Termination of Employment due to Death or Disability Contract Clauses (34)

Termination of Employment due to Death or Disability. Subject to Section 8 below, if, prior to attaining the Performance Objectives, the Employee terminates employment due to death or disability, a prorated portion of the performance stock granted shall immediately vest, and the Company shall deliver shares of Company stock underlying such prorated awards as if the maximum Performance Objectives had been fully achieved. Subject to Section 8 below, the delivery of such shares shall occur (i) no later than 21⁄2 months after the Employee's termination... of employment due to death; or (ii) on the earlier of (A) the first day of the seventh month following the date of the Employee's termination of employment due to disability or (B) the date of the Employee's death. The prorated award shall be determined by multiplying the maximum number of shares underlying the award by a fraction, the numerator of which is the number of days from July 1, 2019, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, through June 30, 2022. Any fractional share of the Company resulting from such a prorated award shall be rounded up to a whole share of the Company. The Committee shall conclusively determine whether the Employee shall be considered permanently disabled for purposes of this performance stock award. View More

Termination of Employment due to Death or Disability. Upon Termination of Employment (defined in paragraph 5.c.ii. below) from WM by reason of Employee's death or disability (as determined by the Committee and within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A") and specifically Section 409A (a)(2)(C) ("Disability")) or upon Employee's Disability prior to a Termination of Employment, Employee (or in the case of Employee's death, Employee's beneficiary) shall be entitled to: a. receive the PSU Awarded ...Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period; and b. exercise all Stock Options outstanding under the Stock Option Award (whether or not previously exercisable) for one year following Termination of Employment. Provided however, if Employee was eligible for Retirement (as defined in paragraph 2.c.i. below) at the time of his death or Disability, the Stock Option Award will remain exercisable for three years following the date of such Termination of Employment. View More