Termination of Employment due to Retirement Clause Example with 16 Variations from Business Contracts
This page contains Termination of Employment due to 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 Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance Cycle, as described below. Subject to the negative discretion of the Committee, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata ve...sting percentage equal to the days of Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Committee's determination under Paragraph 3 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Committee's determination under Paragraph 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 7 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation 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 7.View More
Variations of a "Termination of Employment due to Retirement" Clause from Business Contracts
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and shall vest and be payable on a pro-rata basis as determined and certified by the Committee Board after the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, Board, the Participant will be entitled to receive a payment equal ...to the product of (i) the pro-rata vesting percentage equal to the days of the Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment Payment of such vested value of Performance Units under this Paragraph 7 shall otherwise be made as soon as administratively feasible following the Committee's determination under in accordance with Paragraph 3 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. 4. If, in accordance with the Committee's determination Board's determinations under Paragraph 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 7 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation 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 7. View More
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee Board after the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, Board, the Participant will be entitled to receive a payment equal to the product of ...(i) the pro-rata vesting percentage equal to the days of Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Committee's Board's determination under Paragraph 3 2 and, in any event, between January 1 and March 15 immediately all cases, the payment will be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Committee's Board's determination under Paragraph 3, 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 7 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation 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 7. 6. View More
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee Board after the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, Board, the Participant will be entitled to receive a payment equal to the product of ...(i) the pro-rata vesting percentage equal to the days of Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Committee's Board's determination under Paragraph 3 2 and, in any event, between January 1 and March 15 immediately all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Committee's Board's determination under Paragraph 3, 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 7 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation 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 7. 6. View More
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months 50% of the Performance Cycle have has elapsed, the Participant's Performance Units shall be settled paid-out based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee after at the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, the Participant will be entitled to receive a payment equal to the prod...uct of (i) the pro-rata vesting percentage equal to the days of Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible practical following the Committee's determination under Paragraph 3 2 and, in any event, between January 1 and on or before March 15 immediately 15th following the end of the Performance Cycle. If, in accordance with the Committee's determination under Paragraph 3, 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 7 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be 2 Exhibit 10.1 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 7. 6. View More
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee Board after the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, the The Participant will be entitled to receive a payment equal to the product of (i)... the pro-rata vesting percentage equal to the days of Participant's Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Committee's Board's determination under Paragraph 3 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Committee's Board's determination under Paragraph 3, 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 7 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation Company under this Award Agreement shall be 2 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 7. 6. View More
Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant's Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee Board after the close of the Performance Cycle, Cycle as described below. Subject to the negative discretion of the Committee, the The Participant will be entitled to receive a payment equal to the product of (i)... the pro-rata vesting percentage equal to the days of Participant's Employment during the Performance Cycle 2 divided by the total days in the Performance Cycle Cycle, and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Committee's Board's determination under Paragraph 3 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle. If, in accordance with the Committee's Board's determination under Paragraph 3, 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 7 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation 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 7. 6. View More
