Common use of Vesting Upon Death or Disability Clause in Contracts

Vesting Upon Death or Disability. Notwithstanding any of the provisions in Section 2, Xxxxxxx’s rights under this RSU shall become fully vested and Grantee shall be entitled to receipt of the Shares represented by this RSU in the event the Grantee’s service as an employee or as a member of the Board of the Company terminates by reason of the Grantee’s death, or by reason of the Grantee’s “disability” (as hereinafter defined). For purposes of this RSU Agreement, the term “disability” shall mean any condition that would qualify as a “disability” as that term is defined in the Plan, or any other condition that the Committee determines to be a medically determinable physical or mental impairment which can be expected (a) to prevent the Grantee from being able to perform his usual duties (or another job deemed appropriate by the Committee taking into account the Grantee’s education, prior experience and past earnings) and (b) to last for one year or longer.

Appears in 4 contracts

Samples: Stock Incentive Plan for Employees (Toll Brothers Inc), Stock Incentive Plan for Employees (Toll Brothers Inc), Stock Incentive Plan for Employees (Toll Brothers Inc)

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Vesting Upon Death or Disability. Notwithstanding any of the provisions in Section 2, Xxxxxxx’s rights under this RSU shall become fully vested and Grantee shall be entitled to receipt of the Shares represented by this RSU in the event the Grantee’s service as an employee [or as a member of the Board Board] of the Company terminates by reason of the Grantee’s death, or by reason of the Grantee’s “disability” (as hereinafter defined). For purposes of this RSU Agreement, the term “disability” shall mean any condition that would qualify as a “disability” as that term is defined in the Plan, or any other condition that the Committee determines to be a medically determinable physical or mental impairment which can be expected (a) to prevent the Grantee from being able to perform his usual duties (or another job deemed appropriate by the Committee taking into account the Grantee’s education, prior experience and past earnings) and (b) to last for one year or longer.

Appears in 1 contract

Samples: Stock Incentive Plan for Employees (Toll Brothers Inc)

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