Termination of Employment During Performance Period. (a) If the Participant’s employment with the Corporation and its subsidiaries is terminated during the Performance Period: (1) by reason of death or Disability, (2) by Retirement at least one year after the first day of the Performance Period, or (3) by the Company without Cause (each, a “Qualified Termination”), the Segmented Target Performance Units for each Performance Measure shall automatically be adjusted on a pro-rata basis to reflect the number of completed months out of the entire Performance Period as of the date of the termination of employment. Thereafter, the Participant (or his/her transferee(s) under Section 4 as the case may be) shall be entitled to any amounts payable under Section 10 following the termination of the Performance Period in accordance with the terms hereof.
(b) In the event that the Participant’s employment with the Corporation and its subsidiaries is terminated during the Performance Period and is not a Qualified Termination, then the Participant shall forfeit the Performance Units and all of the Participant’s rights hereunder shall cease.
(c) The Participant’s rights to the Performance Units shall not be affected by any change in the nature of the Participant’s employment so long as the Participant continues to be an employee of the Corporation or any of its subsidiaries. Whether (and the circumstances under which) employment has been terminated and the determination of the termination date for the purposes of this Agreement shall be determined by the Committee or (with respect to any employee other than an “Executive Officer” as defined under the Plan) its designee (who, at the date of this Agreement, shall be the Corporation’s Vice President of Human Resources), whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to his or her own employment.
Termination of Employment During Performance Period. If a Recipient's employment has terminated during the Performance Period, the Committee, in its sole discretion, may reduce or eliminate the unearned portion of the Restricted Stock award.
Termination of Employment During Performance Period. Unless otherwise specified in this subparagraph, no Performance Bonus will be earned and payable under this Agreement if Participant’s employment terminates before the end of the Performance Period. Notwithstanding the foregoing, if the Participant’s employment terminates during the Performance Period by reason of the Participant’s death or Disability, then the deceased Participant’s Beneficiary or the Participant, as the case may be, will be entitled to receive an amount equal to the product of (1) the Performance Bonus that would have been earned for the Performance Period if the Participant’s employment had continued, multiplied by (2) the percentage of the Performance Period elapsed as of the date of the Participant’s termination of employment (or such greater percentage not to exceed 100% as the Committee, acting in its sole discretion, may determine). The amount, if any, payable to the Beneficiary (or the disabled Participant, as the case may be) will be determined promptly after the applicable Morningstar Rating and Morningstar Category is published as set forth above and will be paid to the Beneficiary (or the disabled Participant) as soon as practicable (but not more than 30 days) after such determination is made.
Termination of Employment During Performance Period. If the Employee’s employment with the Company and the Subsidiaries terminates during the Performance Period for any reason other than the Employee’s retirement, disability, or death, the Performance Shares granted under this Agreement will be forfeited on the date of such termination of employment; provided, however, that in such circumstances, the Committee, in its discretion, may determine that the Employee will be entitled to receive a pro rata or other portion of the Performance Shares.
Termination of Employment During Performance Period. (a) If the Executive's employment with the Corporation or a subsidiary of the Corporation terminates during the Performance Period because of death, disability or Retirement, the Executive Compensation Committee of the Crompton & Knowles Xxxxx (the "Committee") may, in its sole discretion, make a pro rata Award to the Executive.
(b) If, following a Change in Control occurring after the date of this Agreement, the Executive's employment with the Corporation or a subsidiary of the Corporation is terminated during the Performance Period by the Executive for Good Reason or by the Corporation by which the Executive is employed other than for Cause, the Executive shall become immediately vested in, and shall be promptly paid a pro rata Award which Award shall be determined on the basis of the cumulative earnings per share achieved by the Corporation during the Performance Period through the date of such termination of the Executive's employment and a proration (based on the number of days in the Performance Period which have elapsed on the date of such termination of the Executive's employment) of the share and cumulative earnings per share quantities specified in section 3 hereof. The Executive shall be entitled to a prorated Award pursuant to this subsection (b) without regard to whether or not the Corporation has achieved the return on capital objective specified in section 3 hereof.
