Termination of Relationship Clause Example with 4 Variations from Business Contracts

Termination of Relationship. (a) If for any reason, except death or disability as provided below, the Optionee ceases to perform the services for which the Options were granted, all unvested options shall be automatically and irrefutably forfeited effective three months from the date the Board has deemed that the Optionee has ceased to perform such services, except as otherwise provided herein. (b) If the Optionee shall die while performing services for the Company, such Optionee's estate or any Transferee (as defined herei...nafter) shall have the right within twelve (12) [●] ([●]) months from the date of death to exercise the Optionee's vested Options, subject to Section 3(c) hereof. For the purpose of this Agreement, "Transferee" shall mean an individual to whom such Optionee's vested Options are transferred by will or by the laws of descent and distribution. (c) If the Optionee shall become disabled while performing services for the Company within the meaning of Section 22(e)(3) of the Code, the three-month period referred to in Section 4(a) of this Agreement shall be extended to one year. 2 5. Profits on the Sale of Certain Shares; Redemption. If any of the events specified in Section 3(c) of this Agreement occur within one (1) year from the last date the Optionee performed services for which the Options were granted (the "Termination Date"), all profits earned from the sale of the Company's securities, including the sale of shares of Common Stock underlying the Options, during the two (2) year period commencing one (1) year prior to the Termination Date shall be forfeited and forthwith paid by the Optionee to the Company (and a copy of the documentation of the sale, including, without limitation, the purchase price therefor shall be provided to the Company) within ten (10) days after the Optionee receives written demand from the Company for such payment. Further, in such event, the Company may at its option redeem shares of Common Stock acquired upon exercise of the Options by payment of the exercise price to the Optionee. The Company's rights under this Section 5 do not lapse one year from the Termination Date, but are a contract right subject to any appropriate statutory limitation period. View More

Termination of Relationship. (a) If for any reason, except death or disability as provided below, the Optionee ceases to perform the services for which the Options were granted, all unvested options shall be automatically and irrefutably forfeited effective three months from the date the Board has deemed that the Optionee has ceased to perform such services, except as otherwise provided herein. (b) If the Optionee shall die while performing services for the Company, such Optionee's estate or any Transferee (as defined herei...nafter) shall have the right within twelve (12) months from the date of death to exercise the Optionee's vested Options, subject to Section 3(c) hereof. For the purpose of this Agreement, "Transferee" shall mean an individual to whom such Optionee's vested Options are transferred by will or by the laws of descent and distribution. (c) If the Optionee shall become disabled while performing services for the Company within the meaning of Section 22(e)(3) of the Code, the three-month period referred to in Section 4(a) of this Agreement shall be extended to one year. 2 5. Profits on the Sale of Certain Shares; Redemption. If any of the events specified in Section 3(c) of this Agreement occur within one (1) year from the last date the Optionee performed services for which the Options were granted (the "Termination Date"), all profits earned from the sale of the Company's securities, including the sale of shares of Common Stock underlying the Options, during the two (2) year period commencing one (1) year prior to the Termination Date shall be forfeited and forthwith paid by the Optionee to the Company (and a copy of the documentation of the sale, including, without limitation, the purchase price therefor shall be provided to the Company) within ten (10) days after the Optionee receives written demand from the Company for such payment. Further, in such event, the Company may at its option redeem shares of Common Stock acquired upon exercise of the Options by payment of the exercise price to the Optionee. The Company's rights under this Section 5 do not lapse one year from the Termination Date, but are a contract right subject to any appropriate statutory limitation period. View More

Termination of Relationship. Upon the Optionee's termination of service, all unvested Options shall be automatically and irrefutably forfeited. For purposes of this Agreement, terms like "service" and "termination of service" refer to service with the Company and all Affiliates of the Company. (a) If for any reason, except death or disability as provided below, the Optionee ceases to perform the services for which the Options were granted, all unvested options the Optionee shall be automatically and irrefutably forfeited ef...fective have the right within three (3) months from the date of cessation to exercise the Board has deemed that the Optionee has ceased Optionee's vested Options, subject to perform such services, except as otherwise provided herein. Section 3(c) hereof. (b) If the Optionee shall die while performing services for the Company, such Optionee's estate or any Transferee (as defined hereinafter) shall have the right within twelve (12) months from the date of death to exercise the Optionee's vested Options, subject to Section 3(c) hereof. For the purpose of this Agreement, "Transferee" shall mean an individual to whom such Optionee's vested Options are transferred by will or by the laws of descent and distribution. (c) If the Optionee shall become disabled while performing services for the Company within the meaning of Section 22(e)(3) of the Code, the three-month period referred to in Section 4(a) of this Agreement shall be extended to one year. (d) For purposes of this Agreement, a change from performing service on the Board to an employment or consulting relationship or vice versa shall not be treated as a termination of service. View More

Termination of Relationship. Upon Optionee's termination of service, all unvested Options shall be automatically and irrefutably forfeited. (a) If for any reason, except death or disability as provided below, the Optionee ceases to perform the services for which the Options were granted, all unvested options the Optionee shall be automatically and irrefutably forfeited effective have the right within three (3) months from the date of cessation to exercise the Board has deemed that the Optionee has ceased Optionee's vested O...ptions, subject to perform such services, except as otherwise provided herein. Section 3(c) hereof. (b) If the Optionee shall die while performing services for the Company, such Optionee's estate or any Transferee (as defined hereinafter) shall have the right within twelve (12) months from the date of death to exercise the Optionee's vested Options, subject to Section 3(c) hereof. For the purpose of this Agreement, "Transferee" shall mean an individual to whom such Optionee's vested Options are transferred by will or by the laws of descent and distribution. (c) If the Optionee shall become disabled while performing services for the Company within the meaning of Section 22(e)(3) of the Code, the three-month period referred to in Section 4(a) 5(a) of this Agreement shall be extended to one year. View More