Termination of Employment due to Death or Disability Clause Example with 5 Variations from Business Contracts

This page contains Termination of Employment due to Death or Disability clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
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
Found in TWIN DISC INC contract

Variations of a "Termination of Employment due to Death or Disability" Clause from Business Contracts

Termination of Employment due to Death or Disability. Subject to Section 8 below, if, If prior to attaining the Performance Objectives, Objective the Employee terminates employment due to death or disability, a prorated portion of the performance stock units granted shall immediately vest, and the Company shall deliver shares of Company stock underlying make a cash payment pursuant to such prorated awards as if the maximum Performance Objectives Objective had been fully achieved. Subject In such event, the calculation of the cash payment due to Sec...tion 8 below, the delivery Employee shall be based on the fair market value of such shares the Company's common stock as of the effective date of the Employee's termination of employment. Such payment shall occur be made (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 full cash payment due pursuant to the vesting of shares underlying the award by a fraction, the numerator of which is the number of days from July 1, 2019, 2014, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, 2014, 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. 2017. The Committee shall conclusively determine whether the Employee shall be considered permanently disabled for purposes of this performance stock unit award. View More
Found in 2 Contracts from TWIN DISC INC
Termination of Employment due to Death or Disability. Subject to Section 8 below, if, If, prior to attaining the Performance Objectives, third anniversary of the Grant Date, the Employee terminates employment due to death or disability, a prorated portion of the performance stock RSUs 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 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, 2022, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, 2022, through June 30, 2022. 2025. 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
Found in TWIN DISC INC contract
Termination of Employment due to Death or Disability. Subject to Section 8 below, if, If prior to attaining the Performance Objectives, Objective 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 Objective had been fully achieved. Subject to Section 8 below, the 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, 2014, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, 2014, through June 30, 2022. 2017. 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
Found in TWIN DISC INC contract
Termination of Employment due to Death or Disability. Subject to Section 8 below, if, If prior to attaining the Performance Objectives, Objective 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 Objective had been fully achieved. Subject to Section 8 below, the 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, 2013, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, 2013, through June 30, 2022. 2016. 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
Found in TWIN DISC INC contract
Termination of Employment due to Death or Disability. Subject to Section 8 below, if, 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 The delivery of such shares shall occur (i) no later than 21⁄2 months after the Employee's ter...mination 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, 2015, through the Employee's last day of employment, and the denominator of which is the number of days from July 1, 2019, 2015, through June 30, 2022. 2018. 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
Found in TWIN DISC INC contract