Termination of Employment Status. (a) Except as set forth in subsection (b), Employee:
(i) must be an employee of the Company or one of its Subsidiaries at the time the Committee certifies the achievement of the Performance Period performance criteria for the Stock Restrictions to lapse on any portion of the Performance Share Award (the performance criteria being Cumulative BVA and Cumulative EPS, as defined in Schedule 1); and
(ii) shall forfeit the entire Performance Share Award if, before such certification, Employee’s employment with Wolverine and its Subsidiaries terminates (the “Employment Termination”) or the Committee terminates Employee’s Performance Share Award for the Performance Period (“Award Termination”).
(b) If the Employment Termination is:
(i) due to Employee’s:
(1) disability (as defined in Wolverine’s long-term disability plan);
(2) death;
(3) voluntary termination after Employee has attained 50 years of age and seven years of service as an employee of Wolverine or its Subsidiaries, or 62 years of age, or such other age or years of service as may be determined by the Committee in its sole discretion; or
(ii) due to such other circumstances as the Committee in its discretion allows; then the number of shares of Performance Restricted Stock on which the Stock Restrictions lapse at the end of the Performance Period shall be calculated as set forth in subsection (c) or in such other manner as the Committee directs. If there is an Award Termination, the Committee may in its discretion allow the Stock Restrictions to lapse on some or all of the Performance Restricted Stock, calculated as set forth in subsection (c) or in such other manner as the Committee directs.
(c) As soon as reasonably practicable following the end of the Performance Period, the Committee shall calculate, as set forth in Schedule 1, the number of shares on which the Stock Restrictions would have lapsed if Employee’s employment or Performance Share Award had not been terminated prior to the certification. That number of shares shall then be multiplied by a fraction, the numerator of which shall be the number of full months during the Performance Period prior to the Employment Termination or Award Termination (as applicable) and the denominator of which shall be the total number of months in the Performance Period. The result of the calculation in the preceding sentence shall be the Employee’s “Prorated Incentive Award” for the Performance Period, which will be the number of shares of Performance Restricted...
Termination of Employment Status. (a) If Employee’s employment with Wolverine or any of its Subsidiaries is terminated prior to the date on which the Restricted Stock Units vest hereunder, any then unvested Restricted Stock Units shall be automatically forfeited with no consideration due to Employee.
(b) Notwithstanding the above, if Employee’s employment with Wolverine or its Subsidiaries terminates due to Employee’s (a) death; (b) Disability; or (c) Retirement, any then unvested Restricted Stock Units will immediately vest in full.
(c) Upon a Change in Control, unvested Restricted Stock Units will vest, if at all, in accordance with Section 13(b)(ii) of the Plan. Employee’s rights under this sub-Section (c) are in addition to any other rights Employee has under this Section 4.
(d) If, in connection with a Change in Control, the Restricted Stock Units are not assumed or continued, or a new award is not substituted for the Restricted Stock Units by the acquirer or survivor (or an affiliate of the acquirer or survivor) in accordance with the provisions of Section 13(b) of the Plan, the Restricted Stock Units will automatically vest in full upon the occurrence of such Change in Control.
Termination of Employment Status. Executive’s employment by the Company shall terminate effective as of June 30, 2017 (the “Termination Date”). Executive hereby resigns from any position he holds at the Company (and any of its affiliates and subsidiaries) effective as of the Termination Date. Executive shall execute any additional documentation necessary to effectuate such resignations.
Termination of Employment Status. Executive’s employment by the Company shall terminate effective as of February 26, 2010 (the “Termination Date”). Executive hereby irrevocably resigns from his position as Executive Vice President, Chief Financial Officer, Secretary and Treasurer (and any other titles or officer positions he may hold) of the Company (and any of its affiliates and subsidiaries) effective as of the Termination Date. Executive shall execute any additional documentation necessary to effectuate such resignations. Executive’s personnel file at the Company will reflect that Executive voluntarily resigned for personal reasons. Notwithstanding the foregoing, the Company shall not oppose Executive’s claim for unemployment benefits on the grounds that he resigned. Executive’s “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be the Termination Date.
Termination of Employment Status. The administrator's seniority and employment status shall be terminated if one of the following conditions occurs:
1. The administrator accepts employment other than that for which the leave was granted (if any).
2. The administrator fails to timely request return to work when the leave expires.
3. The administrator notifies the Superintendent, in writing, that he/she wishes to terminate his/her leave.
Termination of Employment Status. 2.1 Effective as of the date hereof, that certain Executive Employment Agreement (“Employment Agreement”) and that certain Transition and Succession Agreement, in each case between the Company and Prasad and dated as of January 8, 2007, are hereby terminated in all respects, except for such provisions thereof that survive termination of employment. In addition, in accordance with Section 7(a) of that certain Secondment Agreement among Prasad, the Company and Mylan Singapore Pte. Ltd. dated as of January 8, 2007, Mylan hereby terminates Prasad’s Secondment (as defined therein) to Mylan Singapore Pte. Ltd.
