Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). b. Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 2022, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement). c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction. d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)
Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period).
b. Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 20222020, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.
d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)
Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period).
b. Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 20222021, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.
d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)
Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 1095 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period).
b. Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 20222023, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.
d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)
Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii6.c.iii. below) or upon Employee’s Normal Retirement (as defined in paragraph 2.d.i. below), Employee shall, subject to paragraph 2.e below, shall be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 1095 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period).
b. Upon Employee’s Special Retirement (as defined in paragraph 2.d.i 2.d.iv below), Employee shall, subject to paragraph 2.e below, shall be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period Period, without proration, and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 2022, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.
d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)
Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM. a. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period).
b. Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 366 (which amount shall be issued and paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 20222024, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
c. In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. belowCorporate Change, but (ii) that would constitute a Corporate Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.
d. The following terms shall have the meanings set forth below for purposes of this Agreement:
Appears in 1 contract
Samples: Long Term Incentive Compensation Award Agreement (Waste Management Inc)