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This excerpt taken from the C DEF 14A filed Mar 20, 2009. Death or
Disability
Under the terms of
cap and other
equity awards made to the named executive officers outstanding
at December 31, 2008, if a participant’s employment
terminates on account of death or disability, the
participant’s stock awards will vest immediately and will
be distributed to the participant (or his or her estate). The
participant’s nonvested stock options will vest and the
participant (or his or her estate) will have up to the earlier
of (a) the original option expiration date or (b) two
years, to exercise his or her stock options.
A participant’s earned
ltip awards, if
any, are prorated for the year in which employment termination
by reason of death or disability occurs and
ltip awards in
respect of future years are forfeited.
This excerpt taken from the C DEF 14A filed Mar 13, 2008. Death or Disability If a CAP or MSOP participant’s employment terminates on account of death or disability, the participant’s stock awards will vest immediately and will be distributed to the participant (or his or her estate). Upon a CAP or MSOP participant’s termination of employment on account of death or disability, the participant’s nonvested stock options will vest and the participant (or his or her estate) will have up to two years to exercise his or her stock options. All of the nonvested stock options and stock awards shown in the Outstanding Equity Awards at Fiscal Year-End Table for each named executive officer would vest.
A participant’s earned LTIP awards, if any, are prorated for the year in which employment termination by reason of death or disability occurs and LTIP awards in respect of future years are forfeited. All the named executive officers at December 31, 2007 have nonvested LTIP awards as disclosed in the Outstanding Equity Awards at Fiscal Year-End Table, and they would have forfeited all nonvested LTIP awards had their employment been terminated by reason of death or disability at December 31, 2007.
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Table of ContentsThis excerpt taken from the C DEF 14A filed Mar 13, 2007. Death or Disability If a CAP or MSOP participant’s employment terminates on account of death or disability, the participant’s stock awards will vest immediately and will be distributed to the participant (or his or her estate). Upon a CAP or MSOP participant’s termination of employment on account of death or disability, the participant’s nonvested stock options will vest and the participant (or his or her estate) will have up to two years to exercise his or her stock options. All of the nonvested stock options and stock awards shown in the Outstanding Equity Awards at Fiscal Year-End Table for each named executive officer would vest.
No executive is entitled to a grant of an additional equity award in connection with his or her termination of employment on account of death or disability.
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