Nature of the Grant Clause Example from Business Contracts

Nature of the Grant. In accepting the option, the Participant acknowledges that: (a) the Plan is established voluntarily by the Company, it provides for certain criteria in order to be eligible to receive an award, it is restricted in time, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this agreement; (b) the grant of the option is voluntary and occasional and does not create any contractual or other right ...to receive future grants of options, or benefits in lieu of options, even if options have been granted repeatedly in the past; (c) all decisions with respect to future option grants, if any, will be at the sole discretion of the Management Board; (d) the Participant is voluntarily participating in the Plan; (e) the options are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer and which is outside the scope of the Participant's employment or consultancy agreement of his or her corporate mandate, if any; (f) the options are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculation of any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way, to past services for the Company or the Employer; (g) in the event that the Participant is not an employee of uniQure N.V., the options and the Participant's participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company; (h) the future value of the underlying Ordinary Shares is unknown and cannot be predicted with certainty; if the Participant's options never vest, the Participant will not be able to exercise the options; and (i) in consideration of the options, no claim or entitlement to compensation or damages shall arise from termination of the options or from any decrease in value of the options or Ordinary Shares acquired upon exercise of the options resulting from termination of the Participant's employment, consultancy or corporate mandate by or with the Company or the Employer (for any reason whatsoever and whether or not in breach of contract or local laws) and the Participant irrevocably releases the Company and the Employer from any such claim that may arise. View More