Eligibility for Retirement Prior to Age 62 Sample Clauses

Eligibility for Retirement Prior to Age 62. A Participant shall be vested in 33% of his Restricted Stock Units on the first February 1 that follows the Grant Date if on such February 1 the Participant: (i) is eligible for Retirement, (ii) is not yet age 62, and (iii) has been actively employed by the Company continuously since the Grant Date. This vested portion shall be paid as soon as practicable after this February 1. A Participant shall be vested in 66% of his Restricted Stock Units on the second February 1 that follows the Grant Date if on such February 1 the conditions in (i), (ii) and (iii) of this Paragraph B.2(a) are satisfied. This vested portion shall be paid as soon as practicable after this second February 1 (net of any Restricted Stock Units previously paid out).
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Eligibility for Retirement Prior to Age 62. A Participant shall be vested in 33% of his or her RSUs on the first March 1 that follows the Grant Date if on such March 1 the Participant: (i) is eligible for Retirement, (ii) is not yet age 62, and (iii) has been actively employed by the Company continuously since the Grant Date. This vested portion shall be paid as soon as practicable after this March 1 (but not later than March 15). A Participant shall be vested in 66% of his or her RSUs on the second March 1 that follows the Grant Date if on such March 1 the conditions in (i), (ii) and (iii) of this subparagraph (a) are satisfied. This vested portion shall be paid as soon as practicable after this second March 1 (but not later than March 15), net of any RSUs previously paid out. A Participant shall be vested in 100% of his or her RSUs on the third March 1 that follows the Grant Date if on such March 1 the conditions in (i), (ii) and (iii) of this subparagraph (a) are satisfied. This vested portion shall be paid as soon as practicable after this third March 1 (but not later than March 15), net of any RSUs previously paid out.
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Related to Eligibility for Retirement Prior to Age 62

  • Termination by Reason of Retirement If the Grantee’s employment by the Company terminates by reason of Retirement (as defined in the Plan), the Restricted Stock Units granted hereunder shall not be forfeited but shall continue to vest and be settled in Stock to the Grantee on the same schedule as provided in Section 2 (or otherwise) as if the Grantee had continued employment through each such Vesting Date (or such other vesting event pursuant to Section 3.4 or Section 5.2).

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Termination of Service for Cause If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this Option is outstanding, as determined by the Committee in its sole discretion, then you shall immediately forfeit all rights to your Option without consideration, including any vested portion of the Option, and the entire Option shall immediately expire, and any rights, payments and benefits with respect to the Option shall be subject to reduction or recoupment in accordance with applicable Company policies and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and circumstances are discovered that would have justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior to or after your Termination Date.

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