Termination of Employment Clause Example from Business Contracts

Termination of Employment. Upon termination of the Employee's employment prior to the Expiration Date for any reason other than death, retirement in accordance with the applicable retirement policy, or permanent and total disability, all unvested Shares subject to this Stock Option shall be forfeited by the Employee and he or she may exercise the Stock Option to the extent that it is then vested before the New York Stock Exchange closes on the date of termination.