2.2 In connection with the termination of the Employment Agreement, Prasad shall receive from the Company a lump sum payment equal to One Million Dollars ($1,000,000), payable on July 15, 2008 (the “Payment Date”). Also in accordance with Section 9(c) of the Employment Agreement, Mylan shall pay the cost of continuing Prasad’s health insurance benefits for 24 months following the date hereof, subject to the exceptions set forth therein.
Termination of Employment Status. (a) Except as set forth in subsection (b) or Section 6 below, Employee:
(i) must be an employee of the Company or one of its subsidiaries at the time the Committee certifies the achievement of the Performance Period performance criteria for the vesting of any portion of the Restricted Stock Unit Award (the performance criteria being Cumulative BVA, Cumulative EPS, and TSR Percentile Ranking, as defined in Attachment 1); and
(ii) shall forfeit the entire unvested Restricted Stock Unit Award if, before such certification, Employee’s employment with Wolverine or its subsidiaries terminates (the “Employment Termination”) or the Committee terminates the Restricted Stock Unit Award (an “Award Termination”).
(b) If the Employment Termination is:
(i) due to Employee’s:
(1) disability (as defined in Wolverine’s long-term disability plan);
(2) death;
(3) Retirement, absent a determination to the contrary by the Compensation Committee (after taking into consideration the Factors, as defined below) within fourteen days following such termination of employment (the “Determination Period”); or
(ii) to such other circumstances as the Committee in its discretion allows; then the number of Restricted Stock Units which shall vest at the end of the Performance Period shall be calculated as set forth in subsection (c), subject to reduction by the Committee in its discretion. If there is an Award Termination, the Committee may in its discretion allow some or all of the Restricted Stock Units to vest, calculated as set forth in subsection (c), subject to reduction by the Committee in its discretion.
Termination of Employment Status. If Optionee ceases to be an employee of Dakota or a subsidiary, and if his employment is terminated because of retirement, disability, death or termination by Dakota without cause, Optionee may exercise the Option to the extent it was exercisable on the date of termination of employment for a period of 90 days from such date except in the case of death the exercise period shall be one year. Termination of employment for cause, or by the Optionee for any reason other than retirement, disability or death, shall result in cancellation of the Option as of the date of such termination. In the event of the death of Optionee while employed, his legal representative or beneficiary may exercise the Option for a period of one year from the date of death to the extent which the Optionee was entitled to exercise the Option at the date of death.
Termination of Employment Status. Epicor and Executive mutually agree to terminate Executive's employment status as Vice Chairman of Epicor effective July 31, 1999 ("Termination Date"). In connection with such termination, Executive agrees to submit to Epicor a written resignation from the Board of Directors effective as of the Termination Date. Following the Termination Date Executive shall serve as a consultant to Epicor pursuant to the terms of Section 5.6 of the Employment Agreement and the Consulting Period shall be from the Termination Date until December 31, 2001.
Termination of Employment Status. Your employment with Basin Water shall terminate effective as of October 8, 2008 (“Termination Date”) pursuant to your voluntary resignation without Good Reason, as defined in your Employment Agreement, as defined below, from any and all positions you hold with Basin Water and any of its subsidiaries and relinquish any and all authority in connection with such positions. You agree to execute any additional documentation necessary to effect such resignation(s). You acknowledge and agree that on the Termination Date you received your final paycheck reflecting your earned but unpaid base salary at your current rate and all accrued, unused Paid Time Off through the Termination Date and that you have received any and all other payments due you with respect to your employment at Basin Water, including but not limited to any outstanding business expense reimbursements for which you have provided supporting documentation and the payment of any amounts payable under any of the employee benefit plans of Basin Water (collectively “Payments”). You also understand and agree that you are not and will not be entitled to any compensation (monetary or otherwise) except as provided in this Agreement. Consideration/Severance. In consideration for your signing and returning this Agreement to Basin Water no later than October 13, 2008 (“Effective Date”), and subject to the terms and conditions below, Basin Water agrees to provide you with: (a) the lump gross sum of One Hundred Thousand Dollars and No Cents ($100,000.00), less all required withholdings and deductions, within five (5) business days of the Effective Date; (b) for the period beginning on the Termination Date and ending on the date which is six (6) full months following the Termination Date (or, if earlier, the date on which you accept employment with another employer that provides comparable benefits in terms of cost and scope of coverage), Basin Water shall pay for and provide you and your dependents with healthcare benefits which are substantially the same as the benefits provided to you immediately prior to the Termination Date, including, if necessary, paying the cost associated with continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); (c) automatic acceleration of the vesting of one hundred percent (100%) of your outstanding Stock Awards, as that term is defined in your Employment Agreement, a copy of which is attached to this Agreement as Exhibit...
