Acceleration Upon Death or Total Disability Sample Clauses
The 'Acceleration Upon Death or Total Disability' clause allows for the immediate maturity or payment of certain financial obligations, such as loans or benefits, if the individual involved dies or becomes totally disabled. In practice, this means that outstanding debts may become due immediately, or insurance benefits may be paid out in a lump sum upon the occurrence of these events. The core function of this clause is to address the risk of non-payment or financial hardship by ensuring that obligations are settled promptly in the event of death or total disability, thereby providing clarity and protection for both parties.
Acceleration Upon Death or Total Disability. The Performance Units shall become fully vested, notwithstanding any other provisions of this Section 1.3, upon termination of the Participant’s employment with the Company or a subsidiary thereof because of death or Total Disability (as defined below). Any such acceleration of the vesting of the Performance Units pursuant to this Section 1.3(b) will not result in an acceleration of the PSU Payment Date, because the number of Shares earned from the Performance Units shall be calculated after the completion of the Performance Period. For purposes of this Agreement, “Total Disability” means a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, by reason of which the Participant is unable to engage in any substantial gainful activity or is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.
Acceleration Upon Death or Total Disability. The Units shall become fully vested, notwithstanding any other provision of this Section 1.2, upon termination of the Participant’s employment with the Company or a subsidiary thereof because of death or Total Disability (as defined below).
Acceleration Upon Death or Total Disability. The Performance Units shall become fully vested, notwithstanding any other provisions of this Section 1.3, 2 To be inserted. Equal to [July 1, 2025 trailing 20-day vwap] * (1.5)3 * 2