Termination of Employment due to Mandatory Retirement Clause Example with 6 Variations from Business Contracts

This page contains Termination of Employment due to Mandatory Retirement 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 Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's Performance Units shall, subject to the Board's negative discretion, be settled based on the Payout Percentage for the Performance Cycle. Following the Board's determinations pursuant to Paragraph 2, the Participant shall vest in and be entitled to receive a payment equal to the Payout Value. The payment shall be made as soon as administratively... feasible following the Board's determination and, in all cases, the payment will be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board's determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. View More Arrow
Found in Marathon Petroleum contract

Variations of a "Termination of Employment due to Mandatory Retirement" Clause from Business Contracts

Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's right to receive the Performance Units shall, subject to the Board's negative discretion, shall vest in full, and such vested Performance Units shall be settled based on the Payout Percentage TSR Performance Percentile for the Performance Cycle. Following the Board's Committee's determinations pursuant to Paragraph 2, 3, the Participant shall ve...st in and be entitled to receive a payment equal to the Payout Value. The payment shall be made as soon as administratively feasible following the Board's Committee's determination and, in all cases, the payment will be made within the first calendar year any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Board's determination Committee's determinations under Paragraph 2, 3, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 9 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company Corporation under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. 9. 3 10. Qualifying Date. Provided that the Participant has been in continuous Employment from the Grant Date to the Qualifying Date, the Performance Units shall vest in full as of the Qualifying Date, and such vested Performance Units shall be determined and paid as otherwise provided in Paragraphs 3 and 4; provided, in the event of the Participant's death prior to the end of the Performance Cycle, the Payout Percentage, Payout Value and the payment timing provisions of Paragraph 6 shall apply. View More Arrow
Found in Marathon Petroleum contract
Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's right to receive the Performance Units shall, subject to the Board's negative discretion, shall vest in full, and such vested and shall be settled based on the Payout Percentage for the Value determined under Paragraph 3. Payment of such vested value of Performance Cycle. Following the Board's determinations pursuant to Units under this Paragrap...h 2, the Participant 9 shall vest in and be entitled to receive a payment equal to the Payout Value. The payment shall otherwise be made as soon as administratively feasible following the Board's determination and, in all cases, the payment will be made within the first calendar year following the end of the Performance Cycle. accordance with Paragraph 4. If, in accordance with the Board's determination determinations under Paragraph 2, 3, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 9 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. 9. View More Arrow
Found in 4 Contracts from 2 Companies
Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's right to receive the Performance Units shall, subject to the Board's negative discretion, shall vest in full, and such vested Performance Units shall be settled based on the Payout Percentage TSR Performance Percentile for the Performance Cycle. Following the Board's Committee's determinations pursuant to Paragraph 2, 3, the Participant shall ve...st in and be entitled to receive a payment equal to the Payout Value. The payment shall be made as soon as administratively feasible following the Board's Committee's determination and, in all cases, the payment will be made within the first calendar year any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Board's determination Committee's determinations under Paragraph 2, 3, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 9 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company Corporation under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. 9. View More Arrow
Found in Marathon Petroleum contract
Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's Performance Units shall, subject to the Board's negative discretion, shall be settled based on the Payout Percentage TSR Performance Percentile for the Performance Cycle. Following the Board's Committee's determinations pursuant to Paragraph 2, the Participant shall vest in and be entitled to receive a payment equal to the Payout Value. The paym...ent shall be made as soon as administratively feasible following the Board's Committee's determination and, in all cases, the payment will be made within the first calendar year any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Board's Committee's determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company Corporation under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. View More Arrow
Found in 2 Contracts from Marathon Petroleum
Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment 4 is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's Performance Units shall, shall vest in full, subject to the Board's negative discretion, discretion of the Board, and shall be settled based on the Payout Percentage for the Value determined under Paragraph 2. Payment of such vested value of Performance Cycle. Following the Board's determinations pursuant to Units under this Paragraph 2, the P...articipant 8 shall vest in and be entitled to receive a payment equal to the Payout Value. The payment shall otherwise be made as soon as administratively feasible following the Board's determination and, in all cases, the payment will be made within the first calendar year following the end of the Performance Cycle. accordance with Paragraph 3. If, in accordance with the Board's determination determinations under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. View More Arrow
Found in MPLX LP contract
Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's Performance Units shall, shall vest in full, subject to the Board's negative discretion, discretion of the Board, and shall be settled based on the Payout Percentage for the Value 4 determined under Paragraph 2. Payment of such vested value of Performance Cycle. Following the Board's determinations pursuant to Units under this Paragraph 2, the P...articipant 8 shall vest in and be entitled to receive a payment equal to the Payout Value. The payment shall otherwise be made as soon as administratively feasible following the Board's determination and, in all cases, the payment will be made within the first calendar year following the end of the Performance Cycle. accordance with Paragraph 3. If, in accordance with the Board's determination determinations under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. View More Arrow
Found in MPLX LP contract