Common use of Certain Terminations of Service Clause in Contracts

Certain Terminations of Service. If, prior to vesting, the Optionee’s Service is terminated for any reason other than (i) death, Disability, (iii) a Qualified Retirement occurring no less than six months after the Grant Date or (iv) a circumstance providing for accelerated vesting pursuant Section 6(d) hereof, the unvested portion of the Option shall be cancelled and revert back to the Company as of the date of such termination of Service, and the Optionee shall have no further right or interest therein unless the Committee in its sole discretion shall determine otherwise. In such event, the Optionee shall have the right, subject to the other terms and conditions set forth in this Agreement and the Plan, to exercise the Option, to the extent it has vested as of the date of such termination of Service, at any time within 3 months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 5 hereof. To the extent the vested portion of the Option is not exercised within such 3-month period, the Option shall be cancelled and revert back to the Company and the Optionee shall have no further right or interest therein.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Orthofix Medical Inc.), Nonqualified Stock Option Agreement (Orthofix International N V)

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Certain Terminations of Service. If, prior to vesting, the OptioneeGrantee’s Service is terminated for any reason other than (i) death, (ii) Disability, (iii) a Qualified Retirement occurring no less than six months after the Grant Date or (iv) a circumstance providing for accelerated vesting pursuant Section 6(d) hereof, the unvested portion of the Option shall be cancelled and revert back to the Company as of the date of such termination of Service, and the Optionee Grantee shall have no further right or interest therein unless the Committee in its sole discretion shall determine otherwise. In such event, the Optionee Grantee shall have the right, subject to the other terms and conditions set forth in this Agreement and the Plan, to exercise the Option, to the extent it has vested as of the date of such termination of Service, at any time within 3 months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 5 hereof. To the extent the vested portion of the Option is not exercised within such 3-month period, the Option shall be cancelled and revert back to the Company and the Optionee Grantee shall have no further right or interest therein.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement, Nonqualified Stock Option Agreement (Orthofix International N V)

Certain Terminations of Service. If, prior to vesting, the Optionee’s Service is terminated for any reason other than (i) death, (ii) Disability, or (iii) a Qualified Retirement occurring no less than six months after the Grant Date or (iv) a circumstance providing for accelerated vesting pursuant to Section 6(d) 6 hereof, the unvested portion of the Option shall be cancelled and revert back to the Company as of the date of such termination of Service, and the Optionee shall have no further right or interest therein unless the Committee in its sole discretion shall determine otherwise. In such event, the Optionee shall have the right, subject to the other terms and conditions set forth in this Agreement and the PlanAgreement, to exercise the Option, to the extent it has vested as of the date of such termination of Service, at any time within 3 months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 5 4 hereof. To the extent the vested portion of the Option is not exercised within such 3-month period, the Option shall be cancelled and revert back to the Company Company, and the Optionee shall have no further right or interest therein.

Appears in 1 contract

Samples: Employee Inducement Non Qualified Stock Option Agreement (Orthofix Medical Inc.)

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Certain Terminations of Service. If, prior to vesting, the Optionee’s Service is terminated for any reason other than (i) death, Disability, (ii) Disability (iii) a Qualified Retirement occurring no less than six months after the Grant Date Date, or (iv) a circumstance providing for accelerated vesting pursuant to Section 6(d) 6 hereof, the unvested portion of the Option shall be cancelled and revert back to the Company as of the date of such termination of Service, and the Optionee shall have no further right or interest therein unless the Committee in its sole discretion shall determine otherwise. In such event, the Optionee shall have the right, subject to the other terms and conditions set forth in this Agreement and the PlanAgreement, to exercise the Option, to the extent it has vested as of the date of such termination of Service, at any time within 3 months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 5 4 hereof. To the extent the vested portion of the Option is not exercised within such 3-month period, the Option shall be cancelled and revert back to the Company Company, and the Optionee shall have no further right or interest therein.

Appears in 1 contract

Samples: Employee Inducement Non Qualified Stock Option Agreement (Orthofix Medical Inc.)

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