Benefits and Vesting Sample Clauses

Benefits and Vesting. Upon Termination of Employment Other Than By Reason of Retirement, Death, or Disability 10.1 Upon termination of employment (other than by reason of attainment of Normal Retirement Date, early retirement, if applicable, death, or Disability), a Participant shall be entitled to the percentage vesting of his Account resulting from Employer Non-Elective Contributions and any Incentive Plan Accounts transferred from the Stock Purchase - Saving Plan of Carolina Power & Light Company, and if otherwise permitted herein, forfeitures as shown in the following vesting schedule: Credited Years Vested of Service Percentage -------------- ---------- Less than 1 0% 1 50% 2 or more 100% Such vested percentage shall be determined as provided for herein and such amount not vested either under this provision, or because of attainment of Normal Retirement Date (or early retirement, if applicable), death, or Disability, shall be forfeited and shall remain in the Trust Fund subject to all the other provisions of this Plan. A Participant shall be one hundred (100%) percent fully vested and non-forfeitable in his Account as of his Normal Retirement Age if he is then employed with the Employer. Further, a Participant shall be one-hundred (100%) percent fully vested and non-forfeitable in his Elective Account at all times, including any Qualified Non-Elective Contributions and Qualified Matching Contributions. 10.2 Notwithstanding anything in this Plan and Trust to the contrary, for any Top Heavy Plan Year, a Participant shall be entitled to the percentage vesting of his Account resulting from Employer Non-Elective Contributions (other than Employer Matching Contributions) and if otherwise permitted herein, forfeitures as shown in the following vesting schedule: Credited Years Vested of Service Percentage -------------- ---------- Less than 2 None 2 20% 3 40% 4 60% 5 or more 100% 10.3 For purposes of crediting a Year of Service for vesting, all Years of Service with the Employer shall be taken into account, except as follows: (a) For Plan Years beginning after 1984, Years of Service prior to the time an Employee attains age 18. Any Employee whose status changes from being excluded from participation in the Plan to an Employee eligible to participate in this Plan, shall receive credit for vesting purposes for all Hours of Service and Years of Service with the Employer, whether covered or non-covered, subject to the provisions of this Section. Any Employee whose status changes from ...
Sample 1
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Benefits and Vesting. In addition to the Community Benefits and other benefits outlined below, the Project is anticipated to generate an annual average of approximately 230 construction jobs during construction and, upon completion, approximately 5,200 net new permanent on-site jobs. In addition, the Project is expected to generate an approximately $24 million net annual increase in general fund revenues to the City, as well as approximately $150 million in one-time fees and more than $700 million invested in public infrastructure, affordable housing, and other community serving facilities. Key Development Agreement Terms (with DA section numbers):
Sample 1
Benefits and Vesting. During the Transition Period, Employee will be eligible for all benefits for which he is eligible as of the Effective Date, including health insurance (provided however that such participation shall be on taxable basis to the extent necessary to avoid adverse tax consequences to Employee or other participants under the plan), participation in the Company’s Deferred Compensation Plan and the Varex Management Incentive Plan as previously approved by the Varex Compensation and Management Development Committee (provided that Employee will be eligible for a Management Incentive Plan payout for fiscal year 2023 that is pro-rated for the duration of the Transition Period and payable on the date that other Management Incentive Plan payouts for fiscal year 2023 are paid). During the Continued Employment Period, Employee will continue to be eligible for continued health insurance coverage (provided however that such participation shall be on taxable basis to the extent necessary to avoid adverse tax consequences to Employee or other participants under the plan) and other benefits generally available to non-executive employees, but will not be eligible for participation in an appropriate annual incentive plan. However, no Pay Continuation or other benefits under this Agreement will be provided unless and until this Agreement becomes Effective, as defined below. Employee agrees and understands that Employee shall be eligible for continued vesting in equity awards granted prior to the Transition Period until the Separation Date (with settlement of any restricted stock units to be made in all cases on the regularly scheduled vesting/settlement dates of the applicable award), provided he complies with this Agreement and the Second Release and otherwise does not violate any provision in the Varex 2017 Omnibus Stock Plan, the Varex 2020 Omnibus Stock Plan, or the applicable equity grant agreements, or violate in any material way Varex policies and procedures. Employee acknowledges that he will not be eligible to receive equity grants in fiscal year 2023 or thereafter, and at the start of the Transition Period will not be subject to the Company’s equity holding requirements applicable to officers of the Company.
Sample 1

