Common use of Incentive Plan Rights Clause in Contracts

Incentive Plan Rights. As of the effective date of a Change in Control, (i) Executive's Options and related Stock Appreciation Rights awarded under the 1996 Director Stock Compensation and Option Plan, the 1996 Stock Incentive Program and the 2003 Stock Plan will become fully vested and exercisable; (ii) the Restricted Period will end for Executive's Restricted Shares awarded under the 2003 Stock Plan; (iii) Executive's Deferred Share Units awarded under the 2003 Stock Plan will become fully vested and payable; (iv) Executive will become entitled to payment for all Performance Shares or Performance Units awarded under the 2003 Stock Plan; and (v) Executive will become entitled, under the 2005 Profit Sharing Incentive Bonus Plan, to receive any bonus payments due for the fiscal year immediately preceding the Change in Control and a prorated share of bonus payments for the fiscal year in which the Change in Control occurs. As soon as practicable following the Change in Control, Xxxxxxx will make a single payment to Executive, equal to the aggregate Value of all benefits under the plans identified in this subsection (a), in the form of cash, Shares, or a combination of cash and Shares, as determined by the Compensation Committee of the Board of Directors, in its sole discretion. That single payment will constitute payment in full and complete satisfaction of Executive's rights and benefits under all of Executive's award agreements and the applicable plans.

Appears in 3 contracts

Samples: Employment Agreement (Kimball Electronics, Inc.), Employment Agreement (Kimball International Inc), Employment Agreement (Kimball International Inc)

AutoNDA by SimpleDocs

Incentive Plan Rights. As of the effective date of a Change in ControlTermination Date, (i) Executive's Options and related Stock Appreciation Rights awarded under the 1996 Director Stock Compensation and Option Plan, the 1996 Stock Incentive Program Program, and the 2003 Stock Plan will become fully vested and exercisable; (ii) the Restricted Period will end for Executive's Restricted Shares awarded under the 2003 Stock Plan; (iii) Executive's Deferred Share Units awarded under the 2003 Stock Plan will become fully vested and payable; (iv) Executive will become entitled to payment for all Performance Shares or Performance Units awarded under the 2003 Stock Plan; and (v) Executive will become entitled, under the 2005 Profit Sharing Incentive Bonus Plan, to receive any bonus payments due for the fiscal year immediately preceding the Change in Control Termination Date and a prorated share of bonus payments for the fiscal year in which the Change in Control Termination Date occurs. As soon as practicable following the Change in ControlTermination Date, Xxxxxxx will make a single payment to Executive, equal to the aggregate Value of all benefits under the plans identified in this subsection (a1), in the form of cash, Shares, or a combination of cash and Shares, as determined by the Compensation Committee of the Board of Directors, in its sole discretion. That single payment will constitute payment in full and complete satisfaction of Executive's rights and benefits under all of Executive's award agreements and the applicable plans.

Appears in 3 contracts

Samples: Employment Agreement (Kimball Electronics, Inc.), Employment Agreement (Kimball International Inc), Employment Agreement (Kimball International Inc)

AutoNDA by SimpleDocs

Incentive Plan Rights. As of the effective date of a Change in Control, (i) Executive's Options and related Stock Appreciation Rights awarded under the 1996 Director Stock Compensation and Option Plan________________, the 1996 Stock Incentive Program ________________ and the 2003 ____ Stock Plan will become fully vested and exercisable; (ii) the Restricted Period will end for Executive's Restricted Shares awarded under the 2003 ____ Stock Plan; (iii) Executive's Deferred Share Units awarded under the 2003 ____ Stock Plan will become fully vested and payable; (iv) Executive will become entitled to payment for all Performance Shares or Performance Units awarded under the 2003 ____ Stock Plan; and (v) Executive will become entitled, under the 2005 ____ Profit Sharing Incentive Bonus Plan, to receive any bonus payments due for the fiscal year immediately preceding the Change in Control and a prorated share of bonus payments for the fiscal year in which the Change in Control occurs. As soon as practicable following the Change in Control, Xxxxxxx will make a single payment to Executive, equal to the aggregate Value of all benefits under the plans identified in this subsection (a), in the form of cash, Shares, or a combination of cash and Shares, as determined by the Compensation Committee of the Board of Directors, in its sole discretion. That single payment will constitute payment in full and complete satisfaction of Executive's rights and benefits under all of Executive's award agreements and the applicable plans.

Appears in 1 contract

Samples: Employment Agreement (Kimball Electronics, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!