Term Forfeiture Clause Example from Business Contracts

Term Forfeiture. a. Except as otherwise provided in this Agreement, to the extent the unexercised portion of the Stock Option relates to Optioned Shares which are not vested on the Participant's Termination Date, the Stock Option will be terminated on that date. The unexercised portion of the Stock Option that relates to Optioned Shares which are vested will terminate at the first of the following to occur: i. 5 p.m. on the date the Option Period terminates; 2 ii. 5 p.m. on the date which is eighteen (18) months... following the date of the Participant's Termination of Service due to (A) death, (B) Disability, (C) termination by the Participant for Good Reason, or (D) termination by the Company without Cause; iii. immediately upon the Participant's Termination of Service by the Company for Cause; iv. 5 p.m. on the date which is thirty (30) days following the date of the Participant's Termination of Service for any reason not otherwise specified in this Section 4.a. ; and v. 5 p.m. on the date the Company causes any portion of the Stock Option to be forfeited pursuant to Section 7 hereof. b. Notwithstanding anything herein to the contrary, if the Participant is terminated for Cause, then all Optioned Shares (including vested Optioned Shares), whether exercisable or not on the date that the Company delivers to the Participant a termination notice, shall expire and may not be exercised, and the shares of stock covered by the Stock Options shall revert to the Plan. View More