Examples of Patriot Employee in a sentence
In addition, the Patriot Group agrees to notify the PEC human resources department of the termination of employment of any Patriot Employee who previously was a PEC Employee and participated in a PEC Stock Plan as soon as administratively feasible after such individual’s separation from service with the Patriot Group.
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With respect to Patriot Employees who are not Patriot Senior Management Employees, the annual incentive shall be determined based in part on the portion of the 2007 calendar year the Patriot Employee is employed with the PEC Group and in part on the portion of the 2007 calendar year the Patriot Employee is employed with the Patriot Group.
Patriot shall deposit the corresponding amount into the Patriot 401(k) Plan account of the affected Patriot Employee as soon as administratively feasible following receipt.
Notwithstanding anything in the Plan or NQSO agreement to the contrary, an NQSO award held by a Patriot Employee shall become fully vested upon a Patriot Change in Control.
The Patriot Retiree Medical Program shall not recognize the PEC Group service of any Patriot Employee or Subsequent Patriot Employee who earned a benefit under the PEC Retiree Medical Allowance in such a manner that such service recognition would result in duplication of the retiree medical allowance benefits earned under the PEC Retiree Medical Allowance.
Patriot (or its affiliate) shall credit each individual who becomes a Patriot Employee as of the Distribution Date and each Subsequent Patriot Employee with the amount of accrued but unused vacation time (including banked vacation time) and other time-off benefits as such Patriot Employee or Subsequent Patriot Employee had with the PEC Group as of the Distribution Date or, if later, his or her date of transfer from the PEC Group to the Patriot Group.
Notwithstanding the foregoing, Patriot (or its affiliate) shall not be required to credit any Patriot Employee or Subsequent Patriot Employee with any vacation or time-off accrual to the extent that a benefit attributable to such accrual is retained and provided by the PEC Group.
Determining the number of years of service required for a “Retirement” for purposes of the vesting and exercise period of NQSOs held by any Patriot Employee and any Patriot Senior Management Employee under the provisions of any NQSO agreement between such Employee and the Corporation.
For purposes of the accelerated vesting provisions in the NQSO agreements held by a Patriot Employee or a Patriot Senior Management Employee, the terms “Change of Control” and “Recapitalization Event” (if applicable) shall continue to have the meanings set forth in the Plan and shall apply only to the Corporation.