Termination of Employment Prior to Retirement or Death Sample Clauses

Termination of Employment Prior to Retirement or Death. (a) If a Member's employment with the Company is terminated under circumstances other than as provided in Sections 6.02 through 6.04, such Member shall be entitled to a severance benefit equal to a percentage of the amount standing to the credit of his Account, which percentage shall be based upon his Years of Vesting Service and determined in accordance with the following table: Years of Percentage Vesting Service of Account --------------- ---------- Less than 2 0% 2 20% 3 40% 4 60% 5 80% 6 or more 100% Solely for purposes of this Section 6.05, in the case of an Employee who terminates employment with the Company and immediately thereafter becomes an employee of an Affiliated Company, such individual shall be deemed not to have terminated his employment with the Company until he subsequently terminates his employment with the Affiliated Company. (b) The severance benefit determined in accordance with the provisions of this Section 6.05 shall never be adjusted or altered in any fashion on account of any Years Vesting Service which the Member completes upon any reemployment with the Company, except as provided in Section 6.06. (c) The determination of the amount to which such Member is entitled in accordance with this Section 6.05 shall be made by the Trustees, and the Trustees' determination shall be conclusive and binding upon all persons. (d) Any amounts standing to the credit of a Member's Account to which he is not entitled at the time of his termination of employment shall be forfeited by him upon the earlier of the payment of the full amount to which such Member is entitled under the Plan or the occurrence of five (5) consecutive One-Year Breaks in Service by such Member. For purposes of the preceding sentence, a terminated Member who is not entitled to receive any amount under the Plan shall be deemed to have received the entire amount to which he is entitled on the date his employment terminates and shall forfeit his entire Account as of that date. The non-vested portion of a Member's Account shall be retained in the Trust in a suspense account until forfeited in accordance with this subsection. The suspense accounts shall not be adjusted for earnings or losses.
Sample 1
AutoNDA by SimpleDocs
Termination of Employment Prior to Retirement or Death. (a) If a Participant's service with the Employer and the Affiliated Companies terminates under circumstances other than as provided for under subsections 10.1(b) or 10.6, he shall be 100% vested in an amount equal to the market value of his Tax-Deferred Savings Account, After-Tax Savings Account and Rollover Account. In addition, such Participant shall be 100% vested in an amount equal to the (1) the market value of his Company Contribution Account less the value of the sum of the Company Matching Contributions valued on the date credited to his Company Contribution Account, times the result of 100% minus the vested percent, a percentage based on years of Vesting Service as provided below; or (2) the market value of the Participant's Company Contribution Account times the Participant's vested percentage based upon his years of Vesting Service, as follows: Years ofVesting Service At least But Less Percentage Than Vested 2 years 0% 2 years 3 years 25% 3 years 4 years 50% 4 years 5 years 75% 5 years 100% Notwithstanding the foregoing, if a Participant's service with an Employer terminates because of (1) a sale of stock or assets of the Employer, a merger or other transaction involving an Employer, each involving a third party, the result of which is the Employer is no longer deemed an Employer by Amoco, or such other transaction as may be approved by Amoco or (2) under the terms of a voluntary or involuntary Employer severance plan officially adopted by an Employer as evidenced by a written plan document, he shall be 100% vested in his Company Contribution Account. The benefit determined in accordance with the foregoing provision shall never be adjusted or altered in any fashion on account of any years of Vesting Service which the Participant might complete upon reemployment with an Employer, except as otherwise provided in Section 10.3(b).
Sample 1
Termination of Employment Prior to Retirement or Death. (a) If any Participant's employment with the Company terminates under circumstances other than by reason of retirement, disability or death, as provided for under Sections 7.02 through 7.04, he shall be entitled to a vested benefit equal to the sum of (i) 100% of the amounts standing to the credit of his Basic Account and Rollover Account, plus (ii) that percentage of the amount standing to the credit of his Matching Account, based upon his Periods of Service, as follows:
Sample 1
Termination of Employment Prior to Retirement or Death. (a) If any Participant's employment with the Company terminates under circumstances other than by reason of retirement, disability or death, as provided for under Section 7.02 through 7.04, he shall be entitled to a vested benefit equal to the sum of (i) 100% of the amounts standing to the credit of his Tax Deferred Account, Nondeductible Account and Rollover Account, plus (ii) that percentage of the amount standing to the credit of his Company Account, based upon his Years of Vesting Service, which shall be Schedule A Schedule B ---------- ---------- Years Vested Years Vested of Service Percentage of Service Percentage ---------- ---------- ---------- ---------- Less than 1 0% Less than 3 0% 1 but less than 2 25% 3 or more 100% 2 but less than 3 50% 3 or more 100% A Participant whose employment with the Company terminates and who immediately thereafter becomes an employee of an Affiliated Company shall not be considered to have terminated his employment for purposes of this Section until his employment with the Affiliated Company subsequently terminates. The vested benefit determined in accordance with the foregoing provision shall never be adjusted or altered in any fashion on account of any Years of Vesting Service which the Participant might complete upon reemployment with the Company or an Affiliated Company after a Break in Service, except as provided in Section 7.06. (b) The determination of the amount to which such terminated Participant is entitled in accordance with the foregoing rules shall be made
Sample 1
Termination of Employment Prior to Retirement or Death 
Sample 1

