Common use of Stock Option and Award Plan Clause in Contracts

Stock Option and Award Plan. In the event Executive's employment is terminated by the Company either before or after a Change in Control other than for Cause, or if a Good Reason termination occurs, Executive shall be entitled to payment of a bonus under the Addendum to the Xxxxxxx Corporation 2002 Comprehensive Stock Option and Award Plan based upon the Company's actual performance up to the date Executive's employment is terminated. The bonus, to the extent paid, shall be those shares, or the cash equivalent thereof, of Restricted Stock that are performance-based and were awarded to the Executive, subject to achievement of performance criteria, during the November prior to the termination of the Executive's employment, unless previously awarded, and this bonus shall become 100% vested. Subject to Section 20 below, such amount shall be payable to Executive in a lump sum immediately upon Executive's termination of employment.

Appears in 2 contracts

Samples: Change in Control and Severance Agreement (Ruddick Corp), Change in Control and Severance Agreement (Ruddick Corp)

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Stock Option and Award Plan. In the event Executive's employment is terminated by the Company either before or after a Change in Control other than for Cause, or if a Good Reason termination occurs, Executive shall be entitled to payment of a bonus under the Addendum to the Xxxxxxx Corporation 2002 Comprehensive Stock Option and Award Plan based upon the Company's actual performance up to the date Executive's employment is terminated. The bonus, to the extent paid, shall be those shares, or the cash equivalent thereof, of Restricted Stock that are performance-based and were awarded to the Executive, subject to achievement of performance criteria, during the November prior to the termination of the Executive's ’s employment, unless previously awarded, and this bonus shall become 100% vested. Subject to Section 20 below, such amount shall be payable to Executive in a lump sum immediately upon Executive's termination of employment.

Appears in 1 contract

Samples: And Severance Agreement (Ruddick Corp)

Stock Option and Award Plan. In the event Executive's employment is terminated by the Company either before or after a Change in Control other than for Cause, or if a Good Reason termination occurs, Executive shall be entitled to payment of a bonus under the Addendum to the Xxxxxxx Corporation 2002 Comprehensive Stock Option and Award Plan based upon the Company's actual performance up to the date Executive's employment is terminated. The bonus, to the extent paid, shall be those shares, or the cash equivalent thereof, of Restricted Stock that are performance-based and were awarded to the Executive, subject to achievement of performance criteria, during the November prior to the termination of the Executive's employment, unless previously awarded, and this bonus shall become 100% vested. Subject to Section 20 below, such amount shall be payable to Executive in a lump sum immediately upon Executive's termination of employment.. 5

Appears in 1 contract

Samples: Change in Control and Severance Agreement (Ruddick Corp)

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Stock Option and Award Plan. In the event Executive's employment is terminated by the Company either before or after a Change in Control other than for Cause, or if a Good Reason termination occurs, Executive shall be entitled to payment of a bonus under the Addendum to the Xxxxxxx Corporation 2002 Comprehensive Stock Option and Award Plan based upon the Company's actual performance up to the date Executive's employment is terminated. The bonus, to the extent paid, shall be those shares, or the cash equivalent thereof, of Restricted Stock that are performance-based and were awarded to the Executive, subject to achievement of performance 5 criteria, during the November prior to the termination of the Executive's employment, unless previously awarded, and this bonus shall become 100% vested. Subject to Section 20 below, such amount shall be payable to Executive in a lump sum immediately upon Executive's termination of employment.

Appears in 1 contract

Samples: Change in Control and Severance Agreement (Ruddick Corp)

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