Common use of Early Cancellation/Accelerated Vesting of PSUs Clause in Contracts

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 2005, Voluntary Separation On or Before December 31, 2007 or Discharge for Cause On or Before December 31, 2007. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 2005, (ii) quits on or before December 31, 2007, (iii) is terminated for Cause (as defined below) on or before December 31, 2007, or (iv) separates from employment on or before December 31, 2007 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Company; or a material breach of the Verizon Code of Business Conduct or any of the Covenants set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 20052007, Voluntary Separation On or Before December 31, 2007 2009 or Discharge for Cause On or Before December 31, 20072009. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 20052007, (ii) quits on or before December 31, 20072009, (iii) is terminated for Cause (as defined below) on or before December 31, 20072009 (even if otherwise eligible to Retire), or (iv) separates from employment on or before December 31, 2007 2009 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Company; or a material breach of the Verizon Code of Business Conduct or any of the Covenants Participant’s Obligations set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon (or his or her designee) in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 2005, Voluntary Separation (including Retirement) On or Before December 31, 2007 2012 or Discharge for Cause On or Before December 31, 20072012. (1) If the Participant (i) voluntarily quits or Retires (as defined in paragraph 7(b)(4)) before July 1, 2005, (ii) quits on or before December 31, 20072012, (iii) is terminated for Cause (as defined below) on or before December 31, 20072012, or (iviii) separates from employment on or before December 31, 2007 2012 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Companyembezzlement; or a material breach of the Verizon Code of Business Conduct or any of the Covenants Participant’s Obligations set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon (or his or her designee) in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 20052009, Voluntary Separation On or Before December 31, 2007 2011 or Discharge for Cause On or Before December 31, 20072011. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 20052009, (ii) quits on or before December 31, 20072011, (iii) is terminated for Cause (as defined below) on or before December 31, 20072011 (even if otherwise eligible to Retire), or (iv) separates from employment on or before December 31, 2007 2011 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Companyembezzlement; or a material breach of the Verizon Code of Business Conduct or any of the Covenants Participant’s Obligations set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon (or his or her designee) in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 20052008, Voluntary Separation On or Before December 31, 2007 2010 or Discharge for Cause On or Before December 31, 20072010. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 20052008, (ii) quits on or before December 31, 20072010, (iii) is terminated for Cause (as defined below) on or before December 31, 20072010 (even if otherwise eligible to Retire), or (iv) separates from employment on or before December 31, 2007 2010 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Companyembezzlement; or a material breach of the Verizon Code of Business Conduct or any of the Covenants Participant’s Obligations set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon (or his or her designee) in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 2005, Voluntary Separation On or Before December 31, 2007 or Discharge for Cause On or Before December 31, 2007. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 2005, (ii) quits on or before December 31, 2007, (iii) is terminated for Cause (as defined below) on or before December 31, 2007, or (iv) separates from employment on or before December 31, 2007 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Company; or a material breach of the Verizon Wireless Code of Business Conduct or any of the Covenants set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon Wireless in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.

Early Cancellation/Accelerated Vesting of PSUs. Subject to the provisions of paragraph 7(c) and 5, PSUs may vest or be forfeited before vesting as follows: (a) Retirement Before July 1, 20052010, Voluntary Separation On or Before December 31, 2007 2012 or Discharge for Cause On or Before December 31, 20072012. (1) If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 20052010, (ii) quits on or before December 31, 20072012, (iii) is terminated for Cause (as defined below) on or before December 31, 20072012 (even if otherwise eligible to Retire), or (iv) separates from employment on or before December 31, 2007 2012 under circumstances not described in paragraph 7(b), all then-unvested PSUs shall be canceled immediately and shall not be payable. (2) For purposes of this Agreement, “Cause” means (i) grossly incompetent performance or substantial or continuing inattention to or neglect of the duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement involving the Companyembezzlement; or a material breach of the Verizon Code of Business Conduct or any of the Covenants Participant’s Obligations set forth in Exhibit A to this Agreement, all as determined by the Executive Vice President – Human Resources of Verizon (or his or her designee) in his or her discretion, and the exercise of such discretion shall be final, conclusive and binding, or (ii) commission of any felony of which the Participant is finally adjudged guilty by a court of competent jurisdiction.