Termination of Employment due to Retirement Clause Example from Business Contracts
This example Termination of Employment due to Retirement clause appears in
4 contracts
from
1 company
Termination of Employment due to Retirement. In the event of the Retirement of the Grantee after nine months of the Performance Period have elapsed, the Grantee's Performance Share Units shall be settled based on the performance for the Performance Period and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance Period, as described below. Subject to the negative discretion of the Committee, the Grantee will be entitled to receive shares of Common Stock with a value equal to the product... of (i) the pro-rata vesting percentage equal to the days of Grantee's Employment during the Performance Period divided by the total days in the Performance Period and (ii) the Performance Period Payout Value. Such transfer of shares of Common Stock shall be made in accordance with Paragraph 3 as soon as administratively feasible following the Committee's determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Period. If, in accordance with the Committee's determination under Paragraph 2, the Performance Period Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Share Units. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 6 and the delivery of shares as provided above, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Grantee following Retirement but prior to the close of the Performance Period shall have no effect on this Paragraph 6. 4 7. Specified Employees. Notwithstanding any other provision of this Award Agreement to the contrary, if the Grantee is a "specified employee" as determined by the Company in accordance with its established policy, any settlement of Awards under this Award Agreement that would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Grantee as a result of the Grantee's "separation from service" as defined under Section 409A of the Code (other than as a result of death) and that would otherwise be paid within six months of the Grantee's separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Grantee's separation from service, or (ii) the date that otherwise complies with the requirements of Section 409A of the Code. The payment of amounts and delivery of shares under this Award Agreement described herein is hereby designated as a "separate payment" for purposes of Section 409A of the Code.View More
