Termination of Employment Due to Death, Disability or Retirement. If the Optionee’s termination of employment is due to death, Disability, or Retirement (termination on or after age 65), or if Optionee terminates employment after age 55, the following shall apply:
Termination of Employment Due to Death, Disability or Retirement. In the event the employment of the Grantee is terminated by reason of death or Disability during a Performance Cycle, the Grantee shall be entitled to a prorated payout with respect to the unearned Award. The prorated payout shall be determined by the Committee based upon the length of time that the Grantee was actively employed during the Performance Cycle relative to the full length of the Performance Cycle; provided, that payment shall only be made to the extent at the end of the Performance Cycle the Award would have been earned based upon the performance level achieved for the Performance Cycle (taking into account the adjustment provisions and other rules in Section 3 above); and provided, further, that the performance level used to determine the prorated award cannot exceed 200% of the Commitment performance level. In the event of Grantee's Retirement (on or after age 65), the full Award shall continue to be eligible for payout at the end of the Performance Cycle, just as if Grantee had remained employed for the remainder of the Performance Cycle (including if the Grantee dies after Retirement but before the end of the Performance Cycle). At the end of the Performance Cycle, the Committee shall make its determination in the same manner as provided in Section 3. Payment of earned Awards to Grantee in the event of termination due to death, Disability, or Retirement shall be made at the same time payments would be made to Grantee if Grantee did not terminate employment during the Performance Cycle.
Termination of Employment Due to Death, Disability or Retirement. In the event that Awardee’s employment with the Company and/or its subsidiaries terminates due to Awardee’s death, Disability or Retirement (i) prior to a Determination, then the performance targets in Exhibit A shall be deemed to have been achieved at target, and the conditions set forth in Exhibit A shall be deemed to have been satisfied, and, therefore, the Target Number of Performance Shares (as set forth in Exhibit A) shall immediately vest and be delivered to the Awardee (or Awardee’s estate, as applicable) within 10 days following the date of such termination of employment, provided that if such termination of employment occurs on or prior to the date on which 50% of the Performance Period (as set forth in Exhibit A) has elapsed, only 50% of the Target Number of Performance Shares shall immediately vest and be so delivered or (ii) after a Determination, then any Performance Shares that are determined to have been earned by Awardee in accordance with Exhibit A shall, to the extent not previously delivered to Awardee, vest and be delivered to Awardee (or Awardee’s estate, as applicable) within 10 days following the date of such termination of employment.
Termination of Employment Due to Death, Disability or Retirement. In the event your employment is terminated by reason of death, Disability, or Retirement during a Performance Period, you shall receive a payout of the Performance Shares which is prorated, as specified by the Committee in its discretion. Payment of earned Performance Shares, if any, shall be made at a time at which payment would have been made had you remained in the employ of the Company.
Termination of Employment Due to Death, Disability or Retirement. If your employment by PRG, its Subsidiaries or Affiliates terminates by reason of your death, Disability, or Retirement (see below for definitions)(i) your Options that are unvested as of the date of termination of your employment will terminate as of the date of the termination of your employment, and (ii) you (or your estate) can exercise any portion of your vested Options at any time within ninety (90) days after the date of termination of employment. After such 90-day period, the unexercised, but vested Options shall terminate.
Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant with the Xxxxx-Danfoss Group is terminated by reason of death, Disability, or Retirement during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Units. The prorated payment shall be determined by the Committee, in its sole discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 4. The prorated payment of Performance Units pursuant to this Section 8 shall be made at the same time as payments are made to Participants who did not terminate employment during the Performance Period as set forth in Section 6. For purposes of this Section 8, to the extent permitted by Code Section 409A, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if not so permitted, then the definition ascribed to such term in Code Section 409A. For purposes of this Section 8, Retirement means a termination from employment with the Xxxxx-Danfoss Group on the normal retirement date on which a Participant qualifies for full (i.e., unreduced for early retirement or other actuarial reductions) retirement benefits under the Participant’s governing defined benefit retirement plan, as identified by the Committee.
Termination of Employment Due to Death, Disability or Retirement. If the Optionee’s termination of employment is due to death, Disability, or Retirement (for purposes of this Agreement, “
Termination of Employment Due to Death, Disability or Retirement. For purposes of this Agreement, “Retirement” means “normal retirement” or “early retirement,” as each term is defined in the Park National Corporation Deferred Benefit Pension Plan.
Termination of Employment Due to Death, Disability or Retirement. In the event the employment of a Participant is terminated by reason of death, Disability, or Retirement (as such terms are defined in the Plan) during the Performance Period, the Participant or the Participant’s beneficiary or estate, as the case may be, shall be entitled to receive a prorated payment of the Performance Share Units. The prorated payment shall be determined by the Committee, in its discretion, based on the number of full months of the Participant’s employment during the Performance Period, in relation to the total number of months in the Performance Period, and shall further be adjusted based on the achievement of the pre-established performance goals set forth in Section 3. Payment of Performance Share Units shall be made at the time specified by the Committee in its discretion. Notwithstanding the foregoing, with respect to a Participant who retires during the Performance Period, payments shall be made at the same time as payments are made to Participants who did not terminate employment during the applicable Performance Period as set forth in Section 4.
Termination of Employment Due to Death, Disability or Retirement. Unless otherwise determined by the Committee, or except as provided in an agreement between you and your Employer, if your employment terminates by reason your death, termination by the Company due to Disability, or Retirement (each as defined below) prior to the Vesting Date, you shall vest in the Performance Shares as follows:
