Vesting of the Deferred Amount Sample Clauses

Vesting of the Deferred Amount. If the Executive remains employed with the Company for twelve (12) months after the Merger Date, then fifty percent (50%) of the Deferred Amount shall become vested on the first anniversary of the Merger Date, and if the Executive remains employed with the Company for twenty-four (24) months after the Merger Date, then the remaining fifty-percent (50%) of the Deferred Amount shall become vested on the second anniversary of the Merger Date; provided, however, that if the Company shall terminate the Executive's employment for Cause during the Employment Period, the Deferred Amount shall be zero percent (0%) vested. To the extent the Deferred Amount is not vested as of the Executive's Date of Termination (as hereinafter defined), such unvested portion of the Deferred Amount shall be forfeited in its entirety, and the Executive (or the Executive's estate or beneficiaries) shall have no rights or entitlement with respect thereto. Notwithstanding anything to the contrary contained herein, if, during the Employment Period the Company shall terminate the Executive's employment other than for Cause or if the Executive shall terminate employment under this Agreement for Good Reason or if the Executive's employment shall terminate by reason of death or Disability (as hereinafter defined), then the Deferred Amount shall become one hundred percent (100%) vested on the Date of Termination.
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Related to Vesting of the Deferred Amount

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Vesting of Option The Option shall be 100% vested upon the date of grant.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Tax-Deferred Earnings The investment earnings of your IRA are not subject to federal income tax until distributions are made (or, in certain instances, when distributions are deemed to be made).

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.