantee’s death, Retirement (defined below), or a termination by the Company without Causeother than for Cause (including, (B) deathfor clarity, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.
(ii) If, before the Determination Date, the Participant’s Continuous Service is terminated a termination by the Company without Cause, or due to death or the Grantee’s Disability), the Participant Grantee will be awarded vest in a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained pro rata amount calculated by multiplying “X” by “Y” where “X” equals the number of Executive PBRSUs earned based on actual performance over the full Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals Period by a fraction, the numerator of which is equals the number of days of that the Grantee was in Continuous Service during the Performance Vesting Period and the Participant had completed denominator of which equals the total number of days in the Vesting Period. If, as of the date of his such termination of Continuous Service, the Performance Period has not been completed, the prorated number of PBRSUs determined pursuant to this Section 5.2 will vest on the last day of the Performance Period (or her the date that the Committee determines final Adjusted EBITDA for the Performance Period if not determined on the last day of the Performance Period). If, as of the date of such termination of Continuous Service, the Performance Period has been completed, the prorated number of PBRSUs determined pursuant to this Section 5.2 will vest on the date the Grantee’s Continuous Service terminates. For purposes of this Award Agreement, “Retirement” means a voluntary termination of Continuous Service by the Grantee at a time when Grantee is at least 65 years old and the denominator has at least one year of which is 365.
(iii) If the Participant’s Continuous Service terminates on or after from the Determination Grant Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A. If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d).
B. If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C. If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
Appears in 1 contract
Sources: Performance Based Restricted Stock Unit Award Agreement (J&j Snack Foods Corp)