Common use of Termination of Restricted Units Clause in Contracts

Termination of Restricted Units. The period of performance covered by this award shall be from the date of this Agreement until the last day of the Company's fiscal year 2007 (the "Performance Period"). Unless otherwise terminated or converted into Common Stock in accordance with Appendix A, the Restricted Units shall terminate and become null and void ninety (90) days after the expiration of the Performance Period. Upon the termination of Grantee's employment relationship with the Corporation for any reason (except as otherwise set forth below), any Restricted Units for which the restrictions have not lapsed shall terminate. Upon termination of Grantee's employment as a result of Board approved retirement (consistent with the Corporation's policies regarding retirement), permanent disability (as determined by the Board consistent with the Corporation's disability plan) or death ("Qualified Reason"), the restrictions may lapse with respect to, at a maximum, the number of Restricted Units granted to Grantee, divided by the number of weeks in the Performance Period, multiplied by the number of weeks employed during the Performance Period prior to Grantee's termination for a Qualified Reason (the "Pro Rata Units"); provided, however, that the restrictions shall lapse with respect to the Pro Rata Units only in accordance with the Company's achievement of the performance targets provided in Appendix A through the end of the fiscal year in which the Qualified Reason occurs, as described on Appendix A. The Grantee's transfer within the Corporation or any of its subsidiaries shall not be deemed to be a termination of the employment.

Appears in 5 contracts

Samples: Restricted Stock Unit Award Agreement (Intermagnetics General Corp), Restricted Stock Unit Award Agreement (Intermagnetics General Corp), Restricted Stock Unit Award Agreement (Intermagnetics General Corp)

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Termination of Restricted Units. The period of performance covered by this award shall be from the date last day of this Agreement the Company's fiscal year 2008 until the last day of the Company's fiscal year 2007 2013 (the "Performance Period"). Unless otherwise terminated or converted into Common Stock in accordance with Appendix A, the Restricted Units shall terminate and become null and void ninety (90) days after the expiration of the Performance Period. Upon the termination of Grantee's employment relationship with the Corporation Continuous Service for any reason (except as otherwise set forth below), any Restricted Units for which the restrictions have not lapsed vested shall terminate. Upon termination of Grantee's employment as a result of Board approved retirement (consistent with the Corporation's policies regarding retirement), permanent disability (as determined by the Board consistent with the Corporation's disability plan) Disability or death ("Qualified Reason"), the restrictions may lapse vesting shall occur with respect to, at a maximum, the number of Restricted Units granted to GranteeGrantee that have not vested as of the date of termination, divided by the number of weeks in the Performance Period, multiplied by the number of weeks employed during the Performance Period prior to Grantee's termination for a Qualified Reason (the "Pro Rata Units"); provided, however, that the restrictions shall lapse with respect to the Pro Rata Units only in accordance with the Company's achievement of the performance targets provided in Appendix A through the end of the fiscal year in which the Qualified Reason occurs, as described on Appendix A. The Grantee's transfer within the Corporation or any of its subsidiaries shall not be deemed to be a termination of the employment.A.

Appears in 4 contracts

Samples: Restricted Stock Unit Award Agreement (Cuisine Solutions Inc), Restricted Stock Unit Award Agreement (Cuisine Solutions Inc), Restricted Stock Unit Award Agreement (Cuisine Solutions Inc)

Termination of Restricted Units. The period of performance covered by this award shall be from the date last day of this Agreement the Company's fiscal year 2005 until the last day of the Company's fiscal year 2007 2010 (the "Performance Period"). Unless otherwise terminated or converted into Common Stock in accordance with Appendix A, the Restricted Units shall terminate and become null and void ninety (90) days after the expiration of the Performance Period. Upon the termination of Grantee's employment relationship with the Corporation for any reason (except as otherwise set forth below), any Restricted Units for which the restrictions have not lapsed shall terminate. Upon termination of Grantee's employment as a result of Board approved retirement (consistent with the Corporation's policies regarding retirement), permanent disability (as determined by the Board consistent with the Corporation's disability plan) or death ("Qualified Reason"), the restrictions may lapse with respect to, at a maximum, the number of Restricted Units granted to Grantee, divided by the number of weeks in the Performance Period, multiplied by the number of weeks employed during the Performance Period prior to Grantee's termination for a Qualified Reason (the "Pro Rata Units"); provided, however, that the restrictions shall lapse with respect to the Pro Rata Units only in accordance with the Company's achievement of the performance targets provided in Appendix A through the end of the fiscal year in which the Qualified Reason occurs, as described on Appendix A. The Grantee's transfer within the Corporation or any of its subsidiaries shall not be deemed to be a termination of the employment.

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (Intermagnetics General Corp), Restricted Stock Unit Award Agreement (Intermagnetics General Corp), Restricted Stock Unit Award Agreement (Intermagnetics General Corp)

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Termination of Restricted Units. The period of performance covered by this award shall be from the date last day of this Agreement the Company’s fiscal year 2005 until the last day of the Company's ’s fiscal year 2007 2010 (the "Performance Period"). Unless otherwise terminated or converted into Common Stock in accordance with Appendix A, the Restricted Units shall terminate and become null and void ninety (90) days after the expiration of the Performance Period. Upon the termination of Grantee's ’s employment relationship with the Corporation for any reason (except as otherwise set forth below), any Restricted Units for which the restrictions have not lapsed shall terminate. Upon termination of Grantee's ’s employment as a result of Board approved retirement (consistent with the Corporation's ’s policies regarding retirement), permanent disability (as determined by the Board consistent with the Corporation's ’s disability plan) or death ("Qualified Reason"), the restrictions may lapse with respect to, at a maximum, the number of Restricted Units granted to Grantee, divided by the number of weeks in the Performance Period, multiplied by the number of weeks employed during the Performance Period prior to Grantee's ’s termination for a Qualified Reason (the "Pro Rata Units"); provided, however, that the restrictions shall lapse with respect to the Pro Rata Units only in accordance with the Company's ’s achievement of the performance targets provided in Appendix A through the end of the fiscal year in which the Qualified Reason occurs, as described on Appendix A. The Grantee's ’s transfer within the Corporation or any of its subsidiaries shall not be deemed to be a termination of the employment.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Intermagnetics General Corp)

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