Related to Termination of Employment Prior to Retirement or Death

  • Termination of Employment Due to Death or Disability If your employment with the Company terminates due to death or Disability, in each case, prior to the Vesting Date, your Adjusted PSUs will vest and convert into Shares on the Adjustment Date (even though you are not employed by the Company on the Vesting Date). Upon a termination of employment due to death, the Adjusted PSUs shall be delivered in accordance with Section 10.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • 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. The Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Involuntary Termination of Employment If the Executive does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason, including a termination due to disability of the Executive but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to make an immediate lump sum Contribution to the Executive's Retirement Income Trust Fund in an amount equal to: (i) the full Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Contributions to the Retirement Income Trust Fund; provided however, that, if necessary, an additional amount shall be contributed to the Retirement Income Trust Fund which is sufficient to provide the Executive with after tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Executive's termination) beginning at his Benefit Age, equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106.

  • Termination of Employment by Death The Employee's Employment will terminate automatically at the time of his death. If the Employee's Employment terminates by reason of the Employee's death, the Company will pay to the Person the Employee has designated in a written notice delivered to the Company as his beneficiary entitled to that payment, if any, or to the Employee's estate, as applicable, in a cash lump sum within 30 days after the Termination Date, the amount equal to the sum of (i) the portion of the Base Salary through the end of the month in which the Termination Date occurs which has not yet been paid, (ii) all compensation the Employee has previously deferred (together with any accrued interest or earnings thereon) which has not yet been paid, (iii) any accrued but unpaid vacation pay (if the Employee dies while on Active Status) and (iv) (A) if the Employee dies while on Active Status or during the Part-time Employment Period (other than during the last 12 months of the Part-time Employment Period), an amount equal to the Base Salary being paid for the Compensation Year in which he dies or (B) if the Employee dies during the last 12 months of the Part-time Employment Period, the product of (1) one-twelfth of the Base Salary being paid for the Compensation Year in which the Employee dies multiplied by (2) the number of whole and partial calendar months in the period beginning with the first calendar month after the calendar month in which he dies and ending with the last calendar month in which the Termination Date would have occurred if the Employee's Employment were to have continued to the end of the Part-time Employment Period. For purposes of this Section 5(d), if the anniversary of the Effective Date in the Compensation Year in which the Employee dies has not occurred on or before the Termination Date, the Base Salary for that Compensation Year will be calculated on the assumption that no increase in the amount thereof would be made effective as of that anniversary pursuant to Section 4(a) or 5(e)(i), as applicable.

  • 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:

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Termination of Employees Agent may in its discretion stop using any Retained Employee at any time during the Sale, subject to the conditions provided for herein. In the event that Agent desires to cease using any Retained Employee, Agent shall notify Merchant at least seven (7) days prior thereto, so that Merchant may coordinate the termination of such employee; provided, however, that, in the event that Agent determines to cease using an employee “for cause” (which shall consist of dishonesty, fraud or breach of employee duties), the seven (7) day notice period shall not apply, provided further, however, that Agent shall immediately notify Merchant of the basis for such “cause” so that Merchant can arrange for termination of such employee. From and after the date of this Agreement and until the Sale Termination Date, Merchant shall not transfer or dismiss Retained Employees except “for cause” without Agent’s prior consent. Notwithstanding the foregoing, Agent shall not have the right to terminate the actual employment of any Retained Employee, but rather may only cease using such employee in the Sale and paying any Expenses with respect to such employee.

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

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