Termination of Employment On or After Five Years of Service Sample Clauses

Termination of Employment On or After Five Years of Service. Subject to Section 1(c) below, upon the Executive’s retirement (or termination due to his death or disability) after at least five continuous years of service with the Company immediately preceding retirement, he (or his surviving spouse, if applicable) shall be eligible to participate in the Retiree Medical Plan pursuant to the terms, conditions, and limitations of such Plan in effect at such date, subject to the Executive’s payment of the applicable premium for retiree medical coverage that otherwise applies to retired employees of the Company.
Sample 1
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Termination of Employment On or After Five Years of Service. Subject to Section 1(c) below, upon the Executive’s retirement (or termination due to his death or disability) after at least five continuous years of service with the Company immediately preceding retirement, he (or his surviving spouse, if applicable) shall be eligible to participate in the Retiree Medical Plan pursuant to the terms, conditions, and limitations of such Plan in effect at such date, subject to the Executive’s payment of the applicable premium for retiree medical coverage that otherwise applies to retired employees of the Company covered by the Visteon Medical Plan and hired after January 1, 2002.
Sample 1

Related to Termination of Employment On or After Five Years of Service

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Termination of Employment Period The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

  • Termination of Employment The Executive’s employment hereunder shall terminate under the following circumstances:

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Termination of Employment Due to Disability If the Executive’s employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the termination of the Executive’s employment and the Executive shall be entitled to the following:

  • Duration of Employment This Agreement and the employment relationship hereunder will continue in effect for five years from January 1, 2016 through December 31, 2020. It may be extended beyond December 31, 2020 by mutual, written agreement at any time. In the event of the Executive’s termination of employment during the term of this Agreement, the Company will be obligated to pay all base salary, bonus and other benefits then accrued, as well as cash reimbursement for all accrued but unused vacation, plus, if applicable, the additional payments provided for in Sections 6.1, 6.2, 6.3, 6.5, 6.7 and 6.8 of this Agreement.

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Termination of Employment or Service If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, all unvested RSUs shall be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto.

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