Vested Benefits; Termination of Employment Sample Clauses

Vested Benefits; Termination of Employment. The portion of a -- ------------------------------------------ Participating Employee's share in the Trust allocated to the Salary Reduction Contribution Account and the Rollover Contribution Account shall at all times be fully and immediately vested in such Employee. This portion, together with the vested portion of the Matching Company Contribution Account and the Company Discretionary Contribution Account, determined in accordance with the schedule set forth below, depending upon such Participant's Vesting Years of Service completed to the date of termination of employment shall be paid to or on behalf of such Participant at such time and in the manner provided under the further terms of the Plan. The vesting schedule applicable to a Participant's Matching Company Contribution Account and Company Discretionary Contribution Account shall be as follows: Vested Vesting Years of Service Percentage ------------------------ ---------- Less than 1 year 0% 1 or more, but less than 2 20% 2 or more, but less than 3 40% 3 or more, but less than 4 60% 4 or more, but less than 5 80% 5 years or more 100% Any amount not vested under the foregoing vesting schedule shall remain as an unallocated suspense account until the Anniversary Date upon which said Participant has incurred five consecutive One-Year Breaks in Service, which said amount shall thereupon constitute a forfeiture and shall be applied as provided in subparagraph D. hereinbelow. -- Notwithstanding the foregoing sentence, the amount not vested under the above vesting schedule shall constitute a forfeiture as of the time of distribution of the vested benefit. If a Participant terminates employment with the Company at a time when his vested account balance is zero, he will be deemed to have received a distribution of his entire vested account balance upon his termination of employment. In the case of a terminated Participating Employee who has incurred five consecutive One-Year Breaks in Service, Vesting Years of Service after such break shall not be taken into account in determining the vested percentage of his account which accrued prior to such five consecutive One- Year Breaks in Service. In the case of a Participating Employee whose interest in the Plan has been distributed on termination of participation and was not repaid pursuant to the terms of subparagraph C. below, any -- service after the distribution date will not increase the amount of the Participant's non-forfeitable benefit in the Plan as co...
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Related to Vested Benefits; Termination of Employment

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Termination of Employment The Executive’s employment hereunder shall terminate under the following circumstances:

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

  • Termination of Employment Due to Death or Disability 4.1. In the event of your termination of employment due to death or permanent disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986 (the “Code”)) during the Initial Term or the Additional Term, on the date of such termination each outstanding and unvested equity award held by you that, pursuant to its terms, vests solely based upon providing continued service to Skyworks, including, without limitation, stock options, restricted stock awards (including restricted stock unit awards), and performance-based equity awards that are earned but unissued, shall automatically become vested, exercisable, and issuable, and any forfeiture restrictions thereon shall immediately lapse, as applicable, in each case, with respect to one-hundred percent (100%) of that number of then-unvested shares underlying such equity award.

  • Early Termination of Employment In addition to any Termination of Employment of Executive as a Retired Early Employee under Paragraph 6 of this Agreement, a Termination of Employment of Executive may occur prior to the normal expiration of the Term under the circumstances and with the consequences set forth below.

  • Termination of Employment Due to Disability If the Executive’s employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the termination of the Executive’s employment and the Executive shall be entitled to the following:

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