Common use of Special Vesting Rules Clause in Contracts

Special Vesting Rules. (1) All of Employee's Units automatically will vest and become nonforfeitable if (after he or she has signed this Deferred Stock Award Agreement) (A) his or her employment with the Company or a Subsidiary terminates as a result of his or her (i) death, (ii) Permanent Disability (as defined in §3(d)(5)), (iii) Lay Off (as defined in § 3(d)(2)), (iv)Retirement (as defined in§ 3(d)(3)), (v) termination by the Company or a Subsidiary without Cause (as defined in§ 3(d)(4)) or (B) there is a Change in Control. (2) An Employee on an approved leave of absence, as described in Section 16(b) of the Plan, other than due to vacation or jury duty (an “Approved Leave”), will not continue to vest in any Units during or after such Approved Leave, provided, however, that if immediately after the end of such Approved Leave Employee returns to Active Service (as defined in § 3(d)(1) with the Company or its Subsidiaries for a continuous period of at least 90 days (or for at least one day in the case of an Employee on an Approved Leave for military service), such Employee will be vested in such Units in the same amount as such Employee would have been vested if such Employee had never taken such Approved Leave.

Appears in 3 contracts

Samples: Deferred Stock Award Agreement, Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.), Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.)

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Special Vesting Rules. (1) All of Employee's Units automatically will vest and become nonforfeitable if (after he or she has signed this Deferred Stock Award Agreement) (A) his or her employment with the Company or a Subsidiary terminates as a result of his or her (i) death, (ii) Permanent Disability (as defined in §§ 3(d)(5)), (iii) Lay Off (as defined in § 3(d)(2)), (iv)Retirement (as defined in§ in § 3(d)(3)), (v) termination by the Company or a Subsidiary without Cause (as defined in§ in § 3(d)(4)) or (B) there is a Change in ControlControl (as defined in § 3(d)(6)). (2) An Employee on an approved leave of absence, as described in Section 16(b) of the Plan, other than due to vacation or jury duty (an “Approved Leave”), will not continue to vest in any Units during or after such Approved Leave, provided, however, that if immediately after the end of such Approved Leave Employee returns to Active Service (as defined in § 3(d)(1) with the Company or its Subsidiaries for a continuous period of at least 90 days (or for at least one day in the case of an Employee on an Approved Leave for military service), such Employee will be vested in such Units in the same amount as such Employee would have been vested if such Employee had never taken such Approved Leave.

Appears in 2 contracts

Samples: Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.), Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.)

Special Vesting Rules. (1) All of Employee's ’s Units automatically will vest and become nonforfeitable if (after he or she has signed this Deferred Stock Award Agreement) (A) his or her employment Employee incurs a Termination of Service with the Company or a Subsidiary terminates as a result of his or her (i) death, (ii) Permanent Disability (as defined in §3(d)(5§ 3(d)(4)), (iii) Lay Off (as defined in § 3(d)(2)), (iv)Retirement (as defined in§ in § 3(d)(3)), (v) termination by the Company or a Subsidiary without Cause (as defined in§ 3(d)(4)) or (B) there is a Change in ControlControl (as defined in § 3(d)(5)). (2) An Employee on an approved leave of absence, as described in Section 16(b) of the Plan, other than due to vacation or jury duty (an “Approved Leave”), will not continue to vest in any Units during or after such Approved Leave, provided, however, that if immediately after the end of such Approved Leave Employee returns to Active Service (as defined in § 3(d)(1) with the Company or its Subsidiaries for a continuous period of at least 90 days (or for at least one day in the case of an Employee on an Approved Leave for military service), such Employee will be vested in such Units in the same amount as such Employee would have been vested if such Employee had never taken such Approved Leave.

Appears in 1 contract

Samples: Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.)

Special Vesting Rules. (1) All of Employee's Units automatically will vest and become nonforfeitable if (after he or she has signed this Deferred Stock Award Agreement) (A) his or her employment Employee incurs a Termination of Service with the Company or a Subsidiary terminates as a result of his or her (i) death, (ii) Permanent Disability (as defined in §3(d)(5§ 3(d)(4)), (iii) Lay Off (as defined in § 3(d)(2)), (iv)Retirement (as defined in§ in § 3(d)(3)), (v) termination by the Company or a Subsidiary without Cause (as defined in§ 3(d)(4)) or (B) there is a Change in ControlControl (as defined in § 3(d)(5)). (2) An Employee on an approved leave of absence, as described in Section 16(b) of the Plan, other than due to vacation or jury duty (an “Approved Leave”), will not continue to vest in any Units during or after such Approved Leave, provided, however, that if immediately after the end of such Approved Leave Employee returns to Active Service (as defined in § 3(d)(1) with the Company or its Subsidiaries for a continuous period of at least 90 days (or for at least one day in the case of an Employee on an Approved Leave for military service), such Employee will be vested in such Units in the same amount as such Employee would have been vested if such Employee had never taken such Approved Leave.

Appears in 1 contract

Samples: Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.)

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Special Vesting Rules. (1) All of Employee's Units automatically will vest and become nonforfeitable if (after he or she has signed this Deferred Stock Award Agreement) (A) his or her employment Employee incurs a Termination of Service with the Company or a Subsidiary terminates as a result of his or her (i) death, (ii) Permanent Disability (as defined in §3(d)(5§ 3(e)(4)), (iii) Lay Off (as defined in § 3(d)(23(e)(2)), (iv)Retirement (as defined in§ 3(d)(3in § 3(e)(3)), (v) termination by the Company or a Subsidiary without Cause (as defined in§ 3(d)(4)) or (B) there is a Change in ControlControl (as defined in § 3(e)(5)). (2) An Employee on an approved leave of absence, as described in Section 16(b) of the Plan, other than due to vacation or jury duty (an “Approved Leave”), will not continue to vest in any Units during or after such Approved Leave, provided, however, that if immediately after the end of such Approved Leave Employee returns to Active Service (as defined in § 3(d)(13(e)(1) with the Company or its Subsidiaries for a continuous period of at least 90 days (or for at least one day in the case of an Employee on an Approved Leave for military service), such Employee will be vested in such Units in the same amount as such Employee would have been vested if such Employee had never taken such Approved Leave.

Appears in 1 contract

Samples: Deferred Stock Award Agreement (Piedmont Office Realty Trust, Inc.)

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