Common use of Termination Due to Death, Disability or Retirement Clause in Contracts

Termination Due to Death, Disability or Retirement. In the event that after completion of the first Measurement Period in the Performance Period but prior to the end of the Performance Period, the Participant’s employment with the Company or one of its Affiliates is terminated due to death, Disability or retirement (defined for purposes of this Agreement as voluntary termination of employment at or after age 65, or age 55 with 10 years of service with the Company or its Affiliates), the Participant shall be entitled to receive a prorated portion of the Award determined in accordance with Section 3. For the avoidance of doubt, if the Participant’s employment is terminated prior to June 30, 20[XX] due to death, Disability or retirement, the Award and any rights to receive shares of Common Stock, cash and Dividend Equivalent PSUs with respect thereto, will be forfeited without consideration.

Appears in 2 contracts

Samples: Performance Stock Unit Award Agreement (Automatic Data Processing Inc), Performance Stock Unit Award Agreement (Automatic Data Processing Inc)

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Termination Due to Death, Disability or Retirement. In the event that after completion of the first Measurement Period in the Performance Period but prior to the end of the Performance Period, the Participant’s employment with the Company or one of its Affiliates is terminated due to death, Disability (as defined in the Plan) or retirement (defined for purposes of this Agreement as voluntary termination of employment at or after age 65, or age 55 with 10 years of service with the Company or its Affiliates), the Participant shall be entitled to receive a prorated pro-rata portion of the Award determined in accordance with Section 3. For the avoidance of doubt, if the a Participant’s employment is terminated prior to June 30, 20[XX] due to death, Disability or retirement, the Award and any rights to receive shares of Common Stock, cash and Dividend Equivalent PSUs with respect thereto, will be forfeited without consideration.

Appears in 2 contracts

Samples: Performance Stock Unit Award Agreement (Automatic Data Processing Inc), Performance Stock Unit Award Agreement (Automatic Data Processing Inc)

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Termination Due to Death, Disability or Retirement. In the event that on or after completion January 1st of the first Measurement Period in fiscal year of the Performance Period Grant Date but prior to the end of the Performance Period, the Participant’s employment with the Company or one of its Affiliates is terminated due to death, Disability or retirement (defined for purposes of this Agreement as voluntary termination of employment at or after age 65, or age 55 with 10 years of service with the Company or its Affiliates), the Participant shall be entitled to receive a prorated portion of the Award as determined in accordance with Section 3. For the avoidance of doubt, if the Participant’s employment is terminated prior to June 30, 20[XX] January 1st of the fiscal year of the Grant Date due to death, Disability or retirement, the Award and any rights to receive shares of Common Stock, cash and Dividend Equivalent PSUs with respect thereto, will be forfeited without consideration.

Appears in 2 contracts

Samples: Performance Stock Unit Award Agreement (Automatic Data Processing Inc), Performance Stock Unit Award Agreement (Automatic Data Processing Inc)

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