Retirement Grant. Upon either an employee's death while in the employment of Van Buren Public Schools or upon retirement under the Michigan Public Schools Employee Retirement System and having fifteen (15) years of service with the Employer, the member of the bargaining unit shall receive a one-time retirement grant. $50 per unused accumulated sick days up to 70 days maximum of $3500.
Retirement Grant. Each retired Act 93 member shall be entitled to a retirement increment (severance at retirement) of $100.00 per year of administrative service with the district. The maximum payment will be $2,000.
Retirement Grant. In any event of termination of the contract between the Employee and the Company, for whatever reason, the Employee will be entitled to receive a retirement grant in the amount of 6 (six) monthly salaries (according to the Employee’s last full monthly salary) from the Company.
Retirement Grant. In recognition of the Executive’s prior and future service to the Company, and in consideration for the Executive’s execution of this Agreement, on July 2, 2012 (the “Grant Date”), DFC shall grant to the Executive, provided that he is employed by the Company on such date, an award of restricted stock units (the “Retirement Grant”) subject to the terms and conditions of DFC’s 2007 Equity Incentive Plan (the “Plan”) and the terms and conditions set forth in the applicable award agreement. The number of shares of DFC common stock subject to the Retirement Grant shall equal the quotient resulting from (i) $4,200,000, divided by (ii) the Fair Market Value (as defined in the Plan) of DFC common stock on the Grant Date, rounded down to the next whole share. The Retirement Grant will vest in substantially equal monthly installments on the last day of each month beginning July 31, 2012 and ending December 31, 2014 provided that, except as otherwise provided in Section 5 hereof, the Executive is employed by the Company on such dates. Except as otherwise provided in Section 5, the vested shares subject to the Retirement Grant shall be delivered to the Executive on January 2, 2015 (but in no event later than January 31, 2015). Notwithstanding anything herein to the contrary, DFC shall not be required to make the Retirement Grant if and to the extent that, at the time of such grant, DFC does not have sufficient shares of common stock to do so under the Plan, or if and to the extent making such grant would, alone or in connection with any other equity award, violate any limitation imposed by the Plan with respect to the number of shares that may be awarded to the Executive within any given fiscal year and/or with respect to the number of shares subject to full value awards having time-based vesting period less than three years; provided that DFC shall make the Retirement Grant under the Plan up to the number of shares available, with the remaining portion of the value of the Retirement Grant (that is, the excess of $4,200,000 over the aggregate Fair Market Value of the shares awarded under the Plan) awarded to the Executive on the Grant Date pursuant to a non-Plan deferred cash award having the same vesting and payment terms described in this Section 4(k), which shall be deemed to have been notionally invested in DFC common stock on the Grant Date.
