Common use of Cessation of Service Clause in Contracts

Cessation of Service. Except as set forth below and unless otherwise determined by the Board, if Director ceases to be a Non-Employee Director (as defined in the Plan) prior to the vesting of any portion of the Restricted Stock Award then Director shall forfeit the portion of the Restricted Stock Award which is not vested on the date he ceases to be a Non-Employee Director; provided, however, that unless otherwise determined by the Board, if (a) Director serves out his or her term but does not stand for re-election at the end thereof, or (b) Director shall retire from service on the Board (for reasons other than death) prior to the expiration of his or her term and on or after the date he or she attains age 71, Director’s Restricted Stock Award shall remain in effect and vest, as if Director had remained a Non-Employee Director of Sysco. Upon the death of Director, any unvested portion of the Restricted Stock Award shall vest.

Appears in 9 contracts

Samples: Omnibus Incentive Plan (Sysco Corp), 2018 Omnibus Incentive Plan (Sysco Corp), Restricted Stock Award Agreement (Sysco Corp)

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Cessation of Service. Except as set forth below and unless otherwise determined by the Board, if Director ceases to be a Non-Employee Director (as defined in the Plan) prior to the vesting of any portion of the Restricted Stock Award then Award, Director shall forfeit the portion of the Restricted Stock Award which is not vested on the date he ceases to be a Non-Employee Director; provided, however, that unless otherwise determined by the Board, if (a) Director serves out his or her term but does not stand for re-election at the end thereof, or (b) Director shall retire from service on the Board (for reasons other than death) prior to the expiration of his or her term and on or after the date he or she attains age 71, Director’s Restricted Stock Award shall remain in effect and vest, as if Director had remained a Non-Employee Director of SyscoSYSCO. Upon the death of Director, any unvested portion of the Restricted Stock Award shall vest.

Appears in 2 contracts

Samples: Restricted Stock Award Agreement (Sysco Corp), Restricted Stock Award Agreement (Sysco Corp)

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Cessation of Service. Except as set forth below and unless otherwise determined by the Board, if Director ceases to be a Non-Employee Director (as defined in the Plan) prior to the vesting of any portion of the Restricted Retainer Stock Award then Award, Director shall forfeit the portion of the Restricted Retainer Stock Award which is not vested on the date he ceases to be a Non-Employee Director; provided, however, that unless otherwise determined by the Board, if (a) Director serves out his or her term but does not stand for re-election at the end thereof, or (b) Director shall retire from service on the Board (for reasons other than death) prior to the expiration of his or her term and on or after the date he or she attains age 71, Director’s Restricted Retainer Stock Award shall remain in effect and vest, as if Director had remained a Non-Employee Director of SyscoSYSCO. Upon the death of Director, any unvested portion of the Restricted Retainer Stock Award shall vest.

Appears in 1 contract

Samples: Retainer Stock Award Agreement (Sysco Corp)

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