Related to Benefits and Vesting

  • Benefits and Vacation The Executive shall be eligible to participate in such insurance programs (health, disability or life) or such other health, dental, retirement or similar employee benefits programs as the Board may approve, on a basis comparable to that available to other officers and executive employees of the Company. The Executive shall be entitled to a minimum of three (3) weeks of paid vacation per year. Vacation time may be accumulated for up to one year beyond the year for which it is accrued and may be used any time during such year. Any vacation time not used during such additional year shall be forfeited. The value of any accrued but unused and unforfeited vacation time shall be paid in cash to the Executive upon termination of Executive's employment for any reason.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

  • Forfeiture of Benefits This Agreement is subject to termination by Company at any time and without stated cause prior to the date the Executive attains age 65, or such earlier date as the Executive and Company may mutually agree (the “Vesting Date”). In the event Company shall terminate this Agreement prior to the Vesting Date, Executive shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Executive’s employment is terminated prior to his Vesting Date, either voluntarily or involuntarily, for reasons other than his death, Executive shall forfeit all rights to receive any payment provided for herein. Executive acknowledges and agrees that, prior to the earlier of his death or Vesting Date, nothing contained herein shall be construed as conferring upon Executive any vested benefits or any vested rights to receive any payment provided for herein.

  • Severance Compensation upon Termination of Employment 4.1 If the Executive’s employment with the Corporation or the Partnership shall be terminated (a) by the Corporation or Partnership other than for Cause or pursuant to Sections 3.6 or 3.7, or (b) by the Executive for Good Reason, then the Corporation and the Partnership shall: (i) pay to the Executive as severance pay, within five days after termination, a lump sum payment equal to 250% of the sum of the Executive’s annual salary at the rate applicable on the date of termination and the average of the Executive’s annual bonus for the preceding two full fiscal years; (ii) arrange to provide Executive, for a 12 month period (or such shorter period as Executive may elect), with disability, accident and health insurance substantially similar to those insurance benefits which Executive is receiving immediately prior to the date of termination to the extent obtainable upon reasonable terms; provided, however, if it is not so obtainable the Corporation shall pay to the Executive in cash the annual amount paid by the Corporation or the Partnership for such benefits during the previous year of the Executive’s employment. Benefits otherwise receivable by Executive pursuant to this Section 4.1(ii) shall be reduced to the extent comparable benefits are actually received by the Executive during such 12 month period following his termination (or such shorter period elected by the Executive), and any such benefits actually received by Executive shall be reported by the Executive to the Corporation; and (iii) any options granted to Executive to acquire common stock of the Corporation, any restricted shares of common stock of the Corporation issued to the Executive and any other awards granted to the Executive under any employee benefit plan that have not vested shall immediately vest on said termination. (a) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor, except to the extent provided in Section 4.1 above, shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer or by insurance benefits after the date of termination, or otherwise. (b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan of the Corporation or Partnership, or other contract, plan or arrangement.

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Coordination of Benefits and Subrogation IPA and HMO shall establish and implement a system for coordination of benefits and subrogation, in accordance with those rules established under the HMO's policies and procedures and applicable federal and state laws. If known to IPA, IPA shall identify and inform HMO of Members for whom coordination of benefits and subrogation opportunities exist. HMO hereby authorizes IPA to seek payment, on a fee-for service basis or otherwise, from any insurance carrier, organization, or government agency which is primarily responsible for the payment or provision of medical services provided by IPA under this Agreement which can be recovered by reason of coordination of benefits, motor vehicle injury, worker's compensation, temporary disability, occupational disease, or similar exclusionary or limiting provisions, to the extent authorized by the applicable and not otherwise prohibited by law.

  • Other Benefits and Perquisites The Executive shall be entitled to participate in the benefit plans provided by the Company for all employees, generally, and for the Company’s executive employees. The Company shall be entitled to change or terminate these plans in its sole discretion at any time.

  • Benefits and Insurance The Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made available to similarly situated Company executives (including, but not limited to, being named as an officer for purposes of the Company’s Directors & Officers insurance policy). The Company reserves the right in its sole discretion to modify, add or eliminate benefits at any time. All benefits shall be subject to the terms and conditions of the applicable plan documents, which may be amended or terminated at any time. The Executive shall be entitled to vacation each year, in addition to sick leave and observed holidays in accordance with the policies and practices of the Company. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.

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