Common use of Retirement, Involuntary Termination Without Cause or Termination Due to Death or Disability Clause in Contracts

Retirement, Involuntary Termination Without Cause or Termination Due to Death or Disability. (1) If the Participant Retires after June 30, 2020 and on or before March 2, 2023, or ceases to be employed by the Company or a Related Company due to the Participant’s death or Disability (as defined below) on or before March 2, 2023: (i) the Participant shall remain entitled to payment (to the extent not theretofore paid) for any RSUs that vested on or before the date of the Participant’s separation from employment; and (ii) the Participant’s then-unvested RSUs shall vest (without prorating the award) without regard to the continuous employment requirement set forth in paragraph 4(a).

Appears in 1 contract

Samples: 2020 Restricted Stock Unit Agreement (Verizon Communications Inc)

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Retirement, Involuntary Termination Without Cause or Termination Due to Death or Disability. (1) If the Participant Retires after June 30, 2020 2021 and on or before March 2December 31, 2023, 2023 or ceases to be employed by the Company or a Related Company due to the Participant’s death or Disability (as defined below) on or before March 2December 31, 2023: (i) the Participant shall remain entitled to payment (to the extent not theretofore paid) for any RSUs that vested on or before the date of , the Participant’s separation from employment; PSUs shall be subject to the vesting provisions set forth in paragraphs 5(a) and (ii5(b) the Participant’s then-unvested RSUs shall vest (without prorating the award) without regard to ), except that the three-year continuous employment requirement set forth in paragraph 4(a)5(c) shall not apply.

Appears in 1 contract

Samples: Performance Stock Unit Agreement (Verizon Communications Inc)

Retirement, Involuntary Termination Without Cause or Termination Due to Death or Disability. (1) If the Participant Retires after June 30, 2020 and on or before March 2December 31, 2023, 2022 or ceases to be employed by the Company or a Related Company due to the Participant’s death or Disability (as defined below) on or before March 2December 31, 2023: (i) the Participant shall remain entitled to payment (to the extent not theretofore paid) for any RSUs that vested on or before the date of 2022, the Participant’s separation from employment; PSUs shall be subject to the vesting provisions set forth in paragraphs 5(a) and (ii5(b) the Participant’s then-unvested RSUs shall vest (without prorating the award) without regard to ), except that the three-year continuous employment requirement set forth in paragraph 4(a)5(c) shall not apply.

Appears in 1 contract

Samples: 2020 Performance Stock Unit Agreement (Verizon Communications Inc)

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Retirement, Involuntary Termination Without Cause or Termination Due to Death or Disability. (1) If the Participant Retires after June 30, 2020 2021 and on or before March 21, 20232024, or ceases to be employed by the Company or a Related Company due to the Participant’s death or Disability (as defined below) on or before March 21, 20232024: (i) the Participant shall remain entitled to payment (to the extent not theretofore paid) for any RSUs that vested on or before the date of the Participant’s separation from employment; and (ii) the Participant’s then-unvested RSUs shall vest (without prorating the award) without regard to the continuous employment requirement set forth in paragraph 4(a).

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Verizon Communications Inc)

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