Termination of Employment Clause Example from Business Contracts

Termination of Employment. (a) Except as provided in this Section 4, the Option may not be exercised after the Optionee has ceased to be employed by or serve as a consultant to the Company or one of its affiliates. In the event that the Optionee ceases to be employed by or serve as a consultant to the Company or one of its affiliates, the Option may be exercised following such termination, as follows: (i) if the Optionee's termination of employment or cessation of services is due to his or her death or Disability (as defi...ned below), the Option shall remain exercisable for a period of one year (but in no event later than the Expiration Date) following the Optionee's death or Disability for all Option Shares for which the Option was otherwise exercisable at the date of Optionee's death or Disability, and shall thereafter terminate; (ii) if the Optionee ceases to be employed by or serve as consultant to the Company or an affiliate other than due to death, Disability or termination for Cause, the Option shall remain exercisable for a period of ninety (90) days following such termination (but in no event later than the Expiration Date) with respect to all Option Shares for which the Option was otherwise exercisable as of the date of such termination, and shall thereafter terminate; and (iii) if the Optionee's termination is by the Company or one of its affiliates for Cause (as defined below), the Option shall terminate immediately on the date of the such termination. View More