Common use of Distributions from Trust Clause in Contracts

Distributions from Trust. The Plan Administrator may at any time prior to a Change of Control direct that the Shares and any other property (“Non-Share Interests”) credited to a Participant’s Share Award Account be distributed from the Trust. If not earlier distributed in accordance with the foregoing sentence, upon the termination of a Participant’s membership on the Board, other than a termination for cause, prior to a Change of Control, such Participant (or, in the event of his death, his Beneficiary) shall be entitled to a distribution from the Trust of all Shares and Non-Share Interests credited to his Share Award Account. In the event that a Participant’s membership on the Board is terminated for cause, such Participant shall forfeit all interest to his or her Share Award Account and any Shares in such account shall revert back to the Company.

Appears in 1 contract

Sources: Trust Agreement (American Standard Companies Inc)

Distributions from Trust. The Plan Administrator may at any time prior to a Change of Control direct that the Shares and any other property ("Non-Share Interests") credited to a Participant’s 's Share Award Account be distributed from the Trust. If not earlier distributed in accordance with the foregoing sentence, upon the termination of a Participant’s 's membership on the ASI Board, other than a termination for cause, prior to a Change of Control, such Participant (or, in the event of his death, his Beneficiary) shall be entitled to a distribution from the Trust of all Shares and Non-Share Interests credited to his Share Award Account. In the event that a Participant’s 's membership on the Board is terminated for cause, such Participant shall forfeit all interest to his or her Share Award Account and any Shares in such account shall revert back to the CompanyASCI.

Appears in 1 contract

Sources: Trust Agreement (American Standard Inc)