Termination of Employment Clause Example from Business Contracts
This example Termination of Employment clause appears in
6 contracts
from
1 company
Termination of Employment. If the Optionee's employment is terminated with the Company, the Option and any unexercised portion shall be subject to the provisions below: (a) Upon the termination of the Optionee's employment with the Company, to the extent not theretofore exercised, the Option shall continue to be valid; provided, however, that: (i) if the Optionee's employment is terminated by dismissal by the Company other than for Cause (as defined below), disability (as described in Section 22(e) of the Code) or death w...hile in the employ of the Company and at a time when the Optionee was entitled to exercise an Option as herein provided, any unvested Options shall automatically vest and become exercisable as of the date of termination, and the Optionee or his legal representative, as the case may be, or such Person who acquired such Option by bequest or inheritance or by reason of the death of the Optionee, may, not later than fifteen (15) months from the date of death, exercise such Option, to the extent not theretofore exercised, in respect of all Shares subject to the vested Options; and (ii) if the employment of the Optionee shall terminate by reason of the Optionee's retirement (at such age upon such conditions as shall be specified by the Board of Directors), and while the Optionee is entitled to exercise such Option as herein provided, any unvested Options shall automatically vest and become exercisable as of the date of retirement, the Optionee shall have the right to exercise such Option so granted, to the extent not theretofore exercised, in respect of all Shares subject to the vested Options, at any time up to one (1) year from the date of termination of the Optionee's employment by reason of retirement. (b) If the Optionee voluntarily terminates his employment, the Optionee shall have the right to exercise such Options that have vested, to the extent not theretofore exercised, at any time up to ninety (90) days from the date of termination of the Optionee's employment, or if the Optionee is discharged for Cause, any Options granted hereunder shall forthwith terminate with respect to any unexercised portion thereof. (c) If any Options granted hereunder shall be exercised by the Optionee's legal representative if the Optionee should die or become disabled, or by any person who acquired any Options granted hereunder by bequest or inheritance or by reason of death of any such person, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal representative or other person to exercise such Options. (d) For all purposes of this Agreement, the term "Cause" shall have the meaning set forth in the Optionee's employment agreement with the Company, or if no such agreement exists or is then in effect, then the meaning as defined in the Plan.View More
