Alternative Option Sample Clauses
The Alternative Option clause provides parties with a choice between two or more specified terms or actions within a contract. In practice, this clause outlines the available alternatives and may set conditions or deadlines for selecting one of the options, such as choosing between different payment methods or delivery schedules. Its core function is to introduce flexibility into the agreement, allowing parties to tailor certain aspects of their arrangement to best suit their needs or changing circumstances.
Alternative Option. Notwithstanding Section 4.1, no cancellation, acceleration of vesting or payment of the Option shall occur with respect to the Option if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that the Option shall be honored or assumed, or new rights substituted therefor (with such honored, assumed or substituted Option hereinafter referred to as an “Alternative Option”) by any successor to the Company or an Affiliate; provided, however, that any such Alternative Option must: (a) be based on stock that is traded on an established U.S. securities market, or that the Committee reasonably believes will be so traded within sixty (60) days after the Change in Control; (b) provide Grantee with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under the Option, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing and methods of payment; (c) have substantially equivalent economic value to the Option (determined at the time of the Change in Control); and (d) have terms and conditions that provide that in the event that Grantee's employment with the Company, an Affiliate or any successor is involuntarily terminated or Constructively Terminated, any conditions on Grantee's rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Option shall be waived or shall lapse, as the case may be. Any action taken pursuant to this Section 4.2 shall be taken in a manner consistent with the requirements of Section 409A of the Code.
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Alternative Option. Notwithstanding Section 6(e), no acceleration of exercisability and vesting shall occur with respect to any Option as a result of the occurrence of a Change of Control if the Managing Board reasonably determines in good faith, prior to the occurrence of such Change of Control, that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted Option being hereinafter referred to as an “Alternative Option”) by the new employer, Provided that any such Alternative Option must:
(a) provide the Executive with rights and entitlements substantially equivalent to or better than the material rights, terms and conditions applicable under such Option, including, but not limited to, an identical or better exercise and vesting schedule, and identical or better timing and methods of payment;
(b) have substantially equivalent economic value to such Option (determined at the time of the applicable Change of Control and taking into account any payment that may be made to the Participant in respect of such Option); and
(c) have terms and conditions which provide that in the event that the Executive suffers an Involuntary Termination within [two years] following a Change of Control:
(i) any conditions to the Executive’s rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Option shall be waived or shall lapse, as the case may be; or
(ii) the Executive shall have the right to surrender such Alternative Option within 30 days following such Involuntary Termination in exchange for a payment in cash equal to the excess of the Fair Market Value of the securities subject to the Alternative Option over the price, if any, that the Executive would be required to pay to exercise such Alternative Option.
Alternative Option. The Parties to this Agreement have adopted the “First Alternative Option” under the Sheet Metal Workers’ National Pension Fund’s (NPF) Funding Improvement Plan (FIP) Schedule, as in effect when this Collective Bargaining Agreement is entered into and as that Option is amended from time to time. The Employer will contribute to the NPF at the hourly rates set forth in this Agreement, in accordance with the First Alternative Option and the NPF’s Plan and Trust Documents (copies of these documents (including the updated FIP and FIP Schedule) have been made available to the parties and are available at ▇▇▇.▇▇▇▇▇▇.▇▇▇). The NPF’s FIP Schedule (which includes the First Alternative Option) and Trust Document, as amended from time to time, are incorporated into this Agreement. The Employer will pay its required monthly NPF contributions no later than the 20th day of the month, after the month in which the Covered Employment was performed. Failure to pay on time and in full will constitute a delinquency and will subject the Employer to applicable interest, liquidated damages, fees and costs. The Employer shall transmit contributions and remittance data electronically via the National Benefit Funds’ secure online Internet Payment System (“IPS”), accessible at ▇▇▇.▇▇▇▇▇▇.▇▇▇ (contact the IPS Support Team via email at ▇▇▇@▇▇▇▇▇▇.▇▇▇ or by calling ▇▇▇-▇▇▇-▇▇▇▇). National Stabilization Agreement of Sheet Metal Industry S.A.S.M.I. Trust Agreement • Members of the SMWIA who provide the highest level of quality at the highest level of performance; • Who use superior craft skills; and • Who have proven best work practices.
Alternative Option. At the employee’s request, an employee may receive compensatory time (comp time) equal to one and one-half (1 ½) times the hours actually worked in excess of forty-two (42) hours per calendar week.