Termination of Employment Clause Example with 34 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. The Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: (a) The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on military or sick leave or other bona fide leave of absence, provided that the period of such leave does not exceed 90 days, or, if longer, as long as the Participant's ...right to reemployment is guaranteed either by statute or by contract. The employment relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, and, if applicable, the Participant's Termination Date. (b) If the employment of the Participant is terminated because of Disability or death, any portion of the Option that is unexercised and unvested on the Participant's Termination Date shall immediately vest and become exercisable. The Option must be exercised, if at all, prior to the close of the Option Period. In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (c) If the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be exercised to the extent vested and exercisable on the Participant's Termination Date. The Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (X) the close of the period of three months next succeeding the Termination Date; or (Y) the close of the Option period. If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (d) If the employment of the Participant is terminated for Cause, the Option shall lapse and no longer be exercisable as of the Participant's Termination Date, as determined by the Administrator. For the purposes of this Agreement, "Cause" shall mean, unless the 4 Administrator determines otherwise, the Participant's termination of employment or service resulting from the Participant's (i) termination for "cause" as defined under the Participant's employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a "cause" termination), then the Participant's termination shall be for "Cause" if termination results due to the Participant's (A) personal dishonesty; (B) willful misconduct; (C) breach of fiduciary duties; (D) willful violation of any law, rule, or regulation (other than traffic violations or similar offenses), or a final cease-and-desist order; (E) regulatory suspension or removal; (F) refusal to perform the Participant's duties for the Corporation or an Affiliate; (G) engaging in fraudulent conduct; (H) material breach of any term of employment; or (I) engaging in conduct that could be materially damaging to the Corporation or an Affiliate without a reasonable good faith belief that such conduct was in the best interest of the Corporation or its Affiliates. The determination of "Cause" shall be made by the Administrator and such determination shall be final and conclusive. Without in any way limiting the effect of the foregoing, for purposes of the Plan and the Option, the Participant's employment or service shall be deemed to have terminated for Cause if, after the Participant's employment or service has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Administrator, a termination for Cause.View More
Variations of a "Termination of Employment" Clause from Business Contracts
Termination of Employment. The Except as may be otherwise provided in the Plan or this Agreement, the Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: (a) The (a)The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on military or sick leave or other bona fide leave of absence, provided that the period of su...ch leave does not exceed 90 days, or, if longer, as long as the Participant's right to reemployment is guaranteed either by statute or by contract. The employment relationship of the Participant shall also be treated 2 Exhibit 10.2 as continuing intact while the Participant is not in active service because of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, is disabled and, if applicable, the Participant's Termination Date. (b) If (b)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated because of Disability or death, the Option may be exercised only to the extent vested and exercisable on the Participant's Termination Date, and any unvested portion of the Option that is unexercised and unvested on shall terminate as of the Participant's Termination Date shall immediately vest and become exercisable. Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, as applicable: (X) the close of the period of one year next succeeding the Termination Date; or (Y) the close of the Option Period. In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (c) If (c)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be exercised to the extent vested and exercisable on his or her Termination Date, and any unvested portion of the Participant's Option shall terminate as of the Termination Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (X) the close of the period of three months next succeeding the Termination Date; or (Y) the close of the Option period. If the Participant dies following such termination of employment and prior to the earlier of the dates date specified in (X) or (Y) of this Section 5(c), subparagraph (c), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) subparagraph (b) immediately preceding (treating for this purpose the Participant's date of termination of employment as the Termination Date). In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (d) If (d)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated for Cause, the Option Option, whether vested or unvested, shall lapse and no longer be exercisable as of the Participant's his or her Termination Date, as determined by the Administrator. For the purposes of this Agreement, "Cause" shall mean, unless the 4 Administrator determines otherwise, the Participant's termination of employment or service resulting from the Participant's (i) termination for "cause" as defined under the Participant's employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a "cause" termination), then the Participant's termination shall be for "Cause" if termination results due to the Participant's (A) personal dishonesty; (B) willful misconduct; (C) breach of fiduciary duties; (D) willful violation of any law, rule, or regulation (other than traffic violations or similar offenses), or a final cease-and-desist order; (E) regulatory suspension or removal; (F) refusal to perform the Participant's duties for the Corporation or an Affiliate; (G) engaging in fraudulent conduct; (H) material breach of any term of employment; or (I) engaging in conduct that could be materially damaging to the Corporation or an Affiliate without a reasonable good faith belief that such conduct was in the best interest of the Corporation or its Affiliates. The determination of "Cause" shall be made by the Administrator and such determination shall be final and conclusive. Without in any way limiting the effect of the foregoing, for purposes of the Plan and the Option, the Participant's employment or service shall be deemed to have terminated for Cause if, after the Participant's employment or service has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Administrator, a termination for Cause.View More
