Vesting on Termination Sample Clauses

Vesting on Termination. Upon termination of the Plan or upon complete discontinuance of contributions to the Plan, the rights of all persons to their benefits accrued to the date of such termination or discontinuance shall be vested to the extent funded. The Administrator, acting upon the advice of an actuary, shall then determine upon the basis of the actuarial assumptions then in use as a basis for deposits and reserves:
Sample 1
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Vesting on Termination. Each affected Participant’s interest shall be nonforfeitable to the extent funded upon actual termination, partial termination, or complete discontinuance of contributions, without regard to any formal written notice. Any such termination of the Plan shall be deemed to effect a termination of employment of each Participant for purpose of the Plan, and the Sponsor shall direct the distribution of the assets of the Trust to Participants in a manner consistent with the provisions of Article XI hereof as if each Participant had terminated Service with the Employer on the date of termination of the Plan. The Sponsor may elect to establish a wasting trust for the distribution of the Trust assets.
Sample 1
Vesting on Termination. Upon the termination of a Profit Unit Member’s employment for any reason other than by the Company for Cause, the Profit Unit Member shall forfeit all unvested Profit Units without the receipt of any payment or consideration in respect thereof as of the Profit Unit Member’s Services Termination Date, and any Profit Units that are vested as of such termination of employment or become vested as a result of such termination of employment will remain outstanding, subject to the Call Right. In the event that a Profit Unit Member’s Services are terminated by the Company for Cause, all Profit Units, regardless of whether vested or unvested, held by such Profit Unit Member as of such Profit Unit Member’s Services Termination Date shall be forfeited and cancelled for no consideration as of such Services Termination Date. For each forfeited Profit Unit, the Board may grant a new Profit Unit to a Member of the same type (i.e., Class A Profit Unit, Class B Profit Unit or Class C Profit Unit, as applicable) (a “Reallocated Profit Unit”), subject to vesting provisions and other terms and conditions as determined by the Board at the time of grant, provided that in all cases a Reallocated Profit Unit shall only be entitled to allocations and distributions of profits earned following the Grant Date.
Sample 1
Vesting on Termination. Notwithstanding the provisions of Sections ---------------------- 4(b) above, in the event that Employee's employment is terminated by the Company or a successor to the Company without Cause under Section 5(a)(ii) below or as a result of a Constructive Termination under Section 5(a)(iv) below, 100% of the Shares that have not yet become vested shall become fully vested on the effective date of such termination of employment.
Sample 1
Vesting on Termination. In case the Plan shall terminate, or in the case of complete discontinuance of contributions under the Plan, the Employer contribution accounts and the Participant's contribution account of each Participant shall become fully and one hundred percent (100%) vested and nonforfeitable. Effective as of the date of termination or discontinuance of contributions, each Participant's account shall be distributed to the Participant, under Section 6.01 (other than subsection c. thereof), or to his or her Beneficiary, if the Participant be not then living, in accordance with Section 7.03.
Sample 1

Related to Vesting on Termination

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Payments Upon Termination of Employment (a) If Executive's employment with the Company is terminated by reason of:

  • On Termination (a) An employee who voluntarily terminates his employment will be provided his final pay on the next regular payday.

  • Final Termination Unless terminated at an earlier date by mutual agreement of the parties hereto, this Agreement shall terminate upon the first to occur of the following: (a) the last Serviced Appointment is terminated, matured or expired under the terms of the applicable Serviced Corporate Trust Contract and all Trust Assets in respect thereof have been fully distributed, (b) the last Serviced Appointment is Transferred to the applicable Purchaser, (c) the applicable Seller has resigned from the last Serviced Appointment if permitted under Section 7.2 below or (d) the applicable Seller is removed from appointment or the applicable Seller’s appointment is terminated with respect to the last Serviced Appointment in accordance with this Agreement, the applicable Serviced Corporate Trust Contract or any other agreement between the parties hereto entered into on or prior to the date hereof. Upon termination of this Agreement in accordance with this Section 7.1, each party’s further rights and obligations hereunder, other than the provisions of Section 8 and Section 9, shall terminate and be of no further force and effect and no party shall have any liability hereunder, except that neither the Sellers nor the Purchasers shall be relieved or released from any liabilities or damages arising out of its breach of any provision of this Agreement prior to termination.

  • Compensation Upon Termination or During Disability In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of his employment during the Employment Period.

  • Term; Termination; Rights on Termination The term of this Agreement shall begin on the date hereof and continue for three (3) years, and, unless terminated sooner as herein provided, shall continue thereafter on a year-to-year basis on the same terms and conditions contained herein in effect as of the time of renewal (such initial three year period and any extensions thereof being referred to herein as the "Term"). This Agreement and Employee's employment may be terminated in any one of the following ways:

  • Additional Termination Event If any "Additional Termination Event" is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation).

  • Additional Termination Rights In addition to any right to terminate this Agreement under the provisions of this Section 16, either party shall have the further right to terminate this Agreement, upon delivery of written notice to the Agent, upon the occurrence of any of the following:

  • Suspension; Termination If Borrower voluntarily suspends its business or, the partnership is dissolved or terminated, other than a technical termination of the partnership for tax purposes.

  • Early Termination of the Employment Period Notwithstanding Section 1(b) hereof, the Employment Period shall end upon the earliest to occur of (i) a Termination For Cause, (ii) a Termination Without Cause, (iii) a Voluntary Termination, (iv) a Termination Due to Retirement, (v) a Termination Due to Disability, or (vi) a Termination Due to Death.

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