(c) In the event that the Executive's employment with the Corporation terminates during the Performance Period for any reason other than as specified in subsections 4(a) and 4(b) hereof, the Executive shall not be entitled to receive any Award for the Performance Period.
Termination of Employment During Performance Period a. If your employment with OfficeMax terminates at any time on or after the Award Date and before the end of the Performance Period, your Award will both vest (subject to paragraphs 4 and 5) and be payable in accordance with this paragraph 6. If your termination of employment occurs before the end of the Performance Period and:
i. you terminate employment as a result of your death or total and permanent disability, as determined by OfficeMax in its sole and complete discretion,
ii. you are involuntarily terminated in a situation qualifying you for severance payments under an OfficeMax plan, or
iii. you voluntarily terminate employment and at the time of your termination you are at least age 55 and have completed at least 10 years of employment with OfficeMax, then your Award shall vest (subject to paragraphs 4 and 5) on your employment termination date in a pro rata manner based on the number of whole months that you were employed with OfficeMax since the Award Date divided by 36 months. The vested portion of your Award, as determined above, shall be payable in accordance with the general payment timing provisions of paragraph 5, as applicable.
Termination of Employment During Performance Period. (a) In the event the Participant's employment with the Corporation and its Affiliates is voluntarily terminated on or after attaining age 62 or as a result of his death, Disability or involuntary termination during the Performance Period and the Performance Goals for such Performance Period are, at least to the minimum required level, achieved at the end of the Performance Period, the Participant or, in the case of his death, his beneficiary designated pursuant to Section 7(b), will receive a payment of the full amount of the Performance Shares Earned for such Performance Period in accordance with Section 7. The Committee may in its sole discretion decrease the number of Performance Shares Earned under this Subsection.
(b) In the event the Participant's employment with the Corporation and its Affiliates is voluntarily terminated before attaining age 62 (other than for Disability) or is involuntarily terminated for Cause during the Performance Period, the Participant will forfeit all rights to any Performance Shares that would have been earned for the Performance Period.
Termination of Employment During Performance Period. (a) If the Participant’s employment with the Corporation and its subsidiaries is terminated during the Performance Period: (1) by reason of death or Disability, (2) by Retirement at least one year after the first day of the Performance Period, or (3) by the Company without Cause (each, a ‘‘Qualified Termination’’), the Segmented Target Performance Units for each Performance Measure shall automatically be adjusted on a pro-rata basis to reflect the number of completed months out of the entire Performance Period as of the date of the termination of employment. Thereafter, the Participant (or his/her transferee(s) under Section 4 as the case may be) shall be entitled to any amounts payable under Section 10 following the termination of the Performance Period in accordance with the terms hereof.
(b) In the event that the Participant’s employment with the Corporation and its subsidiaries is terminated during the Performance Period and is not a Qualified Termination, then the Participant shall forfeit the Performance Units and all of the Participant’s rights hereunder shall cease.
(c) The Participant’s rights to the Performance Units shall not be affected by any change in the nature of the Participant’s employment so long as the Participant continues to be an employee of the Corporation or any of its subsidiaries.
Termination of Employment During Performance Period. Subject to the terms of the Program, if, prior to , and while the Grantee is in the employ of the Company and its Subsidiaries, (a) the Grantee dies, (b) the Grantee’s Disability occurs, or (c) the Grantee’s Retirement occurs, 100% of the Performance Shares shall remain outstanding and shall be earned based on attainment of the Management Objective described in Section 2. The Performance Shares shall be forfeited if the Grantee ceases to be continuously employed by the Company and its Subsidiaries prior to the expiration of the Performance Period for any reason other than the Grantee’s death, Disability or Retirement unless the Compensation Committee in the exercise of its discretion determines otherwise.
Termination of Employment During Performance Period. (a) If the Executive's employment with the Corporation terminates during the Performance Period because of death, disability, retirement or a Change in Control, the Executive Compensation Committee of the Board of Directors of the Corporation (the "Committee") may, in its sole discretion, make a pro rata Award to the Executive.
(b) In the event that the Executive's employment with the Corporation terminates during the Performance Period for any reason other than death, disability, retirement or a Change in Control, the Executive shall not be entitled to receive any Award for the Performance Period.
