Travelers 2014 Annual Report Download - page 344

10
Retirement Rule
If, as of your Termination Date, you are at least (i) age 65, (ii) age 62 with one or more full years of service, or (iii) age 55 with 10 or more full years of
service, then you meet the “Retirement Rule.”
The Retirement Rule does not apply if you were involuntarily terminated for gross misconduct or for cause (as determined by the Committee or its
designee in its sole discretion). If you retire and do not meet the Retirement Rule, you will be considered to have resigned.
Travelers Group for any reason other than due to death or disability
(but you do not meet the Retirement Rule)
Performance Shares is forfeited.
Become disabled (as defined under the Travelers Group ’ s applicable
long - term disability plan or policy covering disabilities in your
employment jurisdiction)
You will be entitled to receive the number of shares of Common Stock
you would have received, if any, if your employment had not terminated
due to disability, multiplied by a fraction equal to the number of days
from the first day of the Performance Period to the earlier of (i) the
Termination Date or (ii) the first anniversary of the date of the
occurrence of the event giving rise to your disability (i.e. the
anniversary of the date of onset of your illness or other incapacity that
led to your disability), divided by the total number of days in the
Performance Period. Any such shares will be received at the time of
settlement of the Performance Shares after the end of the Performance
Period.
Take an approved personal leave of absence approved by the Travelers
Group under its Personal Leave Policy, if applicable
Your rights under the Award continue when you are on such leave of
absence for up to three months. Once your approved leave of absence
exceeds three months, your rights under the Award are suspended until
you return to work with the Travelers Group and remain actively
employed for 30 calendar days, after which your rights under the Award
will be restored retroactively. If you terminate employment during the
leave for any reason, the applicable termination of employment
provisions will apply. If your personal leave of absence exceeds one
year, your rights under the Award are cancelled and your right to the
Performance Shares is
forfeited.
Are on an approved family leave, medical leave, dependent care leave,
military leave, or other statutory leave of absence or notice leave
(including, without limitation, “ garden leave, ” but not including any
period corresponding to pay in lieu of notice, severance pay or other
monies on account of the cessation of your employment)
Your rights under the Award continue when you are on such leave of
absence.
Die while employed or following employment while your Award is
outstanding
Your estate will be entitled to receive a number of shares of Common
Stock equal to the initial number of Performance Shares set forth at the
beginning of the Award, plus any Performance Shares credited as
dividend equivalents in connection with the dividends paid or payable
as of the date of your death, multiplied by a fraction equal to the number
of days in the Performance Period from the first day of the Performance
Period to your date of death, divided by the total number of days in the
Performance Period. Any such shares will be delivered as soon as
administratively possible following your death. No Performance Shares
shall be credited with respect to any cash dividends paid by the
Company after the date of the Participant
’ s death but prior to the
distribution with respect to Performance Shares already credited to the
Participant
’ s account.
If You:
Meet the Retirement Rule (subject to Exhibit C, if applicable)
You will be entitled to receive a number of shares of Common Stock
equal to the shares you would have received, if any, if your employment
had not terminated due to retirement in accordance with the Retirement
Rule, multiplied by a fraction equal to the number of days from the first
day of the Performance Period to the Termination Date, divided by the
total number of days in the Performance Period. Any such shares will be
received at the time of settlement of the Performance Shares after the