Common use of Continuous Employment Through End of Performance Period Clause in Contracts

Continuous Employment Through End of Performance Period. Except as provided below, and subject to the provisions of Section 3(b), relating to Retirement during the Performance Period, and Section 3(c), relating to a Change in Control during the Performance Period, a Participant shall be eligible for payment of earned Performance Shares, as specified in Section 2, only if the Participant is employed on the date of grant of the award with respect to such Performance Shares and is continuously employed with the Employer through the end of the Performance Period. For the sake of clarity, transfers of employment between one or more Employers where service is continuous shall be considered continuous employment with the Employer for the purposes of the Award Agreement. Notwithstanding the foregoing, (i) a Participant who is an employee of an Employer will not be eligible for the payment of earned Performance Shares if at any time during the Performance Period the Participant has been demoted from the position he or she held at the date of grant to a position that is below the management level of “director”, and (ii) a Participant shall not be eligible for payment of earned Performance Shares if he or she is suspended from employment with the Employer as of the date of the end of the Performance Period.

Continuous Employment Through End of Performance Period. Except as provided below, and subject to the provisions of Section 3(b), relating to Retirement during the Performance Period, and Section 3(c), relating to a Change in Control during the Performance Period, a Participant shall be eligible for payment of earned Performance SharesUnits, as specified in Section 2, only if the Participant is employed on the date of grant of the award with respect to such Performance Shares Units and is continuously employed with the Employer through the end of the Performance Period. For the sake of clarity, transfers of employment between one or more Employers where service is continuous shall be considered continuous employment with the Employer for the purposes of the Award Agreement. Notwithstanding the foregoing, (i) a Participant who is an employee of an Employer will not be eligible for the payment of earned Performance Shares Units if at any time during the Performance Period the Participant has been demoted from the position he or she held at the date of grant to a position that is below the management level of “director”, and (ii) a Participant shall not be eligible for payment of earned Performance Shares Units if he or she is suspended from employment with the Employer as of the date of the end of the Performance Period.