Company Deferrals, Accelerated Vesting Clause Samples
The "Company Deferrals, Accelerated Vesting" clause defines the circumstances under which the company may postpone certain payments or benefits, as well as the conditions that trigger the immediate vesting of previously unvested equity or benefits. Typically, this clause applies to employee stock options or restricted stock units, allowing the company to defer payouts in specific situations, such as a change in control or termination of employment, while also specifying events—like mergers or acquisitions—that cause all outstanding awards to vest immediately. Its core function is to provide flexibility for the company in managing compensation obligations and to protect employees by ensuring they receive earned benefits in significant corporate events.
Company Deferrals, Accelerated Vesting. A Participant is fully vested in the portion of his Plan Account that is attributable to Company Deferrals in the following circumstances.
(i) The Participant is fully vested if he attains age 65 while he is an Employee.
(ii) The Participant is fully vested if he becomes an Employee after attaining age 65.
(iii) The Participant is fully vested if, while he is an Employee, he incurs a disability that qualifies the Employee for long-term disability payments under Apache’s Long-Term Disability Plan.
(iv) The Participant is fully vested if he dies while he is an Employee.
(v) All Participants are fully vested if a change of control, as defined in the Income Continuance Plan, occurs.
Company Deferrals, Accelerated Vesting. Except to the extent provided otherwise by subsection (e), a Participant is fully vested in the portion of his Account attributable to Company Deferrals in the following circumstances.
(i) The Participant is fully vested if he attains age 65 while he is an Employee.
(ii) The Participant is fully vested if he becomes an Employee after attaining age 65.
(iii) The Participant is fully vested if, while he is an Employee, he incurs a disability that qualifies the Employee for long-term disability payments under Apache’s Long-Term Disability Plan.
(iv) The Participant is fully vested if he dies while he is an Employee.
(v) All Participants are fully vested if a change of control, as defined in the Income Continuance Plan, occurs.