Retirement of Executive. If the Employment Term extends beyond the third anniversary of the Effective Date, then, after the third anniversary of the Effective Date, in the event the Executive is fifty‑five (55) years or older and the Executive’s employment is terminated by the Executive during the Employment Term under Section 5.1 or by either party under Section 5.2 of this Agreement, the Executive will be (a) eligible for continued post‑retirement vesting of the unvested awards granted to the Executive under the Company’s equity compensation plans which remain outstanding and unvested at the Termination Date after the application of applicable provisions of this Agreement, and (b) eligible for accelerated vesting of unvested matching contributions under the 401(k) Make‑Up Plan. The vesting under clauses (a) and (b) of this Section 5.5 will be in accordance with the retirement matrix (the “Retirement Matrix”) attached to this Agreement. The right to accelerated or continued vesting is subject to satisfaction of the Release Requirements and the Executive’s obligations to comply with all post‑employment obligations under this Agreement.
Appears in 5 contracts
Samples: Employment Agreement (Seventy Seven Energy Inc.), Employment Agreement (Seventy Seven Energy Inc.), Employment Agreement (Seventy Seven Energy Inc.)
