Termination of Employment Clause Example with 6 Variations from Business Contracts

This page contains Termination of Employment clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement, if an optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, no further installments of his Options shall vest or become exercisable, and his Options shall terminate as provided for in the grant or on the day 12 months after the day of the termination of his employment (except three months for ISOs)..., whichever is earlier, but in no event later than on their specified expiration dates. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's right to re-employment is guaranteed by statute. A leave of absence with the written approval of the Board shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations so long as the optionee continues to be an employee of the Company or any Related Corporation. View More

Variations of a "Termination of Employment" Clause from Business Contracts

Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement, provisions of Paragraph 13B, if an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, disability as defined in Paragraph 10, no further installments of his Options such optionee's ISOs shall vest or become exercisable, exercisable following the date of such cessation of employment, and his O...ptions such optionee's ISOs shall terminate as provided for in the grant or on the day 12 months after the day passage of ninety (90) days from the date of termination of his employment (except three months for ISOs), whichever is earlier, such optionee's employment, but in no event later than on their specified expiration dates. Employment dates, except to the extent that such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to Paragraph 17. Nothing in the Plan shall be considered as continuing uninterrupted during deemed to give any bona fide leave grantee of absence (such as those attributable to illness, military obligations or governmental service) provided that any Stock Right the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's right to re-employment is guaranteed be retained in employment or other service by statute. A leave of absence with the written approval of the Board shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved for any period of absence. ISOs granted under the Plan shall not time. 10. Death; Disability. A. Death. If an ISO optionee ceases to be affected employed by any change of employment within or among the Company and all Related Corporations so long as by reason of such optionee's death, or if the employee dies within the thirty (30) day period after the employee ceases to be employed by the Company and all Related Corporations, any ISO of such optionee may be exercised, to the extent of the number of shares with respect to which such optionee could have exercised it on the date of such optionee's death, by such optionee's estate, personal representative or beneficiary who has acquired the ISO by will or by the laws of descent and distribution, at any time prior to the earlier of the specified expiration date of the ISO or one (1) year from the date of such optionee's death. B Disability. If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of such optionee's disability, that optionee shall have the right to exercise any ISO held by such optionee on the date of termination of employment, to the extent of the number of shares with respect to which the optionee continues could have exercised it on that date, at any time prior to be an employee the earlier of the Company specified expiration date of the ISO or any Related Corporation. one (1) year from the date of the termination of the optionee's employment. For the purposes of the Plan, the term "disability" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Code or successor statute. View More
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by If a written agreement, if an optionee grantee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, no further installments disability as defined in Section 10, or by reason of his Options shall vest or become exercisable, and his Options shall terminate a termination "For Cause" as provided for defined in this Section 9, unle...ss otherwise specified in the grant instrument granting such Stock Right, the grantee shall have the continued right to exercise any Stock Right held by him or her, to the extent of the number of shares with respect to which he or she could have exercised it on the day 12 months date of termination until the Stock Right's specified expiration date; provided, however, in the event the grantee exercises any ISO after the day date that is three months following the date of termination of employment, such ISO will automatically be converted into an NSO subject to the terms of the termination of his employment (except three months for ISOs), whichever is earlier, but in no event later than on their specified expiration dates. Plan. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's grantee's right to re-employment reemployment with the Company is guaranteed by statute. A leave of absence with the written approval of the Board shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company statute or any Related Corporation to continue the employment of the optionee after the approved period of absence. by contract. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. For purposes of this Plan, a change in status from employee to a consultant, or from a consultant to employee, will not constitute a termination of employment, provided that a change in status from an employee to consultant may cause an ISO to become an NSO under the Code. In the event of a termination "For Cause," the right of a grantee to exercise a Stock Right shall terminate as of the date of termination. For purposes of this Plan, "For Cause" shall mean the termination of a grantee's status as an employee, a director or consultant (as applicable) for any of the following reasons, as determined by the Committee in this sole discretion; provided, that, with respect to an employee that is party to an agreement with the Company where a termination for cause is defined in such agreement, the definition in such agreement shall govern the determination under this Section 9: (i) A grantee who is a consultant and who commits a material breach of any consulting, noncompetition, confidentiality or similar agreement with the Company or a subsidiary, as determined under such agreement; (ii) A grantee who is an employee or a consultant and who is convicted (including a trial, plea of guilty or plea of nolo contendere) for committing an act of fraud, embezzlement, theft, or other act constituting a felony; (iii) A grantee who is an employee or a consultant and who willfully engages in gross misconduct or willfully violates a Company or a subsidiary policy in any material respect; or (iv) A grantee who is a Company employee and who commits a material breach of any noncompetition, confidentiality or similar agreement with the Company or a subsidiary, as determined under such agreement. NOTHING IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY THE COMPANY OR ANY RELATED CORPORATION FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE'S EMPLOYMENT. View More
