Common use of Terminations of Service Clause in Contracts

Terminations of Service. Upon the occurrence of a termination of the Participant’s Service for any reason (other than for Cause), the Participant shall vest in a number of RSUs equal to the total number of RSUs granted under this Agreement multiplied by a fraction, the numerator of which is the number of days of the Participant’s Service from May 1, 2019 through the first day of the month in which the termination of Service occurs, and the denominator of which is 365. Any RSUs that do not vest as a result of the foregoing shall immediately be forfeited and cancelled, and the Participant shall not be entitled to any compensation or other amount in respect thereof.

Appears in 2 contracts

Sources: Director Restricted Stock Unit Award Agreement (Volt Information Sciences, Inc.), Director Deferred Restricted Stock Unit Award Agreement (Volt Information Sciences, Inc.)