Death or Disability. In the event the service of the Participant to the Board is terminated by reason of death or Disability, the Period of Restriction applicable to the Restricted Stock Units shall automatically terminate (that is, the Restricted Stock Units shall “vest”) upon such Separation from Service.
Except as otherwise provided by the Committee, upon a Participant's Termination of Employment due to Death or Disability. In the event the service of the Participant to the Board is terminated by reason of deathDisability or Disability, the Period of Restriction applicable to theupon becoming or being Retirement eligible, his or her Restricted Stock Units shall automatically terminate (that is,will vest, and in the case of Death, will pay out promptly, and in other cases, will pay out at the scheduled distribution date. If the Participant dies after Termination of Employment, vested Restricted Stock Units shall “vest”) upon such Separation from Service.will be promptly paid out.
Death or Disability. In the event the service of the Participant toGrantee’s death or Disability while employed by the Board is terminated by reasonCompany or an Affiliate during the Restriction Period, the Grantee’s Restricted Stock Units will automatically vest in full on the date of the Grantee’s death or Disability, as applicable. For purposes of these Terms and Conditions, the Periodterm “Disability” shall mean a physical or mental impairment of Restriction applicablesufficient severity that the Grantee is both eligible for and in receipt of benefits under the long-term disability program maintained by the Company or an Affiliate, as applicable, and that meets the requirements of a disability under section 409A of the Code, provided that the Grantee completes 30 days of active service with the Company at any time after the Grant Date and prior to the Restricted Stock Units shall automatically terminate (that is,first Vesting Date. The date of Disability for purposes of these Terms and Conditions is the Restricted Stock Units shall “vest”) upondate on which the Grantee commences to receive such Separation from Service.long-term disability benefits. In the event that the Grantee is not in active service on the Grant Date (for example, on account of short-term disability) and the Grantee does not return to the Company and complete 30 days of active service with the Company prior to the first Vesting Date, the award will be forfeited.
Death or Disability. In the event theof termination of employment (or termination of service as a Director) as a result of the Participant to the Board is terminated by reasondeath, Disability or Retirement of death or Disability, the Period of Restriction applicable to thea Grantee, all restrictions upon Restricted Stock Units awarded to such Grantee shall automatically terminate (that is,thereupon immediately lapse, provided, however, that the Committee or Board shall have the authority to grant Awards of Restricted Stock Units shall “vest”) uponthe restrictions on which do not lapse in the event of the termination of employment or service as a result of the death, Disability or Retirement of a Grantee by including such Separation from Service.provision in the Agreement evidencing such Award.
Death or Disability. InOther. Unless the Compensation Committee of the board of directors of the Company (“Committee”), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event the service of the Participant to the Board is terminated byfor any reason ofother than death or Disability,Disability during the Period of Restriction, then any Restricted Stock Units still subject to the Period of Restriction applicable toat the Restricted Stock Units shall automatically terminate (that is, the Restricted Stock Units shall “vest”) upondate of such Separation from Service.Service automatically shall be forfeited and returned to the Company.
Death or Disability. In the event theof termination of employment (or termination of service as a Director) as a result of the Participant to the Board is terminated by reasondeath, Disability or Retirement of death or Disability, the Period of Restriction applicable to thea Grantee, all restrictions upon Restricted Stock Units awarded to such Grantee shall automatically terminate (that is,thereupon immediately lapse, provided, however, that the Committee or Board shall have the authority to grant Awards of Restricted Stock Units shall “vest”) uponthe restrictions on which do not lapse in the event of the termination of employment or service as a result of the death, Disability or Retirement of a Grantee by including such Separation from Service.provision in the Agreement evidencing such Award.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.