Vesting of Benefit. Upon the Executive’s 62nd birthday, the Executive shall be considered to be fully “Vested” in the amount payable to or on behalf of Executive under this Agreement. The Executive shall forfeit all rights to any and all benefits to be paid to the Executive under this Agreement if, prior to the Executive’s 62nd birthday, the Company terminates the Executive’s employment for “Cause.” “Cause” in this Agreement shall have the meaning provided under the written Employment Agreement dated October 5, 2016, as amended, by and between the Company and the Executive (the “Employment Agreement”), a copy of which is attached hereto as Exhibit B.”
Vesting of Benefit. The Early Termination benefit payable under section 2.2 shall be one hundred percent (100%) vested upon the Executive's continued service in the capacity of President and CEO to April 4, 2009.
Vesting of Benefit. Upon the Executive’s 62nd birthday, As a result of a Change in Control (as defined in the Employment Agreement) pursuant to that certain Agreement and Plan of Merger, dated as of June 8, 2024, by and among Mutual Capital Holdings, Inc., Mutual Capital Merger Sub, Inc., and ICC Holdings, the Executive shall be considered to be fully “Vested” in the amount payable to or on behalf of Executive under this Agreement as provided under the written Employment Agreement dated October 5, 2016, as amended, by and between the Company and the Executive (the “Employment Agreement”), a copy of which is attached hereto as Exhibit B.” ● Article I.C.1 of the Agreement shall be and hereby is amended in its entirety to read as follows:
Vesting of Benefit. Upon the Executive’s 62nd birthday, the Executive shall be considered to be fully “Vested” in the amount payable to or on behalf of Executive under this Agreement.
Vesting of Benefit. The Executive shall vest 10% for every Plan Year he is employed and 100% vested after 10 Plan Years. The effective date for vesting is January 1, 1997.
Vesting of Benefit. Except as otherwise provided in the Plan, the Participant shall be 100% vested in the Account Balance on the second anniversary of the Effective Date, provided the Participant remains employed by the Company through such date.
Vesting of Benefit. Executive’s Benefit shall be subject to a substantial risk of forfeiture. Executive shall become fully vested in his Benefit upon the date on or before the Termination date that the Company has raised four million dollars ($4,000,000) in its current Private Placement Offering or in aggregate with any future private placement offering. If the Company fails to raise $4,000,000 on or before the Termination Date, the Executive’s Benefit shall be forfeited on the Termination Date.
Vesting of Benefit. Prior to this amendment and restatement Executive became and remains fully vested in the benefits provided for in this Agreement on April 4, 2009.
Vesting of Benefit. Subject to coverage by the provisions of this Agreement, upon execution of this Agreement, the Officer shall be fully vested and have a nonforfeitable interest in the Benefit Accrual. 5.02.
Vesting of Benefit. The Executive is 100 percent vested in the amount accrued to date in Schedule A.
