Common use of End of Service Clause in Contracts

End of Service. If the Participant experiences an End of Service Date, the Participant will be entitled to receive the Shares underlying any Restricted Stock Units that have then vested. In addition, the Participant will be entitled to receive immediately the Shares underlying the number of Restricted Stock Units, if any, that have not yet vested but would have vested under Section 2 if the Participant’s End of Service Date had been twenty-four (24) months following Participant’s actual End of Service Date. The Participant will forfeit the right to receive Shares underlying any Restricted Stock Units that have not yet vested or would not have vested in the next twenty-four (24) months as described in the preceding sentence. The Participant’s “End of Service Date” is the date of Participant’s retirement after attaining a combination of years of age and service with the Company and its Affiliates (including service with another company prior to it becoming an Affiliate) of at least 65, with a minimum age of 55 and at least five years of service with the Company and its Affiliates (only if an Affiliate at the time of service). The Participant will not be considered to have retired if the Participant’s employment by the Company or an Affiliate is terminated for Cause.

Appears in 1 contract

Sources: Restricted Stock Unit Agreement (Lear Corp)

End of Service. If the Participant experiences an End of Service Date, the Participant will be entitled to receive the Shares underlying any Restricted Stock Units that have then vested. In addition, the Participant will be entitled to receive immediately the Shares underlying the number of Restricted Stock Units, if any, that have not yet vested but would have vested under Section 2 if the Participant’s End of Service Date had been twenty-four (24) months following Participant’s actual End of Service Date. The Participant will forfeit the right to receive Shares underlying any Restricted Stock Units that have not yet vested or would not have vested in the next twenty-four (24) months as described in the preceding sentence. The Participant’s “End of Service Date” is the date of Participant’s retirement after attaining a combination of years of age and service with the Company and its Affiliates (including service with another company prior to it becoming an Affiliate) of at least 65, with a minimum age of 55 and at least five years of service with the Company and its Affiliates (only if an Affiliate at the time of service). The Participant will not be considered to have retired if the Participant’s employment by the Company or an Affiliate is terminated for Cause.

Appears in 1 contract

Sources: Restricted Stock Unit Agreement (Lear Corp)