Effect of Separation from Service as Director. Except as otherwise provided in accordance with [Section 3(b)], if you cease to be a member of the Board prior to the Vesting Date(s) specified on the cover page of this Agreement, you will forfeit all unvested Units.
Separation from Service. Notwithstanding anything in this Plan to the contrary, and notwithstanding any election that has been made by a Participant under [[Section 5.2(a) or 5.2(b)])]])], above, if a Participant has elected a Scheduled Withdrawal Date on a date certain pursuant to [Section 5.2(a)(i)], above, with respect to a Plan Year Account, and such Participant experiences a separation from service from the Company, as defined in [Section 5.3], below, before distribution in respect of his or her Plan Year Account having such a Scheduled Withdrawal Date has begun, then the balance of the Participant’s vested Plan Year Account associated with such Scheduled Withdrawal Date shall be paid in a lump sum distribution as soon as administratively practicable following such separation from service, in an amount equal to the balance credited to such Account as of the last day of the month of termination. Notwithstanding the foregoing, a Plan Year Account that has become payable in installments prior to the date of a Participant’s separation from service pursuant to an election under [Section 5.2(b)(ii)] shall continue to be so paid.
Separation from Service. The phrases “termination of employment,” “separation from service,” and similar phrases as used in this Plan shall refer to separation from service within the meaning of the Regulations, determined by reference to the presumptive rule of Treasury Reg. § 1.409A-1(h)(l)(ii) (under which a reasonable expectation of a permanent reduction in the level of service to no more than 20% of the average level during the prior 36-month or other applicable period is presumed to result in a separation from service), and determined by treating the Company and all Subsidiaries as single Employer.
Separation from Service. Upon a Participant’s Separation from Service, a lump sum payment shall be made to the Participant within the 90-day period beginning on the fifteenth (15th) day of the month following the end of the month in which such event occurs, in an amount equal to the balance credited to the Participant’s Accounts as of the last day of the month in which such event occurs.
Separation from Service. Termination of employment with the Corporation or a Subsidiary. A Separation from Service will be deemed to have occurred if the Employee’s services with the Corporation or a Subsidiary is reduced to an annual rate that is 20 percent or less of the services rendered, on average, during the immediately preceding three years of employment (or if employed less than three years, such lesser period). The Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the determination of a Separation from Service and any such determination by the Committee shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.
“Separation from Service”. Notwithstanding anything in this Agreement to the contrary, if you are a “specified employee” (within the meaning of Section 409A of the U.S. Internal Revenue Code (the “Code”)) and any payment made pursuant to this Agreement is considered to be a “deferral of compensation” (as such phrase is defined for purposes of Section 409A of the Code) that is payable upon your “separation from service” (within the meaning of Section 409A of the Code), then the payment date for such payment will be the date that is the first (1st) day of the seventh (7th) month after the date of your “separation from service” with the Company (determined in accordance with Section 409A of the Code) or your earlier death. In addition, if the event triggering your right to benefits or payments hereunder is your termination of employment, but such termination of employment does not constitute a “separation from service” with the Company within the meaning of Section 409A of the Code, then the benefits or payments hereunder payable by reason of such termination of employment that are considered to be a “deferral of compensation” under Section 409A of the Code will not be paid upon such termination of employment, but instead, will remain an obligation of the Company to you and will be paid or provided to you upon the first to occur of: # your “separation from service” (within the meaning of Section 409A of the Code) (any amount payable upon such “separation from service” being subject to the first sentence of this [Section 10]); # a “change of control” of the Company (within the meaning of Section 409A of the Code); or # your death.
“Separation from Service” means termination of a Director’s service as a non-employee member of the Board consistent with the requirements of Section 409A. The Plan is intended to be a Plan provided to Directors, and in accordance with applicable regulations, a Director shall be treated as having Separation from Service for purposes of this Plan on the later of the date that the Director ceases to serve on the Board of Directors of the Company or an Affiliate and the Director is not an independent contractor to the Company or an Affiliate. Continued service as an employee of the Company or an Affiliate shall not affect whether a Director has incurred a Separation from Service under the Plan.
Notwithstanding the foregoing, in the event the Company enters into an agreement described in [Section 7.3] with respect to a Director prior to the Director’s Separation from Service, the Company shall have no obligation to make distributions to the Director under this [Section 7.1] in connection with such Director’s Separation from Service.
“Retirement” and “Retires” means the separation from service as a Director on or after the date the Director has attained age 55.
In addition, each such Substitute Award or Substitute Director Award shall contain the following special Service credit and Separation from Service provisions:
Death Prior to Separation from Service and Disability. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary the Deferral Account balance as of the date of the Executive’s death, plus an additional amount equal to the Contributions remaining to be made in accordance with [Article 2]. This benefit shall be paid in a lump sum or in quarterly installments up to 10 years, at the selection of the Executive, and shall commence the first day of the immediately subsequent quarter following the Executive’s death. During the payment period, interest shall be credited on the unpaid portion of the benefit as described in [Section 3.1(b)(ii)]. The quarterly payments shall be amortized in such a way so as to produce equal payments over the remaining payment period. This will require quarterly reamortization for changes in the Crediting Rate.
Separation from Service by Retirement or Becoming Disabled. In the event a Participant shall separate from service after meeting the requirements for Retirement or becoming Disabled, the distribution of his or her Deferred Compensation shall be made in accordance with the election of such Participant made in accordance with , subsection # or subsection # of this [Section 7.1], # or, if no election has been made by such Participant, in accordance with [Section 7.2] of the Plan.
Subject to [Section 5.4], deferred amounts shall be paid in the form of # a lump sum payment, or # in approximately equal annual installments, as elected by the Director. Such payments shall be made (or shall commence) as soon as practicable following the Separation from Service except that such period shall not exceed ninety (90) days as permitted by Code [Section 409A] or, if so elected by the Director in the Distribution Election, up to twenty-four (24) months following such Separation from Service.
Upon a Director’s Separation from Service, the amount credited to a Director’s Deferred Compensation Accounts will be paid to the Director or the Director’s beneficiary, as applicable, in the following manner:
upon the Eligible Directors termination of Continuous Services to the extent the same constitutes a separation from services for the purposes of Section 409A of the Code except that if an Eligible Director is a key employee as defined in Section 409A of the Code for such purposes, then payment or settlement shall occur 6 months following such separation of service;
“Separation from Service,” “Separates from Service,” or “Separated from Service” shall mean the separation of a Participant from employment with all System Companies that is a “separation from service” as defined in Code Section 409A and the regulations promulgated thereunder.
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