Termination of Employment Clause Example from Business Contracts

Termination of Employment. Except as the Committee may otherwise expressly provide, or as may otherwise be expressly provided in any employment agreement between the Company and the Optionee, if the Optionee's employment with the Company or a Subsidiary terminates, the period within which the Optionee may exercise this Stock Option may be subject to earlier termination as set forth below: (a) Termination of Employment Due to Death or Disability. If the Optionee's employment terminates by reason of such Optionee's death or... disability (as defined in Section 422(c) of the Code), this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee or by the Optionee's legal representative or legatee for a period of twelve (12) months from the date of such termination or until the Expiration Date, if earlier. (b) Termination for Cause. If the Optionee's employment is terminated by the Company for Cause, all Options (unvested and vested) shall terminate immediately. "Cause" means any of the following: (i) dishonesty, embezzlement, misappropriation of assets or property of the Company; (ii) gross negligence, misconduct, neglect of duties, theft, fraud, or breach of fiduciary duty to the Company; (iii) violation of federal or state securities laws; (iv) breach of an employment, consulting or other agreement with the Company; or (v) the conviction of a felony, or any crime involving moral turpitude, including a plea of guilty or nolo contendre. (c) Other Termination. If the Optionee's employment terminates for any reason other than death or disability or Cause, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee for a period of three (3) months from the date of termination or until the Expiration Date, if earlier. (d) Treatment of Unvested Options on Termination of Employment. Any portion of this Stock Option that is not exercisable on the date of termination of the Optionee's employment with the Company, for any reason, shall terminate immediately and be null and void and of no further force and effect. View More