Termination of Relationship Clause Example from Business Contracts

Termination of Relationship. (a) Except as provided in Section 4(b) or (c), if for any reason the Optionee ceases to perform services as an employee of the Company, all rights granted hereunder shall terminate effective three months from that date. (b) If the Optionee ceases to provide services for the Company as a result of her death, the Optionee's estate or any Transferee, as defined herein, shall have the right for 12 months form the date of death to exercise the Options subject to Section 3(c). For the purpose of this ...Agreement, "Transferee" shall mean a person to whom such shares are transferred by will or by the laws of descent and distribution. (c) If the Optionee ceases to provide services as a result of becoming disabled within the meaning of Section 22(e)(3) of the Code, all rights granted hereunder shall terminate effective one year from that date. (d) Notwithstanding anything contained in this Section 4, the Options may not be exercised after the Expiration Date. (e) Any of the Options that were not vested immediately prior to the Termination Date shall terminate at that time. For purposes of this Section 4 "Company" shall include subsidiaries and/or affiliates of the Company. View More