Specified Termination definition
Examples of Specified Termination in a sentence
In the event that Executive had no Company-provided health insurance upon the date of his/her Specified Termination, he/she shall not be eligible for any benefits otherwise available under this paragraph.
Subject to Section 2(d) below, in the event of a Specified Termination of Executive’s employment, the Company shall pay COBRA benefits for Executive and any dependants covered by Executive’s Company-provided health insurance on the date of his/her Specified Termination.
If Executive’s Specified Termination occurs following a Change in Control, the severance provisions of paragraph 2(a)(ii) shall control rather than the provisions of this paragraph.
Notwithstanding anything to the contrary in this sub-paragraph, if a performance-based Stock Award Agreement specifies how vesting shall occur for a particular performance-based Stock Award following a Specified Termination of Executive’s employment prior to the effective date of a Change in Control, such Stock Award Agreement shall control in place of this sub-paragraph.
Performance-based Stock Awards with a performance period that does not end in the year following Executive’s Specified Termination are forfeited.