Settlement after Death or Disability. In the event of a Participant’s Separation from Service during the Period of Restriction because of death or Disability, the Restricted Stock Units shall be settled in cash no later than the 60th day after the date of Separation from Service. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on date of Separation from Service.
Appears in 16 contracts
Samples: Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y), Directors Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y), Directors Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y)
Settlement after Death or Disability. In the event of a Participant’s Separation from Service during the Period of Restriction because of death or Disability, the Restricted Stock Units shall be settled in cash no later than the 60th day after the date of Separation from Service. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the date of Separation from Service.
Appears in 1 contract
Samples: Directors Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y)
