Qualifying Normal Retirement Sample Clauses

Qualifying Normal Retirement. If Grantee terminates employment with the Corporation due to a Qualifying Normal Retirement (as defined below), all previously earned but unvested PRSUs shall not be forfeited at that time but shall continue to settle under Section 4 below after a Qualifying Normal Retirement in accordance with the dates in the vesting schedule in 2
Sample 1
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Qualifying Normal Retirement. If Grantee terminates employment with the Corporation due to a Qualifying Normal Retirement (as defined below), all unvested RSUs shall continue to vest after Qualifying Normal Retirement in accordance with the vesting schedule in Section 2(a) above. For purposes of this Agreement, a “Qualifying Normal Retirement” shall mean Grantee’s ceasing to be an employee of the Corporation (whether or not such Termination is a “Retirement” as defined in the Plan), other than a Termination by the Corporation for Gross Misconduct (as defined in Corporate Policy No. 3-254.1 or 3-254, as applicable (as may be amended or replaced from time to time) as determined by the Chief Executive Officer or a Termination subject to Section 2(b), at least one year after the date of grant of the Unit, if, at the time of such Termination, (A) Grantee has attained (or exceeded) age 62 and at least five years of service, and (B) Grantee has executed and is subject to a written agreement containing such non-competition, non-solicitation, and other covenants, and a release of the Corporation, in form and substance satisfactory to the Chief Executive Officer in order to protect to the maximum extent practicable the confidential and proprietary business information of the Corporation. The Corporation’s remedies under any such agreement may include but shall not be limited to the forfeiture of RSUs not theretofore settled. For purposes of this Section 2(d), “years of service” shall be defined (and calculated) in the same manner as “year of qualifying service” under the Federal Home Loan Mortgage Corporation Employees’ Pension Plan.
Sample 1
Qualifying Normal Retirement. If Grantee terminates employment with the Corporation due to a Qualifying Normal Retirement (as defined below), all unvested RSUs shall continue to vest after Qualifying Normal Retirement in accordance with the vesting schedule in Section 2(a) above. For purposes of this Agreement, a “Qualifying Normal Retirement” shall mean Grantee’s ceasing to be an employee of the Corporation (whether or not such Termination is a “Retirement” as defined in the Plan), other than a Termination by the Corporation for Gross Misconduct (as defined in Corporate Policy No. 3-254.1 (as may be amended or replaced from time to time) as determined by the CEO or a Termination subject to Section 2(b), at least one year after the date of grant of the Unit, if, at the time of such Termination, (A) Grantee has attained (or exceeded) age 62 and at least five years of service, and (B) Grantee has executed and is subject to a written agreement containing such non-competition, non-solicitation, and other covenants in form and substance satisfactory to CEO in order to protect to the maximum extent practicable the confidential and proprietary business information of the corporation and its subsidiaries, affiliates or joint ventures. The Corporation’s remedies under any such agreement 2 may include but shall not be limited to the forfeiture of RSUs not theretofore settled. For purposes of this Section 2(d), “years of service” shall be defined (and calculated) in the same manner as “year of qualifying service” under the Federal Home Loan Mortgage Corporation Employees’ Pension Plan.
Sample 1

Related to Qualifying Normal Retirement

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

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