Common use of Notwithstanding the foregoing Clause in Contracts

Notwithstanding the foregoing. (a) If the Participant’s employment voluntarily terminates at age 60 or older for reasons other than cause (as defined below), and the Participant has at least ten years of continuous service with the Company, any unvested Restricted Stock Units (RSUs) shall continue to vest according to the terms of the Award; except that, unless the Participant is an Executive Officer age 65 or older and has at least ten years service with the Company at time of termination, if such termination occurs within one year from the effective date of the Award, the number of RSUs that will continue to vest shall be reduced to be proportionate to that portion of the year between such effective date and the date of termination and the balance of the Award shall be immediately cancelled. “

Appears in 4 contracts

Samples: Restricted Stock Unit Award Agreement (Cameron International Corp), Restricted Stock Unit Award Agreement (Cameron International Corp), Restricted Stock Unit Award Agreement (Cameron International Corp)

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Notwithstanding the foregoing. (a) If the Participant’s employment voluntarily terminates at age 60 or older for reasons other than cause (as defined below)cause, and the Participant has at least ten years of continuous service with the Company, any unvested Restricted Stock Units (RSUsRSU) shall continue to vest according to the terms of the RSU Award; except that, unless the Participant is an Executive Officer age 65 or older and has at least ten years service with the Company at time of termination, that if such termination occurs within one year from the effective date of the Award, the number of RSUs that will continue to vest shall be reduced to be proportionate to that portion of the year between such effective date and the date of termination and the balance of the Award shall be immediately cancelled. For purposes of the Award Agreement,

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (Cameron International Corp), Restricted Stock Unit Award Agreement (Cameron International Corp), Restricted Stock Unit Award Agreement (Cameron International Corp)

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Notwithstanding the foregoing. (a) If the Participant’s employment voluntarily terminates at age 60 or older for reasons other than cause (as defined below)cause, and the Participant has at least ten years of continuous service with the Company, any unvested Restricted Stock Units (RSUsRSU) shall continue to vest according to the terms of the RSU Award; except that, unless the Participant is an Executive Officer age 65 or older and has at least ten years service with the Company at time of termination, that if such termination occurs within one year from the effective date of the Award, the number of RSUs that will continue to vest shall be reduced to be proportionate to that portion of the year between such effective date and the date of termination and the termination. The balance of the Award shall be immediately cancelled. “.

Appears in 1 contract

Samples: Award Agreement (Cooper Cameron Corp)

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