Due to Retirement Clause Samples

The 'Due to Retirement' clause defines the rights and obligations of parties when an individual retires from their position or employment. Typically, this clause outlines the procedures for providing notice of retirement, the effective date of retirement, and any entitlements or benefits the retiring party may receive, such as severance, pension, or continued healthcare coverage. Its core function is to ensure a smooth transition by clarifying expectations and responsibilities, thereby minimizing disputes and providing certainty for both the retiring individual and the organization.
Due to Retirement. By reason of retirement at or after age 65, the shares of Restricted Stock will continue to vest in the same manner as though employment had not terminated. If unforfeited Restricted Stock remains unvested at Grantee’s death following retirement from employment at or after attainment of age 65, all shares of Restricted Stock will vest on the date of death.
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Due to Retirement. In the event of the Participant’s termination of employment upon the Participant’s retirement (in accordance with the terms of a retirement plan or policy of the Company approved by the Board of Directors and applicable to the Participant), any RSUs that are not vested as of the date of such termination of employment will continue to vest and settle in accordance with the schedule set forth in Section 2.
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Due to Retirement. In the event Grantee’s employment terminates by reason of retirement during the applicable Restricted Period, Grantee (or Grantee’s estate or beneficiaries, if Grantee subsequently dies) shall receive a payment calculated in the following manner: (i) the Restricted Units will be reduced by multiplying the grant under this Award by a fraction, the numerator of which is the number of full months in the applicable Restricted Period during which Grantee was an active employee and the denominator of which is the number of months in the full Restricted Period applicable to such Restricted Units (with a partial month worked counted as a full month if Grantee is an active employee for 15 days or more in that month); and (ii) the resulting reduced number of Restricted Units shall be considered vested and payment of such pro-rated Award is to be made to Grantee (or Grantee’s beneficiaries or estate, if Grantee subsequently dies) as soon as practicable after Grantee’s termination of employment. For purposes of this Section, resignation by the Participant will only be considered a “retirement” if they have achieved a minimum of ten (10) years of service and attained a minimum age of sixty (60) years as of the date of termination.
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Due to Retirement. In the event the employment of the Participant with ▇▇▇▇▇▇ Investment is terminated due to Retirement prior to the end of the Performance Period, then the Participant shall be entitled to be paid a pro rata Award. The pro rata Award shall equal the product of (x) and (y) where (x) is the number of Performance Shares the Participant would have earned based on actual performance through the end of the Performance Period and (y) is a fraction, the numerator of which is the number of calendar months that the Participant was employed by ▇▇▇▇▇▇ Investment during the Performance Period (with any partial month counting as a full month for this purpose) and the denominator of which is the number of months in the Performance Period. Any payment of a pro rata Award shall be made as soon as is practicable after the end of the Performance Period (but in no event later than March 15 of the year following the year in which such Performance Shares were earned and vested).
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Related to Due to Retirement

  • Termination Due to Retirement Upon termination of the Executive based on Retirement, no amounts or benefits shall be due the Executive under this Agreement, and the Executive shall be entitled to all benefits under any retirement plan of the Company and other plans to which the Executive is a party. Termination of the Executive’s employment based on “Retirement” shall mean termination of the Executive’s employment in accordance with a retirement policy established by the Board with the Executive’s consent.

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Death, Disability or Retirement Subject to the provisions of Section 1 hereof, this Agreement shall terminate automatically upon the Executive's death, termination due to "Disability" (as defined below) or voluntary retirement under any of the Company's retirement plans as in effect from time to time. For purposes of this Agreement, Disability shall mean the Executive has met the conditions to qualify for long-term disability benefits under the Company's policies, as in effect immediately prior to the Effective Date.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.