Common use of Death or Disability of a Participant Clause in Contracts

Death or Disability of a Participant. In the event the Participant separates from service due to death or Disability as defined in the Plan, the Participant or the Participant's beneficiary shall vest in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this Agreement. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon death or Disability of the Participant. In such event, the resulting vested Performance Share Units shall be paid in accordance with the Vesting Date.

Appears in 1 contract

Samples: Performance Share Unit Agreement (Sothebys)

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Death or Disability of a Participant. In the event the a Participant separates from service due to death or Disability as defined in the Plan, if the performance requirements associated with the Participant’s Performance Share Units are achieved in or following the year in which the Participant retires, the Participant or the Participant's ’s beneficiary shall vest vest, in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this AgreementAgreement for those remaining vesting periods. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon death or Disability of the Participant. In such event, the resulting vested Performance Share Units shall be paid in accordance with the Vesting Date.

Appears in 1 contract

Samples: Performance Share Unit Agreement (Sothebys)

Death or Disability of a Participant. In the event the a Participant separates from service due to death or Disability as defined in the Plan, if the performance requirements associated with the Participant’s Performance Share Units are achieved in or following the year in which death or Disability occurs, the Participant or the Participant's ’s beneficiary shall vest in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this AgreementAgreement for those remaining vesting periods. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon death or Disability of the Participant. In such event, the resulting vested Performance Share Units shall be paid in accordance with the Vesting Date.

Appears in 1 contract

Samples: Form of Performance Share Unit Agreement (Sothebys)

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Death or Disability of a Participant. In the event the a Participant separates from service due to death or Disability as defined in the Plan, the Participant or the Participant's beneficiary shall vest in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this Agreement. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon death or Disability of the Participant. In such event, the resulting vested Performance Share Units shall be paid in accordance with the Vesting Date.

Appears in 1 contract

Samples: Restricted Stock Unit Plan (Sothebys)

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