Termination of Employment Clause Example from Business Contracts

Termination of Employment. (a) Subject to Section 7(c) below, in the event that Participant's employment with the Company Group terminates for any reason, any unvested portion of the Option will be forfeited and all of Participant's rights under this Agreement will terminate as of the effective date of Termination (the "Termination Date") (unless otherwise provided for by the Committee in accordance with the Plan). (b) If Participant's employment is terminated by the Company Group for Cause or by Participant when grounds ...existed for Cause at the time thereof, the vested and unvested portions of the Option will terminate as of the Termination Date. (c) In the event (i) Participant's employment with the Company Group is terminated by the Company due to death or Disability, each outstanding vested Option will remain exercisable for one year thereafter (but in no event beyond the Option Period) and (ii) Participant's employment with the Company Group is terminated for any other reason (subject to Section 7(b)), each outstanding vested Option will remain exercisable for ninety (90) days thereafter (but in no event beyond the Option Period); provided, that, in each case, the Option Period will expire immediately upon the occurrence of a Restrictive Covenant Violation. (d) Participant's rights with respect to the Option will not be affected by any change in the nature of Participant's employment so long as Participant continues to be an employee of the Company Group. Whether (and the circumstances under which) employment has terminated and the determination of the Termination Date for the purposes of this Agreement will be determined by the Committee (or, with respect to any Participant who is not a director or Officer, its designee, whose good faith determination will be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee's own employment for purposes of the Option). View More