Vesting of SARs. (a) The SARs covered by this Agreement shall become exercisable as described in this Section. One-third of the SARs shall become exercisable on the first anniversary of the Grant Date if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through such first anniversary. An additional one-third of the SARs shall become exercisable on each subsequent anniversary of the Grant Date, through the third anniversary of the Grant Date, when 100% of the SARs shall have become exercisable, if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through each such anniversary. For purposes of this Agreement, “continuous employ” means the absence of any interruption or termination of Participant’s employment with Corporation or with a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by Corporation or in the case of transfers between locations of Corporation and its Subsidiaries. (b) Notwithstanding Section 4(a) above, the SARs granted hereby shall become immediately exercisable in full if at any time during the continuous employment of Participant with Corporation or a Subsidiary, and prior to the termination of the SARs, any of the following events occur: (i) Participant’s death or Disability while Participant is continuously employed by Corporation or any of its Subsidiaries; or (ii) a Change of Control.
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Samples: Stock Appreciation Rights Award Agreement (Louisiana-Pacific Corp), Stock Appreciation Rights Award Agreement (Louisiana-Pacific Corp), Stock Appreciation Rights Award Agreement (Louisiana-Pacific Corp)
Vesting of SARs. (a) The SARs covered by this Agreement shall become exercisable as described in this Section. One-third of the SARs shall become exercisable on the first anniversary of the Grant Date if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through such first anniversaryDate. An additional one-third of the SARs shall become exercisable on each subsequent anniversary of the Grant Date, through the third anniversary of the Grant Date, when 100% of the SARs shall have become exercisable, if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through each such anniversary. For purposes of this Agreement, “continuous employ” means the absence of any interruption or termination of Participant’s employment with Corporation or with a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by Corporation or in the case of transfers between locations of Corporation and its Subsidiaries.
(b) Notwithstanding Section 4(a) above, the SARs granted hereby shall become immediately exercisable in full if at any time during the continuous employment of Participant with Corporation or a Subsidiary, and prior to the termination of the SARs, any of the following events occur:
(i) Participant’s death or Disability while Participant is continuously employed by Corporation or any of its SubsidiariesDisability; or
(ii) a A Change of Control.
(c) Notwithstanding Section 4(a) above, if Participant experiences a termination of employment because of Participant’s retirement (as defined below) on or after the first anniversary of the Grant Date, then the remaining number of SARs, not previously vested, shall continue to vest and become exercisable as if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date through the third anniversary of the Grant Date. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with the Corporation and its Subsidiaries if: (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with the Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) year of continuous service with the Corporation or as Subsidiary, or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with the Corporation or a Subsidiary.
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Samples: Stock Appreciation Rights Award Agreement (Louisiana-Pacific Corp)