Termination of Employment. The Except as may be otherwise provided in the Plan or this Agreement, the Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: (a) The (a)The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on military or sick leave or other 2 Exhibit 10.1 bona fide leave of absence, provided that t...he period of such leave does not exceed 90 days, or, if longer, as long as the Participant's right to reemployment is guaranteed either by statute or by contract. The employment relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, is disabled and, if applicable, the Participant's Termination Date. (b) If (b)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated because of Disability or death, the Option may be exercised only to the extent vested and exercisable on the Participant's Termination Date, and any unvested portion of the Option that is unexercised and unvested shall terminate on the Participant's Termination Date shall immediately vest and become exercisable. Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (X) the close of the period of one year next succeeding the Termination Date; or (Y) the close of the Option Period. In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (c) If (c)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be exercised to the extent vested and exercisable on his or her Termination Date, and any unvested portion of the Participant's Option shall terminate as of the Termination Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be as applicable: (X) the close of the period of three months next succeeding the Termination Date; or (Y) the close of the Option period. If the Participant dies following such termination of employment and prior to the earlier of the dates date specified in (X) or (Y) of this Section 5(c), subparagraph (c), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) subparagraph (b) immediately preceding (treating for this purpose the Participant's date of termination of employment as the Termination Date). In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (d) If (d)Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated for Cause, the Option Option, whether vested or unvested, shall lapse and no longer be exercisable as of the Participant's his or her Termination Date, as determined by the Administrator. For the purposes of this Agreement, "Cause" shall mean, unless the 4 Administrator determines otherwise, the Participant's termination of employment or service resulting from the Participant's (i) termination for "cause" as defined under the Participant's employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a "cause" termination), then the Participant's termination shall be for "Cause" if termination results due to the Participant's (A) personal dishonesty; (B) willful misconduct; (C) breach of fiduciary duties; (D) willful violation of any law, rule, or regulation (other than traffic violations or similar offenses), or a final cease-and-desist order; (E) regulatory suspension or removal; (F) refusal to perform the Participant's duties for the Corporation or an Affiliate; (G) engaging in fraudulent conduct; (H) material breach of any term of employment; or (I) engaging in conduct that could be materially damaging to the Corporation or an Affiliate without a reasonable good faith belief that such conduct was in the best interest of the Corporation or its Affiliates. The determination of "Cause" shall be made by the Administrator and such determination shall be final and conclusive. Without in any way limiting the effect of the foregoing, for purposes of the Plan and the Option, the Participant's employment or service shall be deemed to have terminated for Cause if, after the Participant's employment or service has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Administrator, a termination for Cause.View More
Termination of Employment. The Except as may be otherwise provided in the Plan or this Agreement, the Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: (a) The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on military or sick leave or other bona fide leave of absence, provided that the period of such leav...e does not exceed 90 days, three months, or, if longer, as long as the Participant's right to reemployment is guaranteed either by statute or by contract. The employment relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, is disabled under the Plan and, if applicable, the Participant's Termination Date. (b) If Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated because of Disability or death, the Option may be exercised only to the extent vested and exercisable on the Participant's Termination Date, and any unvested portion of the Option that is unexercised and unvested shall terminate on the Participant's Termination Date shall immediately vest and become exercisable. Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (X) the close of the period of one year next succeeding the Termination Date; or (Y) the close of the Option Period. In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (c) If the employment of the Participant is terminated for Cause (as defined in the Plan), the Option, whether vested or unvested, shall lapse and no longer be exercisable as of the Participant's Termination Date, as determined by the Administrator. (d) Except as may be otherwise provided in the Plan or this Agreement, if the employment of the Participant is terminated for any reason other than Disability, death or for Cause, Cause (which are addressed in (b) and (c) above), the Option may be exercised to the extent vested and exercisable on his or her Termination Date, and any unvested portion of the Participant's Option shall terminate as of the Termination Date. The vested portion of the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be as applicable: (X) the close of the period of three months next succeeding the Termination Date; or (Y) the close of the Option period. Period. If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), subparagraph (d), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) subparagraph (b) above (treating for this purpose the Participant's date of termination of employment as the Termination Date). In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (d) If the employment of the Participant is terminated for Cause, the Option shall lapse and no longer be exercisable as of the Participant's Termination Date, as determined by the Administrator. For the purposes of this Agreement, "Cause" shall mean, unless the 4 Administrator determines otherwise, the Participant's termination of employment or service resulting from the Participant's (i) termination for "cause" as defined under the Participant's employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a "cause" termination), then the Participant's termination shall be for "Cause" if termination results due to the Participant's (A) personal dishonesty; (B) willful misconduct; (C) breach of fiduciary duties; (D) willful violation of any law, rule, or regulation (other than traffic violations or similar offenses), or a final cease-and-desist order; (E) regulatory suspension or removal; (F) refusal to perform the Participant's duties for the Corporation or an Affiliate; (G) engaging in fraudulent conduct; (H) material breach of any term of employment; or (I) engaging in conduct that could be materially damaging to the Corporation or an Affiliate without a reasonable good faith belief that such conduct was in the best interest of the Corporation or its Affiliates. The determination of "Cause" shall be made by the Administrator and such determination shall be final and conclusive. Without in any way limiting the effect of the foregoing, for purposes of the Plan and the Option, the Participant's employment or service shall be deemed to have terminated for Cause if, after the Participant's employment or service has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Administrator, a termination for Cause.View More
Termination of Employment. The Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: (a) The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on military or sick leave or other bona fide leave 3 of absence, provided that the period of such leave does not exceed 90 days, three months, or, if longer, as long as th...e Participant's right to reemployment is guaranteed either by statute or by contract. The employment relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, and, if applicable, the Participant's Termination Date. Date for any reason. (b) If the employment of the Participant is terminated because of Disability or death, any portion of the Option that is unexercised may be exercised only to the extent vested and unvested exercisable on the Participant's Termination Date shall immediately vest Date, and become exercisable. The the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (i) the close of the [one-year] period following the Termination Date; or (ii) the close of the Option Period. In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (c) If the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be exercised only to the extent vested and exercisable on the Participant's Termination Date. The Date, and the Option must be exercised, if at all, prior to the first to occur of the following, whichever shall be applicable: (X) (i) the close of the [three-month] period of three months next succeeding the Termination Date; or (Y) (ii) the close of the Option period. Period. If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) (i) or (Y) (ii) of this Section 5(c), subparagraph (c), the Participant shall be treated as having died while employed under Section 5(b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). If the Participant dies following such termination of employment and prior to the earlier of the dates specified in (X) or (Y) of this Section 5(c), the Participant shall be treated as having died while employed under Section 5(b) subparagraph (b) (treating for this purpose the Participant's date of termination of employment as the Termination Date). In the event of the Participant's death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (d) If the employment of the Participant is terminated for Cause, the his Option shall lapse and no longer be exercisable as of the Participant's Termination Date, as determined by the Administrator. For the purposes of this Agreement, "Cause" shall mean, unless the 4 Administrator determines otherwise, mean the Participant's termination of employment or service resulting from the Participant's his (i) termination for "cause" as defined under the Participant's employment, consulting consulting, confidentiality, non-competition or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered into (or does not enter into) any such employment, consulting or other agreement (or if any such agreement does not address the effect of a "cause" termination), define "cause"), then the Participant's termination shall be for "Cause" if termination results due to the Participant's (A) personal dishonesty; dishonesty or conviction of a crime; (B) willful misconduct; (C) breach of fiduciary duties; (D) willful violation of any law, rule, refusal or regulation (other than traffic violations or similar offenses), or a final cease-and-desist order; (E) regulatory suspension or removal; (F) refusal failure to perform the Participant's his duties for the Corporation or an Affiliate; (G) or (C) engaging in fraudulent conduct; (H) material breach of any term of employment; conduct or (I) engaging in conduct that could be materially damaging to the Corporation or an Affiliate without a reasonable good faith belief that such conduct was in the best interest of the Corporation or its Affiliates. Corporation. The determination of "Cause" shall be made by the Administrator and such its determination shall be final and conclusive. Without in any way limiting the effect of the foregoing, for purposes of the Plan and the Option, the Participant's employment or service shall be deemed to have terminated for Cause if, after the Participant's employment or service has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Administrator, a termination for Cause. View More
