Common use of Termination due to your Normal Retirement Clause in Contracts

Termination due to your Normal Retirement. Following the satisfaction of the Performance Vesting Requirement, if your employment or service relationship with the Company and any of its Subsidiaries is terminated as a result of your Normal Retirement prior to the Vesting Date, then the restrictions on a number of the shares of your Restricted Stock Units subject to that Performance Vesting Requirement, subject to any adjustment pursuant to Section 3(b) above, shall automatically lapse pro-rata in relation to the amount of time you have been employed by, or in the service of, the Company or any of its Subsidiaries, as described below; provided, however, that such restrictions shall lapse subject to the additional provisions of Section 12 of this Agreement, if applicable. Solely for purposes of determining the number of shares which may lapse or vest pursuant to this Section 6(b), the Restricted Stock Units subject to that Performance Vesting Requirement, as adjusted pursuant to Section 3(b) above, shall be referred to in two portions, two-thirds (2/3) of the Restricted Stock Units shall be the “Two-Year Portion”; the remaining and final one-third (1/3) of the Restricted Stock Units shall be the “Three-Year Portion.” Following a termination of your employment or service due to your Normal Retirement:

Appears in 6 contracts

Samples: Incentive Compensation Plan 2017 Executive Restricted Stock Unit Agreement (W&t Offshore Inc), Incentive Compensation Plan 2016 Executive Restricted Stock Unit Agreement (W&t Offshore Inc), Restricted Stock Unit Agreement (W&t Offshore Inc)

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Termination due to your Normal Retirement. Following the satisfaction of the Performance Vesting Requirement, if your employment or service relationship with the Company and any of its Subsidiaries is terminated as a result of your Normal Retirement prior to the Vesting Date, then the restrictions on a number of the shares of your Restricted Stock Units subject to that Performance Vesting RequirementUnits, subject to any adjustment pursuant to Section 3(b) above, shall automatically lapse pro-rata in relation to the amount of time you have been employed by, or in the service of, the Company or any of its Subsidiaries, as described below; provided, however, that such restrictions shall lapse subject to the additional provisions of Section 12 of this Agreement, if applicable. Solely for purposes of determining the number of shares which may lapse or vest pursuant to this Section 6(b), the Restricted Stock Units subject to that Performance Vesting RequirementUnits, as adjusted pursuant to Section 3(b) above, shall be referred to in two portions, two-thirds (( 2/3) of the Restricted Stock Units shall be the “Two-Year Portion”; the remaining and final one-third (( 1/3) of the Restricted Stock Units shall be the “Three-Year Portion.” Following a termination of your employment or service due to your Normal Retirement:

Appears in 1 contract

Samples: Incentive Compensation Plan (W&t Offshore Inc)

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