Change from Full-Time Status Sample Clauses

Change from Full-Time Status. Notwithstanding the provisions of Section 7(a), if the Employee remains employed with the Company but the Employee’s employment status changes so that the Employee ceases to be employed by the Company on a full-time basis and such changed status continues for a consecutive 90 day period, then (i) the RSUs shall cease to vest at the end of such 90-day period; (ii) the Employee will immediately vest in a number of RSUs equal to the number that would have vested under Section 7(b) if the Employee had terminated employment at the end of such 90-day period (including any RSUs that would be vested on any intervening RSU Vesting Date that occurs between the date of such change in employment status and the 90th day); and (iii) any unvested RSUs will be canceled. Any RSUs that vest pursuant to the preceding sentence shall convert to Shares as follows: (x) any RSUs that would have vested on an RSU Vesting Date that occurs between the day of such change in employment status and the 90th day shall convert to Shares as provided in Section 7(a) (that is, as soon as practicable, and in all cases within fourteen (14) days, after the applicable RSU Vesting Date) and (y) any additional RSUs that vest by virtue of the preceding sentence will convert to Shares pursuant to Section 7(a) as though they had vested on the otherwise applicable RSU Vesting Date (that is, as soon as practicable, and in all cases within fourteen (14) days, after such otherwise applicable RSU Vesting Date). Notwithstanding the foregoing, the RSUs shall continue to vest (and shall not be canceled) under this Section 7(i)) if, before the end of such 90-day period, the Compensation Committee, in its absolute discretion, determines to waive the application of this Section 7(i).
Sample 1
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Related to Change from Full-Time Status

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • Termination of Service Termination of Service shall mean the Executive's voluntary resignation of service by the Executive or the Bank's discharge of the Executive without cause, prior to the Early Retirement Date (Subparagraph I [K]).

  • Separation from Service A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also constitutes a “Separation from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,” “separation from service” or like terms shall mean Separation from Service.

  • Separation from Employment Employees who leave the District with a vacation balance shall have their vacation balance cashed out. If vacation is loaded on July 1st, the vacation balance shall be pro-rated prior to cash out.

  • Exercise After Termination of Employment (A) Except as otherwise provided in this Agreement, the OPTION shall be exercisable only while the OPTIONEE is in the employment of the COMPANY and then only if the OPTION has become exercisable by its terms, and if not exercisable by its terms at the time the OPTIONEE ceases to be in the employment of the COMPANY, shall immediately expire on the date of termination of employment.

  • Tax Periods Ending on or Before the Closing Date Buyer shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for the Company and the Company Subsidiary for all periods ending on or prior to the Closing Date which are required to be filed (taking into account all extensions properly obtained) after the Closing Date.

  • Termination Giving Rise to a Termination Payment If there is a Covered Termination by the Executive for Good Reason, or by the Company other than by reason of (i) death, (ii) disability pursuant to Section 11, or (iii) Cause, then the Executive shall be entitled to receive, and the Company shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated damages and additional severance pay and in consideration of the covenant of the Executive set forth in Section 13(a), the Termination Payment pursuant to Section 8(a).

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