Reaching Age 55 by Certain Legacy Citibank Employees Sample Clauses

Reaching Age 55 by Certain Legacy Citibank Employees. If Participant is at least age 55 and is a legacy Citibank employee who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or (ii) the grandfathered Citibank formula of the Head Office Guarantee (HOG) Plan, then [(1)] any unvested [restricted or deferred stock][deferred cash award] will continue to vest on schedule, provided that Participant is not, at any time up to and including any vesting date, employed by a “significant competitor” of the Company (as defined in Section 6(q) below); [(2) vested options may continue to be exercised for up to [XX DAYS/MONTHS/YEARS] after Participant’s [“separation from service”][termination] date (but not later than the Option expiration date) if employment with the Company is terminated for any reason other than gross misconduct, provided that Participant is not, at any time up to and including any exercise date, employed by a “significant competitor” of the Company (as defined in Section 6(p) below)][all unexercised Option shares will be canceled as of Participant’s [“separation from service”][termination] date and Participant shall have no further rights of any kind with respect to the Option]
Sample 1
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Reaching Age 55 by Certain Legacy Citibank Employees. If Participant is at least age 55 and is a legacy Citibank employee who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or (ii) the grandfathered Citibank formula of the Head Office Guarantee (HOG) Plan, then [(1)] any unvested [shares] ["Core CAP Basic Shares" (as defined below)] will continue to vest on schedule, provided that Participant is not, at any time up to and including any vesting date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below);; [(2) any unvested [shares] ["Supplemental CAP Shares" (as defined below)] will be treated in accordance with paragraph (j) or (k), if applicable, or will be canceled if Participant is no longer employed by the Company; and [(3)] an Option will continue to vest on schedule and may be exercised (but not later than the Option expiration date) while Participant is employed by the Company, provided that Participant is not, at any time up to and including any vesting or exercise date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below). If Participant has received an Award under the Core Capital Accumulation Program and otherwise satisfies the conditions of this paragraph (l), any unvested Option shares will vest on the date Participant's employment with the Company is terminated for any reason other than gross misconduct and may be exercised for up to two years after the termination date of Participant's employment (but not later than the Option expiration date), provided that Participant is not, at any time up to and including any exercise date, employed by a "significant competitor" of the Company (as defined in paragraph (q) below). If Participant has received an Award under the Supplemental Capital Accumulation Program only, even if Participant has otherwise satisfied the conditions of this paragraph (l), any unvested Option shares will be treated in accordance with paragraph (j) or (k), if applicable, or will be canceled if Participant is no longer employed by the Company.
Sample 1
Reaching Age 55 by Certain Legacy Citibank Employees. If Participant is at least age 55 and is a legacy Citibank employee who participates in (i) the grandfathered Citibank formula of the U.S. Citigroup Pension Plan or (ii) the grandfathered Citibank formula of the Head Office Guarantee (HOG) Plan, then (1) any unvested [shares] ["Core CAP Basic Shares" (as defined below)] will continue to vest on schedule, provided that if Participant is no longer employed by the Company, Participant is not engaged in his or her business or profession and does not engage in any activities that compete with any of the Company's business operations; and (2) an Option will continue to vest on schedule; provided that if Participant is no longer employed by the Company, vesting of the Option will cease on the date Participant's employment is terminated and vested Option shares may be exercised for up to two years following the termination date of Participant's employment (but not later than the Option expiration date), provided that Participant is not engaged in his or her business or profession and does not engage in any activities that compete with any of the Company's business operations.
Sample 1

Related to Reaching Age 55 by Certain Legacy Citibank Employees

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • NOTICE TO EMPLOYEES REGARDING THE FEDERAL EARNED INCOME CREDIT The Contractor shall notify its employees, and shall require each subcontractor to notify its employees, that they may be eligible for the Federal Earned Income Credit under the federal income tax laws. Such notice shall be provided in accordance with the requirements set forth in Internal Revenue Service Notice No. 1015.

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