Eligible Retirement Clause Samples

The Eligible Retirement clause defines the conditions under which an employee’s departure from a company is considered a qualified or approved retirement. Typically, this clause specifies criteria such as minimum age, years of service, or other requirements that must be met for the retirement to be deemed eligible. For example, an employee may need to be at least 55 years old with 10 years of service to qualify. The core function of this clause is to clarify when certain post-employment benefits, such as accelerated vesting of equity or continued health coverage, are granted, thereby reducing ambiguity and ensuring fair application of retirement-related provisions.
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Eligible Retirement. In the discretion of the Committee, if the Participant’s employment with the Company and its subsidiaries terminates during the Restricted Period due to the Participant’s Retirement, and the Participant executes and delivers a separation agreement in the form provided by the Company, containing noncompetition, nonsolicitation and other restrictive covenants, as well as a Release in the form provided by the Company (which must become effective and irrevocable no later than the 61st day after termination of such Participant’s employment), the Committee, in its sole discretion, may determine to provide for (i) continued vesting of the Participant’s Restricted Shares through the last day of the calendar year in which the Participant’s termination of employment occurs (it being understood that any unvested Restricted Shares which are not otherwise scheduled to vest through such date shall be forfeited upon termination of employment), and (ii) tolling of the Repurchase Right until such final vesting date; provided, that if the Participant breaches the noncompetition, nonsolicitation or other restrictive covenants in his separation agreement at any time, then upon such breach, the Participant’s Restricted Shares shall be forfeited and automatically repurchased pursuant to the Repurchase Right, and the full amount recognized from any prior vesting of the Restricted Shares granted hereunder (and any gain thereto) shall be forfeited and the Participant shall be required to promptly repay such amounts to the Company within ten (10) days following such breach.
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Eligible Retirement. In the discretion of the Committee, if the Participant’s employment with the Company and its subsidiaries terminates before the Vesting Date due to the Participant’s Retirement, and the Participant executes and delivers a separation agreement in the form provided by the Company, containing noncompetition, nonsolicitation and other restrictive covenants, the Committee, in its sole discretion, may determine to provide for continued vesting credit of the Units, on a pro rata basis, determined as follows: (i) the number of Target Performance Units shall be modified by multiplying (x) the original number of Target Performance Units set forth in Section 2 by (y) a fraction, the numerator of which is equal to the number of months from the beginning of the Award Period through the last day of the Performance Period in which the Participant’s termination of employment occurs, and the denominator of which is equal to 36 (the “Modified Target Performance Units”); (ii) the excess of the original number of Target Performance Units set forth in Section 2 over the Modified Target Performance Units shall be immediately forfeited upon the Participant’s termination of employment; (iii) the Modified Target Performance Units shall remain eligible to vest hereunder, and shall be settled based on their Actual Value; provided that, in determining Actual Value, the Performance Percentage used shall be determined by the Committee based on actual performance achievement through the end of the Performance Period in which the termination of employment occurred (subject to adjustments pursuant to the Plan and this Agreement). Such pro rata vesting shall be subject to the Participant’s continued compliance with the noncompetition, nonsolicitation or other restrictive covenants in his separation agreement. In addition, such pro rata vesting shall be subject to the Participant (or his representative, as appropriate) signing and delivering an effective and irrevocable Release in the form provided by the Company. Such Release must be signed and delivered after the Committee’s certification of performance achievement through the end of the Performance Period (such determination to occur within the first 60 days of the year following such Performance Period), and must become effective and irrevocable on or before April 30th of the year of such certification (or such earlier date occurring between the date of certification and April 30th of such year as may be specified by the Company). Any s...
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Eligible Retirement. (a) The following terms shall govern if Participant retires pursuant to an Eligible Retirement. As used in this Section 4 “Eligible Retirement” means that Participant has reached the age of 65. If Participant meets the Eligible Retirement terms, and Participant retires or resigns (other than on account of Good Reason) from providing service to the Company and its subsidiaries prior to the Vesting Date, Participant will be a “Retiree.” If Participant is a Retiree, the Option hereunder shall remain outstanding and shall become vested and fully exercisable on the original Vesting Date and such Option shall remain exercisable for the period as provided below under the Exercise Period, but only on the condition that Participant continuously complies with the restrictive covenants set forth below in (b) from the date Participant becomes a Retiree until the expiration of six (6) months following the Vesting Date of the Option.
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Eligible Retirement. If the Optionee's service to the Corporation is terminated by reason of Eligible Retirement, as defined in the Plan, this option shall not vest in full at the time of termination, but shall continue to vest on the same dates, and be exercisable during the same periods, as if the Optionee were still employed, as provided in Section 11.2(b) of the Plan.
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Related to Eligible Retirement

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Pre-Retirement Counseling Leave Each employee within four (4) years of chosen retirement age or date shall be granted, on a one-time basis, up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement programs. Employees shall request the use of leave provided in this Section at least five (5) days prior to the intended day of use.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.