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

Termination of Employment Due to Retirement, Death or Disability. In the event a Participant’s employment with the Company and its Affiliates terminates prior to the end of the Restricted Period due to Retirement, death or Disability, the initial Target Grant will be prorated based upon the Participant’s months of employment between January 1, 2007 and December 31, 2009. Such prorated amount will continue to be restricted and subject to the terms of this Agreement until the end of the Restricted Period. All Phantom Units in excess of the prorated amount shall be forfeited.

Appears in 1 contract

Samples: Phantom Unit Agreement (Magellan Midstream Partners Lp)

AutoNDA by SimpleDocs

Termination of Employment Due to Retirement, Death or Disability. In the event a Participant’s employment with the Company and its Affiliates terminates prior to the end of the Restricted Period due to Retirement, death or Disability, the initial Target Grant will be prorated based upon the Participant’s months of employment between January 1, 2007 2008 and December 31, 20092010. Such prorated amount will continue to be restricted and subject to the terms of this Agreement until the end of the Restricted Period. All Phantom Units units in excess of the prorated amount shall be forfeited.

Appears in 1 contract

Samples: Phantom Unit Agreement (Magellan Midstream Partners Lp)

Termination of Employment Due to Retirement, Death or Disability. In the event a Participant’s 's employment with the Company and its Affiliates terminates prior to the end of the Restricted Period due to Retirement, death or Disability, the initial Target Grant will be prorated based upon the Participant’s 's months of employment between January 1, 2007 2005 and December 31, 20092007. Such prorated amount will continue to be restricted and subject to the terms of this Agreement until the end of the Restricted Period. All Phantom Units units in excess of the prorated amount shall be forfeited.

Appears in 1 contract

Samples: 2006 Phantom Unit Agreement (Magellan Midstream Partners Lp)

AutoNDA by SimpleDocs

Termination of Employment Due to Retirement, Death or Disability. In the event a Participant’s employment with the Company and its Affiliates terminates prior to the end of the Restricted Period due to Retirement, death Death or Disability, the initial Target Grant will be prorated based upon the Participant’s months of employment between January 1, 2007 2005 and December 31, 20092007. Such prorated amount will continue to be restricted and subject to the terms of this Agreement until the end of the Restricted Period. All Phantom Units units in excess of the prorated amount shall be forfeited.

Appears in 1 contract

Samples: Phantom Unit Agreement (Magellan Midstream Partners Lp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!