Retirement Terminations Sample Clauses
Retirement Terminations. In the event of your applicable Retirement Termination, your Target PSUs shall be eligible for the treatment specified below; provided that (x) you are in compliance with the Notice Requirements and all of the restrictive covenants set forth in Exhibit B, in each case, as of the Vesting Date and (y) you execute and do not revoke an agreement and release of claims satisfactory to the Company, which will contain restrictive covenants substantially in the form as those set forth in Exhibit B, within 60 days following termination of your employment.
(i) In the event of your Legacy Retirement Termination or 55/10 Retirement Termination, you will be entitled to receive a pro-rated portion of your Target PSUs equal to the product of (i) the total number of Target PSUs multiplied by (ii) the quotient of (A) the total number of months you were employed with the Company during the Performance Period (rounding up partial months) divided by (B) 36. Such pro-rated Target PSUs will vest and convert into Shares on the Adjustment Date in accordance with Section 2 and shall not be subject to the Post-Vest Holding Period. All other PSUs that do not vest and convert into Shares in accordance with this Section 4(c)(i) shall be forfeited in their entirety.
(ii) In the event of your 62/10 Retirement Termination, your Target PSUs will vest and convert into Shares in accordance with Section 2 and shall not be subject to the Post-Vest Holding Period.
(iii) In consideration of the treatment of your Target PSUs upon your Retirement Termination as set forth in this Section 4(c), you agree to be bound by, and to comply with, all of the restrictive covenants set forth in Exhibit B to this Award Agreement.
(iv) The following chart provides a summary overview of the treatment of your awards upon a Retirement Termination, as set forth in Sections 4(c)(i) and (ii). This summary chart is qualified in its entirety by the terms of Sections 4(c)(i) and (ii). In the event of any inconsistency between the terms of the below chart and Sections 4(c)(i) and (ii), the terms of Sections 4(c)(i) and (ii) shall prevail. Legacy Retirement Eligibility (see definition of “Legacy Retirement Eligibility”) December 31, 2014 A pro-rated portion of your Target PSUs will vest as follows: the product of (i) the total number of Target PSUs multiplied by (ii) the quotient of (A) the total number of months you were employed with the Company during the Performance Period (rounding up partial months) divided by (B) 3...
Retirement Terminations. An employee who retires is entitled to cash compensation at their then current hourly rate to a maximum of 900 hours of accrued paid leave. Employees who retire under PERS prior to age 58 shall receive cash compensation for one hundred (100%) percent of the first 300 hours of accrued paid leave, with the remainder of any accrued paid leave reduced by eight (8) percent for each year earlier than age 58, with the exception that of a PERS General Service Employee who retires with thirty (30) years of service.
Retirement Terminations a. An employee who retires is entitled to cash compensation at their then current hourly rate to a maximum of nine hundred (900) hours of accrued paid leave. Employees who retire under PERS prior to age 58 shall receive cash compensation for one hundred percent (100%) of the first 300 hours of accrued paid leave, with the remainder of any accrued paid leave reduced by eight percent (8%) for each year earlier than age 58, with the exception that of a PERS General Service Employee who retires with thirty (30) years of service.
b. In case of death or permanent disability, compensation for all accrued Paid Leave hours shall be paid to the employee or their heirs.
c. All compensation received by employees due to retirement shall be included as PERS subject compensation, if permitted by PERS.