Common use of Vesting Upon Termination of Employment Clause in Contracts

Vesting Upon Termination of Employment. In the event of the termination of the Optionee’s employment with the Kraft Foods Group (as defined below in paragraph 12) prior to satisfaction of the Vesting Requirements other than by reason of Early Retirement (as defined below in paragraph 12) occurring after December 31 of the same year as the date of grant of the Option, Normal Retirement (as defined below in paragraph 12), death or Disability (as defined below in paragraph 12), or as otherwise determined by (or pursuant to authority granted by) the Committee administering the Plan, this Option shall not be exercisable with respect to any of the Option Shares set forth in the Award Statement. If death or Disability of the Optionee occurs prior to satisfaction of the Vesting Requirements, this Option shall become immediately exercisable for 100% of the Option Shares set forth in the Award Statement. If the Optionee’s employment with the Kraft Foods Group is terminated by reason of Normal Retirement, or by Early Retirement occurring after December 31 of the same year as the date of grant of the Option, the Option Shares shall continue to become exercisable as set forth on the Schedule as if such Optionee’s employment had not terminated.

Appears in 3 contracts

Samples: 2005 Performance Incentive Plan (Kraft Foods Inc), 2005 Performance Incentive Plan (Kraft Foods Inc), Stock Option Award Agreement (Kraft Foods Inc)

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Vesting Upon Termination of Employment. In the event of the termination of the Optionee’s employment with the Kraft Foods Group (as defined below in paragraph 1213) prior to satisfaction of the Vesting Requirements other than by reason of Early Retirement (as defined below in paragraph 1213) occurring after December 31 of the same year as the date of grant of the Option, Normal Retirement (as defined below in paragraph 1213), death or Disability (as defined below in paragraph 1213), or as otherwise determined by (or pursuant to authority granted by) the Committee administering the Plan, this Option shall not be exercisable with respect to any of the Option Shares set forth in the Award Statement. If death or Disability of the Optionee occurs prior to satisfaction of the Vesting Requirements, this Option shall become immediately exercisable for 100% of the Option Shares set forth in the Award Statement. If the Optionee’s employment with the Kraft Foods Group is terminated by reason of Normal Retirement, or by Early Retirement occurring after December 31 of the same year as the date of grant of the Option, the Option Shares shall continue to become exercisable as set forth on the Schedule as if such Optionee’s employment had not terminated.

Appears in 1 contract

Samples: Global Stock Option Award Agreement (Kraft Foods Group, Inc.)

Vesting Upon Termination of Employment. In the event of the termination of the Optionee’s employment with the Kraft Foods Group (as defined below in paragraph 1214) prior to satisfaction of the Vesting Requirements other than by reason of Early Retirement (as defined below in paragraph 1214) occurring after December 31 of the same year as the date of grant of the Option, Normal Retirement (as defined below in paragraph 1214), death or Disability (as defined below in paragraph 1214), or as otherwise determined by (or pursuant to authority granted by) the Committee administering the Plan, this Option shall not be exercisable with respect to any of the Option Shares set forth in the Award Statement. If death or Disability of the Optionee occurs prior to satisfaction of the Vesting Requirements, this Option shall become immediately exercisable for 100% of the Option Shares set forth in the Award Statement. If the Optionee’s employment with the Kraft Foods Group is terminated by reason of Normal Retirement, or by Early Retirement occurring after December 31 of the same year as the date of grant of the Option, the Option Shares shall continue to become exercisable as set forth on the Schedule as if such Optionee’s employment had not terminated.

Appears in 1 contract

Samples: Global Stock Option Award Agreement (Kraft Foods Group, Inc.)

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Vesting Upon Termination of Employment. In the event of the termination of the Optionee’s employment with the Kraft Foods Group (as defined below in paragraph 1214) prior to satisfaction of the Vesting Requirements other than by reason of Early Retirement (as defined below in paragraph 1214) occurring after December 31 of the same year as the date of grant of the Option, Normal Retirement (as defined below in paragraph 1214), death or Disability (as defined below in paragraph 1214), or as otherwise determined by (or pursuant to authority granted by) the Committee administering the Plan, this Option shall not be exercisable with respect to any of the Option Shares set forth in the Award Statement. If death or termination due to Disability of the Optionee occurs prior to satisfaction of the Vesting Requirements, this Option shall become immediately exercisable for 100% of the Option Shares set forth in the Award Statement. If the Optionee’s employment with the Kraft Foods Group is terminated by reason of Normal Retirement, or by Early Retirement occurring after December 31 of the same year as the date of grant of the Option, the Option Shares shall continue to become exercisable as set forth on the Schedule as if such Optionee’s employment had not terminated.

Appears in 1 contract

Samples: Global Stock Option Award Agreement (Kraft Foods Group, Inc.)

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