Vesting and Termination of Employment Sample Clauses
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Vesting and Termination of Employment. The Option will become exercisable in annual installments over a three-year vesting period according to the following vesting schedule: 1/3 of the Option shares shall vest upon the 1st anniversary of the date of the Option, provided that the Optionee is employed by an Employing Company on such anniversary; an additional 1/3 of the Option shares will vest upon the 2nd anniversary of the date of the Option, provided that the Optionee is employed by an Employing Company on such anniversary; and an additional 1/3 of the Option shares will vest on the 3rd anniversary of the date of the Option, provided that the Optionee is employed by an Employing Company on such anniversary, with all fractional Option shares, if any, vesting as whole Option shares upon the latest vesting date. Any portion of the Option that is exercisable may be exercised in whole or in part from time to time during the Option period. In the event of the exercise of the Option in whole or in part, the portion of the Option so exercised shall terminate. The Option period shall begin on the date of the Option and shall end, except as provided in Section 5 hereof, on the first to occur of: (a) ten years thereafter, (b) three years after the date upon which the Optionee ceases to be an employee of an Employing Company by reason of Retirement, death, Disability or Termination with Consent, or (c) immediately following termination of employment, if termination of employment is due to Termination without Consent or Termination for Cause. Unless otherwise determined by the Committee, all unvested Options will immediately vest upon the Optionee’s death during employment or termination of employment by reason of Disability. Unless otherwise determined by the Committee, a prorated number of the Options scheduled to vest during the current Vesting Year will vest on the vesting date for the current Vesting Year based upon the number of complete months worked during the Vesting Year in which the Optionee’s termination of employment occurs by reason of Retirement or Termination with Consent. Except as provided in Section 5, the remaining unvested Option grants are forfeited immediately upon the Optionee’s termination of employment without consideration or further action required of the Corporation or Employing Company. Except as provided in Section 5, and notwithstanding any terms or conditions of the Plan, the Administrative Regulations or this Agreement to the contrary, in the event of the Optionee’s termi...
Vesting and Termination of Employment. The RSUs awarded under this Agreement will vest according to the table below on the condition that you continuously remain an employee of the Company or a subsidiary of the Company until such date. Subject to Sections 12 and 13 of the Plan and the paragraph entitled “Death or Disability” below, upon the Vesting Date(s), or as soon thereafter as may be practicable but in no event later than March 15 of the following calendar year, the Company shall cause payment to be made to Participant either in shares of Capital Stock of the Company equal to the number of vested RSUs or in cash equal to the Cash Value of the vested RSUs, net of any applicable withholding tax requirements, and the respective RSUs shall thereupon be canceled. The “Cash Value” of each RSU shall be equal to the average of the high and low prices as reported on the New York Stock Exchange of one share of IBM Capital Stock on the applicable Vesting Date. Cash Value will be calculated in your home country currency at the exchange rate on the payment date, as reported in the Wall Street Journal, New York edition. RSUs are not shares of IBM Capital Stock and do not convey any stockholder rights. In the event you cease to be an active employee prior to the Vesting Date(s) set forth above, all then unvested RSUs under this award shall be canceled. In the event of a management approved leave of absence, the vesting of your RSUs will be suspended until you return to active employment. If you do not return to active employment, this award will be canceled. Cancellation and Rescission You understand that IBM may cancel, modify, rescind, suspend, withhold or otherwise limit or restrict this award in accordance with the terms of the Plan. For a period of three years following your date of termination of employment with the Company you will comply with Section 13 of the Plan. If you breach this obligation, in addition to any other rights the Company may have, the Company may require you to return an amount equal to what the value of this award was at the time payment was made to you pursuant to this Agreement. Determinations made under this Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly situated. You agree that the cancellation and rescission provisions of the Plan and this Agreement are reasonable and agree not to challenge the reasonableness of such provisions. Death or Disability Upon your death all RSUs covered by...
Vesting and Termination of Employment. Subject to Section IV(E), all Shares of Restricted Stock shall vest in accordance with the provisions of this Section IV(C):
1. Provided the Participant has continued in the employment of the Company to the last day of the Period of Restriction, the restrictions applicable to the Restricted Stock shall lapse and the Shares of Restricted Stock shall become freely transferable as of the third anniversary of the Date of Award (for the purposes of this Award Agreement, such period shall be the "Period of Restriction").
2. In the event the Participant's employment with the Company is terminated by reason of death, Disability, Retirement after December 31, 2004, by the Company without "Cause" as defined in an Employment Agreement between the Participant and the Company) or by the Participant with "Good Reason" (as defined in an Employment Agreement between the Participant and the Company) on or prior to the last day of the Period of Restriction, all Shares of Restricted Stock granted hereunder shall vest and all restrictions shall lapse upon the date of termination.
Vesting and Termination of Employment. (1) Provided the Participant has continued in the employment of the Company to the last day of the Period of Restriction or has terminated from the Company due to Retirement, the restrictions applicable to the Restricted Stock shall lapse and the Shares of Restricted Stock shall become freely transferable as of the third anniversary of the Date of Award (for the purposes of this Award Agreement, such period shall be the "Period of Restriction").
Vesting and Termination of Employment