Common use of Effect of Retirement or Reduction in Force on Vesting Clause in Contracts

Effect of Retirement or Reduction in Force on Vesting. (A) If Employee’s “Retirement” or a “Reduction in Force” (each as defined in Paragraph 3(i) and each an “Event”) occurs during a Performance Year (such Performance Year in which the Event occurs, the “Event Year”), then neither Vesting nor forfeiture shall occur as of the date of the Event with respect to RSUs that have not Vested prior to the date of the Event (“Remaining RSUs”). As of the Applicable Meeting Date in the calendar year following the Event Year (“Post-Event Year”), a determination shall be made, in accordance with the Subparagraphs below, as to whether any Remaining RSUs shall Vest on the Scheduled Vesting Date in the Post-Event Year.

Effect of Retirement or Reduction in Force on Vesting. (A) If Employee’s “"Retirement” " or a “"Reduction in Force” " (each as defined in Paragraph 3(i) and each an “"Event”") occurs during a Performance Year (such Performance Year in which the Event occurs, the “"Event Year”"), then neither Vesting nor forfeiture shall occur as of the date of the Event with respect to RSUs that have not Vested prior to the date of the Event (“"Remaining RSUs”"). As of the Applicable Meeting Date in the calendar year following the Event Year (“"Post-Event Year”"), a determination shall be made, in accordance with the Subparagraphs below, as to whether any Remaining RSUs shall Vest on the Scheduled Vesting Date in the Post-Event Year.