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by If a written agreement, if an optionee grantee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, no further installments of his Options shall vest or become exercisable, and his Options shall terminate disability as provided for defined in Section 10, unless otherwise specified in the grant instrument granting such Stock Ri...ght, the grantee shall have the continued right to exercise any Stock Right held by him or her, to the extent of the number of shares with respect to which he or she could have exercised it on the day 12 months date of termination until the Stock Right's specified expiration date; provided, however, in the event the grantee exercises any ISO after the day date that is three months following the date of termination of employment, such ISO will automatically be converted into an NSO subject to the terms of the termination of his employment (except three months for ISOs), whichever is earlier, but in no event later than on their specified expiration dates. Plan. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's grantee's right to re-employment reemployment with the Company is guaranteed by statute. statute or by contract. A bona fide leave of absence with the 4 written approval of the Board Company shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee grantee after the approved period of absence. absence; and provided that the foregoing approval requirement shall not apply to a leave of absence guaranteed by statute or contract. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. For purposes of this Plan, a change in status from employee to a consultant, or from a consultant to employee, will not constitute a termination of employment, provided that a change in status from an employee to consultant may cause an ISO to become an NSO under the Code. NOTHING IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY THE COMPANY OR ANY RELATED CORPORATION FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE'S EMPLOYMENT. View More
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement, if If an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, disability as defined in paragraph 10, no further installments of his Options ISOs shall vest or become exercisable, and his Options ISOs shall terminate as provided for in the grant or on the day 12 months after the day passage of ...90 days from the date of termination of his employment (except three months for ISOs), whichever is earlier, employment, but in no event later than on their specified expiration dates. dates, except to the extent that such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to paragraph 16. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's right to re-employment reemployment is guaranteed by statute. A bona fide leave of absence with the written approval of the Board Committee shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the Company or any Related Corporation for any period of time. 5 10. Death; Disability. A. If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of his death, any ISO of his may be exercised, to the extent of the number of shares with respect to which he could have exercised it on the date of his death, by his estate, personal representative or beneficiary who has acquired the ISO by will or by the laws of descent and distribution, at any time prior to the earlier of the ISO's specified expiration date or one year from the date of the optionee's death. B. If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of his disability, he shall have the right to exercise any ISO held by him on the date of termination of employment, to the extent of the number of shares with respect to which he could have exercised it on that date, at any time prior to the earlier of the ISO's specified expiration date or one year from the date of the termination of the optionee's employment. For the purposes of the Plan, the term "disability" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Code or successor statute. View More
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement, if If an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, disability as defined in Section 10, no further installments of his Options such optionee's ISOs shall vest or become exercisable, and his Options such optionee's ISOs shall terminate as provided for in the grant or on the day 12 mo...nths after the day passage of ninety (90) days from the date of termination of his employment (except three months for ISOs), whichever is earlier, such optionee's employment, but in no event later than on their specified expiration dates. dates, except to the extent that such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to Section 16 hereof. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 ninety (90) days or, if longer, any period during which such optionee's right to re-employment reemployment is guaranteed by statute. A bona fide leave of absence with the written approval of the Board Committee shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the Company or any Related Corporation for any period of time. View More
Termination of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement, if If an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, disability as defined in paragraph 10, no further installments of his Options ISOs shall vest or become exercisable, and his Options ISOs shall terminate as provided for in the grant or on the day 12 months after the day passage of ...90 days from the date of termination of his employment (except three months for ISOs), whichever is earlier, employment, but in no event later than on their specified expiration dates. dates, except to the extent that such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to paragraph 16. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's right to re-employment reemployment is guaranteed by statute. A bona fide leave of absence with the written approval of the Board Committee shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the Company or any Related Corporation for any period of time. View More