GE » Topics » Termination for Layoff or Plant Closing.

These excerpts taken from the GE 10-K filed Feb 18, 2009.
Termination for Layoff or Plant Closing. If the Grantee's employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing, each as defined in the Company's U.S. Layoff Benefit Plan, then Options covered by the first installment of this Grant shall, if they are not already exercisable, or Options scheduled to become exercisable during protected service if applicable, become immediately exercisable and any unexercised Options shall expire 1 year after the end of any protected service period, or on the Expiration Date, whichever date occurs first.

Termination for Layoff or Plant Closing.  If the Grantee’s employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing, each as defined in the Company’s U.S. Layoff Benefit Plan, then restrictions on RSUs scheduled to lapse on the first Restriction Lapse Date, or during protected service if applicable, shall immediately lapse, and the remaining RSUs covered by this Grant shall be immediately cancelled.
 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 18, 2009
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