Termination of Employment Clause Example from Business Contracts

Termination of Employment. Voluntary or involuntary termination of the Optionee's employment with the Company and all of its Subsidiaries ("Employment") shall affect Optionee's rights under the Option as follows: 2 (i) Other than due to Death. If Optionee's Employment is terminated for any reason other than due to his death pursuant to Section 9(ii) below, then (a) the non-vested portion of the Option shall immediately expire on the termination of Employment date and (b) the vested portion of the Option shall expire to th...e extent not exercised within 90 days from the date of such termination of Employment. In no event may the Option be exercised after the earlier of (A) the expiration of the Option Period or (B) 90 days from the date of such termination even if Optionee becomes deceased during such period. (ii) Death. If Optionee's Employment is terminated due to his death, then (a) the non-vested portion of the Option shall immediately expire on the termination of Employment date and (b) the vested portion of the Option shall expire on the one (1) year anniversary date of the termination date (to the extent not previously exercised by Optionee) or, in the case of death, by the person or persons to whom Optionee's rights under the Option have passed by will or by the laws of descent and distribution. In no event may the Option be exercised by anyone on or after the earlier of (A) the expiration of the Option Period or (B) one (1) year after the date of termination due to Optionee's death. View More