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

Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant with the Xxxxx-Danfoss Group is terminated by reason of death, Disability, or Retirement during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Units. The prorated payment shall be determined by the Committee, in its sole discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 4. The prorated payment of Performance Units pursuant to this Section 8 shall be made at the same time as payments are made to Participants who did not terminate employment during the Performance Period as set forth in Section 6. For purposes of this Section 8, to the extent permitted by Code Section 409A, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if not so permitted, then the definition ascribed to such term in Code Section 409A. For purposes of this Section 8, Retirement means a termination from employment with the Xxxxx-Danfoss Group on the normal retirement date on which a Participant qualifies for full (i.e., unreduced for early retirement or other actuarial reductions) retirement benefits under the Participant’s governing defined benefit retirement plan, as identified by the Committee.

Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant with the Xxxxx-Danfoss Group is terminated by reason of death, Disability, or Retirement during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Units. The prorated payment shall be determined by the Committee, in its sole discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 43. The prorated payment of Performance Units pursuant to this Section 8 6 shall be made at the same time as payments are made to Participants who did not terminate employment during the Performance Period as set forth in Section 64. For purposes of this Section 86, to the extent permitted by Code Section 409A, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if not so permitted, then the definition ascribed to such term in Code Section 409A. For purposes of this Section 86, Retirement means a termination from employment with the Xxxxx-Danfoss Group on the normal retirement date on which a Participant qualifies for full (i.e., unreduced for early retirement or other actuarial reductions) retirement benefits under the Participant’s governing defined benefit retirement plan, as identified by the Committee.

Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant with the Xxxxx-Danfoss Group is terminated by reason of death, Disability, or Retirement during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Units. The prorated payment shall be determined by the Committee, in its sole discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 43. The prorated payment of Performance Units pursuant to this Section 8 6 shall be made at the same time as payments are made to Participants who did not terminate employment during the Performance Period as set forth in Section 64. For purposes of this Section 86, to the extent permitted by Code Section 409A, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if not so permitted, then the definition ascribed to such term in Code Section 409A. For purposes of this Section 86, Retirement means a termination from employment with the Xxxxx-Danfoss Group group on the normal retirement date on which a Participant qualifies for full (i.e., unreduced for early retirement or other actuarial reductions) retirement benefits under the Participant’s governing defined benefit retirement plan, as identified by the Committee.

Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant with the XxxxxSxxxx-Danfoss Group is terminated by reason of death, Disability, or Retirement during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Units. The prorated payment shall be determined by the Committee, in its sole discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 4. The prorated payment of Performance Units pursuant to this Section 8 shall be made at the same time as payments are made to Participants who did not terminate employment during the Performance Period as set forth in Section 6. For purposes of this Section 8, to the extent permitted by Code Section 409A, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if not so permitted, then the definition ascribed to such term in Code Section 409A. For purposes of this Section 8, Retirement means a termination from employment with the XxxxxSxxxx-Danfoss Group on the normal retirement date on which a Participant qualifies for full (i.e., unreduced for early retirement or other actuarial reductions) retirement benefits under the Participant’s governing defined benefit retirement plan, as identified by the Committee.