Vesting Requirement. The teacher must be at least fifty-five (55) years of age by June 30 in the year in which they retire; have a minimum of seventeen (17) years of creditable service; and a minimum of five (5) current consecutive years of service with the EVSC. The teacher must notify the superintendent of his/her intent to retire by February 1st of the school year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee. Vested employees will be eligible to participate in the EVSC medical, dental, and vision insurance until he/she is age sixty-five (65) or qualifies for Medicare whichever occurs first. Eligible employees will be required to pay the full insurance premium. Eligible spouses and/or dependents may remain on the insurance with the retiree until the spouse or dependent qualifies for Medicare. A retiree who is eligible for the early retiree insurance that loses health insurance coverage during retirement due to a qualifying event may rejoin the EVSC health insurance plan within thirty (30) days of the qualifying event or during an open enrollment period. For retirees meeting the above criteria who continue to carry family medical insurance, the Board will pay the difference between $15,030 and the amount the EVSC pays for a family plan at the time the teacher retires. The Board will pay this family amount only as long as the retired teacher has eligible dependents that qualify the teacher for family coverage, is enrolled in an EVSC health insurance plan, and the teacher has not yet qualified for full Medicare coverage. The Board will pay the difference for retirees enrolled in Plan F. Should a retiree choose a different insurance plan, the retiree will be responsible for the cost difference between Plan F and the insurance plan they choose.
Vesting Requirement. If the Employer elects to impose more than a one Year of Service eligibility condition, the Plan Administrator must apply 100% vesting on any Employer Contributions (and the resulting Accounts) subject to that eligibility condition.
Vesting Requirement. This Award is subject to performance vesting requirements under this Section 2.A, with respect to all Tranches, based upon the achievement of the Performance Targets applicable to the Performance Periods which are set forth below, subject to certification of achievement of such Performance Targets by the Committee pursuant to Section 4.8 of the Plan. The respective Performance Targets (together with the Business Criteria with respect to such Performance Targets) shall be established by the Committee for each Tranche by no later than 90 days following the beginning of the Performance Period applicable to such Tranche. If the Performance Target for a Tranche is not satisfied, all of the Stock Units comprising such Tranche shall be immediately forfeited. For each of the Tranches of Stock Units granted hereunder the Performance Period shall be the last fiscal year (or a portion thereof) of Disney ending prior to the Scheduled Vesting Date of such Tranche.
Vesting Requirement. Effective January 1, 1999, an Employee covered by a Collective Bargaining Agreement for pension purposes as set forth in the Treasury Regulations, shall attain Vested Status if such Employee has five (5) or more Years of Vesting Service, in accordance with the following:
1. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 shall attain Vested Status immediately upon completion of one Hour of Service in 1999.
2. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 but did not have one Hour of Service in 1999 must complete at least 250 Hours of Service or ¼ pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule.
3. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned no pension credit in 1998 must complete at least 250 Hours of Service or ¼ year of pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule.
4. An Employee who has five (5) but less than ten (10) Years of Vesting Service and incurred a Permanent Break in Service before January 1, 1999, shall not use prior Years of Vesting Service to qualify for the five
Vesting Requirement. A teacher shall be fully vested in the retirement benefits described in this Article if the retiring teacher has satisfied the following requirement: the teacher has at least fifteen (15) years of teaching service in the White River Valley School Corporation, or its predecessor corporations.
Vesting Requirement. This Option may be exercised only while the Optionee remains employed with the Company or an Affiliate or is serving as a consultant of the Company or an Affiliate, and only if the Optionee has been continuously in one or more such relationships with the Company or an Affiliate, as the case may be; provided that:
(a) The Optionee may exercise this Option during the ninety (90) day period following termination of his or her employment with the Company or an Affiliate, but only to the extent that it was exercisable immediately prior to such termination (i.
Vesting Requirement. This Award shall also be subject to additional performance vesting requirements under this Section 2.B with respect to 100% of both Tranche A and Tranche B, based upon the achievement of the Performance Targets applicable to the Performance Periods specified below, subject to certification of achievement of such Performance Targets by the Committee pursuant to Section 4.8 of the Plan. The respective Performance Targets (and the Business Criteria to which they relate) shall be established by the Committee not later than 90 days following the beginning of each Performance Period. If the Performance Target for a Performance Period is not satisfied, the applicable portion of the Award (i.e., Tranche A or Tranche B) shall be immediately forfeited in its entirety. The Performance Periods for the Stock Units granted hereunder shall be as follows: Fiscal 200 and 200 Tranche A ( Stock Units) Fiscal 200 and 000 Xxxxxxx X ( Stock Units)
Vesting Requirement. The Award shall vest as follows:
(a) Vesting of 50% of the Award based on Time
(b) Vesting of 50% of the Award based on Stock Performance
Vesting Requirement. This Option may be exercised only while the Optionee remains employed with the Company or an Affiliate or is serving as a Consultant of the Company or an Affiliate, and only if the Optionee has been continuously in one or more such relationships with the Company or an Affiliate, as the case may be; provided that:
(a) The Optionee may exercise this Option during the ninety-day period following his ceasing to be any of the following: (i) an employee of the Company or an Affiliate or (ii) a Consultant to the Company or an Affiliate, but in either case only to the extent that it was exercisable immediately prior to the last of such relationships (i.e. the Optionee shall not progress on the exercise schedule) and only if the Optionee’s employment was not terminated for Cause. If the Optionee dies during such ninety-day period, the Optionee’s Successor (i.e., legal representative of the Optionee’s estate, or the person who has acquired the right by bequest or inheritance), may exercise this Option during the one-year period following the termination of employment.
(b) If the Optionee becomes totally and permanently disabled (within the meaning of Code section 22(e)(3)) while in one of the relationships described above in this Section 7, he or she may exercise this Option during the one-year period following his or her termination of employment.
(c) If the Optionee dies while in one of the relationships described above in this Section 7, the Optionee’s Successor, may exercise this Option during the one-year period following the date the Optionee dies.
(d) If the Optionee ceases to be in one of the relationships described above in this Section 7 after a declaration made pursuant to Section 8 of this Agreement, he or she may exercise the Option at any time permitted by such declaration. Notwithstanding the above, this Option may not be exercised after it has expired.
Vesting Requirement. Except for the vesting of the Award upon a Change in Control as provided in Section 3.3 of this Agreement and Section 7(g) of the Plan, the Award shall vest (i) on December 31, 2006 with respect to 186,000 shares of Stock subject to the Award if the Holder is employed as the President and Chief Executive Officer of the Corporation on such date and the Corporation has met the 2006 Performance Target, as defined below, and (ii) on December 31, 2007 with respect to 64,000 shares of Stock subject to the Award if the Holder is employed as the President and Chief Executive Officer of the Corporation on such date and the Corporation has met the 2007 Performance Target, as defined below. If the Holder’s service as President and Chief Executive Officer of the Corporation terminates for any reason, the Holder shall forfeit all rights with respect to the shares of Stock which are not vested as of the effective date of the Holder’s termination of service and such unvested portion of the Award shall be cancelled by the Company. If the 2006 Performance Target is not met, then the Holder shall forfeit all rights with respect to 186,000 shares of Stock and such unvested portion of the Award shall be cancelled by the Company. If the 2007 Performance Target is not met, then the Holder shall forfeit all rights with respect to 64,000 shares of Stock and such unvested portion of the Award shall be cancelled by the Company.
