Retirement of a Participant Sample Clauses

Retirement of a Participant. In the event a Participant separates from service due to Retirement as defined in the Plan, if the performance requirements associated with the Participant’s Performance Share Units are achieved for the year in which the Participant retires, the Participant shall vest in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this Agreement. Any excess pre-tax earnings for the year of Retirement shall not roll over to a subsequent year in the vesting period. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon Retirement of the Participant.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement of a Participant. In the event a Participant separates from service due to Retirement as defined in the Plan, the Participant shall vest in the percentage of Performance Share Units eligible for vesting in accordance with the time vesting and performance criteria set forth in Section 3 of this Agreement prorated based on the number of full years for which the Participant was an employee of the Company during the Performance Period. For proration purposes, the year in which the separation takes place counts as one full year of the Performance Period. It is intended that this Section of this Agreement shall control instead of the automatic vesting in Section 7.3 of the Plan upon Retirement of the Participant. In such event, the resulting vested Performance Share Units shall be paid in accordance with the Vesting Date.
Sample 1
Retirement of a Participant. In the event a Participant separates from service due to Retirement as defined in the Plan, the Participant shall earn the percentage of Performance Share Units eligible in accordance with the performance criteria set forth in Section 3 of this Agreement prorated based on the number of full years for which the Participant was an employee of the Company during the Performance Period. For proration purposes, the year in which the separation takes place counts as one full year of the Performance Period. It is intended that this Section of this Agreement shall control instead of Section 7.3 of the Plan regarding Retirement of the Participant. In such event, the resulting earned Performance Share Units shall be paid out on the Payment Date.
Sample 1
Retirement of a Participant. If a Participant’s employment terminates due to his or her Retirement prior to the end of the Performance Period applicable to a PSP Award, then, subject to the following sentence, the Participant’s PSP Award shall remain outstanding and, subject to the achievement of the applicable performance conditions for the PSP Award, shall be settled on the date on which the PSP Award would have been settled if the Participant’s employment had not terminated. The Shares earned, if any, based on actual performance through the Performance Period shall be delivered to the Participant or to his or her guardian, attorney-in-fact, or personal representative, as the case may be. As consideration for the extended vesting period of the Participant’s PSP Awards as a result Retirement, if requested by the Committee or its designee within 60 days following the date of Retirement, the Participant shall enter into a non-competition agreement with the Company at the time of his or her Retirement in such form as shall be reasonably determined by the Committee. In the event that a Participant refuses to enter into or breaches such non-competition agreement, then all of the Participant’s PSP Awards that have not yet been settled shall be forfeited immediately.
Sample 1

Related to Retirement of a Participant

  • Participant See Section 7(a) hereof.

  • Eligible Employee For purposes of the SIMPLE 401(k) Plan provisions, any Employee who is entitled to make Elective Deferrals under the terms of the SIMPLE 401(k) Plan.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Death of Participant Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • 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.

  • 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.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Participants The Lender and its participants, if any, are not partners or joint venturers, and the Lender shall not have any liability or responsibility for any obligation, act or omission of any of its participants. All rights and powers specifically conferred upon the Lender may be transferred or delegated to any of the Lender's participants, successors or assigns.

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