Effect of Death and Disability on Vesting Sample Clauses

Effect of Death and Disability on Vesting. In addition to any potential Vesting which may occur as provided in this Section 3 and subject to the other terms and conditions of this Agreement, Vesting shall occur in full as of the date of Employee’s “Disability” (as that term is defined in the Rules) or death regardless of any lack of Goal achievement or Certification; provided, however, in no event shall Vesting occur on account of Employee’s death or Disability if Employee’s Employment has been terminated before the date of Employee’s death or Disability. Any death or Disability occurring after forfeiture of the RSUs under Paragraph 3(d) of this Agreement shall not affect the forfeited status of such RSUs.
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Effect of Death and Disability on Vesting. Except as otherwise provided in Paragraph 3(c)(ii) (post-Change in Control), pro rata Vesting shall occur as of the date of Employee’s death or Disability regardless of any lack of Goal achievement or actual Certification; provided, however, in no event shall Vesting occur on account of Employee’s death or Disability if Employee’s Employment has been terminated before the date of Employee’s death or Disability. The number of PSUs pro rata Vesting on account of Employee’s death or Disability shall be the number of PSUs that, but for the Employee’s death or Disability, would have Vested if Certification had occurred at the target level (i.e., a Payout Percentage of 100%), divided by thirty-six, multiplied by the number of calendar months between the first day of the Performance Period and the date of the Employee’s death or Disability. Any death or Disability occurring after forfeiture of the PSUs under Paragraph 3(d) of this Agreement shall not affect the forfeited status of such PSUs.
Sample 1
Effect of Death and Disability on Vesting. Upon Employee’s death or Disability, no accelerated Vesting shall occur. However, if Employee dies or becomes Disabled and the Goal is achieved for the Performance Year ending December 31, 2010 or December 31, 2011, at the Scheduled Vesting Date immediately following Certification for either of such years, a pro rata portion of the RSUs shall Vest. The pro rata portion of the RSUs Vesting shall be determined by (A) dividing the RSUs by the number of calendar months between and including January 1, 2010 and the end of the year (2010 or 2011) for which the Goal is achieved, and then (B) multiplying the quotient obtained in (A) by the number of calendar months elapsed from January 1, 2010 to the date of Employee’s death or Disability.
Sample 1
Effect of Death and Disability on Vesting. Upon Employee’s death or Disability before March 9, 2012, a pro rata portion of the RSUs shall Vest. The pro rata portion of the RSUs Vesting shall be determined by (A) dividing the RSUs by twenty-four (24) and then (B) multiplying the quotient obtained in (A) by the number of calendar months elapsed from January 1, 2010 to the date of Employee’s death or Disability.
Sample 1

Related to Effect of Death and Disability on Vesting

  • Effect of Death or Disability 6.01 In the event of the death of the Executive during the Period of Employment, the legal representative of the Executive shall be entitled to the compensation provided for in paragraph 4.01 during the balance of the Period of Employment. The Period of Employment shall be deemed to have ended as of the close of business on the last day of the twelfth month following the month in which death shall have occurred but without prejudice to any other payments due in respect of the Executive's death hereunder or pursuant to any other agreements or arrangements with the Company.

  • Death and Disability (a) The Employment Term shall terminate on the date of Employee's death, in which event Employee's Salary, reimbursable expenses and benefits owing to Employee through the date of Employee's death shall be paid to his estate. Employee's estate will not be entitled to any other compensation upon termination of this Agreement pursuant to this subparagraph 8(a).

  • For death and disability The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

  • Termination by Reason of Death or Disability A Termination of the Employee’s employment by reason of death or Disability shall not be deemed to be a Termination by the Company (for or without Cause) or by the Employee (for or without Good Reason). In the event that the Employee’s employment with the Company Terminates as a result of the Employee’s death or Disability, the Employee or the Employee’s estate or representative, as applicable, will receive all accrued salary and accrued vacation as of the date of the Employee’s death or Disability and any other benefits payable under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of death or Disability and in accordance with applicable law. In addition, the Employee or the Employee’s estate or representative, as applicable, will receive the bonus for the year in which the death or Disability occurs to the extent that a bonus would have been earned had the Employee continued in employment through the end of such year, as determined in good faith by the Company’s CEO, Board of Directors or its Compensation Committee based on the specific corporate and individual performance targets established for such fiscal year, and only to the extent that bonuses are paid for such fiscal year to other similarly situated employees.

  • Death and Disability Benefits (a) In the event the Executive’s employment with the Bank terminates during the Employment Period because of the Executive’s death, then the Bank shall pay to the Executive’s estate the benefits listed in sections 9(b)(i) and 9(b)(ii) of this Agreement.

  • Termination by Reason of Death In the event that Executive's employment is terminated by reason of Executive's death, the Company shall pay the following amounts to Executive's beneficiary or estate:

  • Effect of Death, Resignation, etc of a Trustee. The death, declination, resignation, retirement, removal, or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled as provided in Article IV, Section 1, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust.

  • Termination on Death or Disability Upon a termination of employment due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Executive (or, if applicable, his estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) shall be entitled to receive:

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

  • Termination by Reason of Disability If, during the term of this Agreement, the Employee, in the reasonable judgment of the Board of Directors of Avocent Corporation, has failed to perform his duties under this Agreement on account of illness or physical or mental incapacity, and such illness or incapacity continues for a period of more than six (6) consecutive months, the Employer shall have the right to terminate the Employee’s employment hereunder by delivery of written notice to the Employee at any time after such six month period and payment to the Employee of all accrued salary, bonus compensation to the extent earned, additional bonus compensation in an amount equal to the average annual bonus earned by the Employee as an employee of Avocent Corporation and its affiliates and predecessors in the two (2) years immediately preceding the date of termination, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee’s rights under such plans (including having the vesting of any awards granted to the Employee under any AHC or Avocent stock option plans fully accelerated), accrued vacation pay and any appropriate business expenses incurred by the Employee in connection with his duties hereunder, all to the date of termination, with the exception of medical and dental benefits which shall continue through the expiration of this Agreement, but the Employee shall not be paid any other compensation or reimbursement of any kind, including without limitation, severance compensation.

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