Common use of Continuance of Employment Required; No Employment Commitment Clause in Contracts

Continuance of Employment Required; No Employment Commitment. Except as provided in Section 4.2 below, (a) the vesting schedule requires continued service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement and (b) employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service as provided in Section 4.2 below or under the Plan. Nothing contained in this Option Agreement or the Plan constitutes an employment commitment by the Company, affects the Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment, or affects the right of the Corporation or any Subsidiary to increase or decrease the Participant’s other compensation.

Appears in 4 contracts

Samples: Nonqualified Stock Option Agreement (Golden State Water CO), Option Agreement (Golden State Water CO), Option Agreement (Golden State Water CO)

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Continuance of Employment Required; No Employment Commitment. Except as provided in Section 4.2 below, (a) the The vesting schedule requires continued service employment through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement and (b) employment or service Agreement. Employment for only a portion of the vesting periodperiod with respect to a vesting installment, even if employed for a substantial portionportion of that period, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service as provided in Section 4.2 below or under the Plan4 below. Nothing contained in this Option Agreement or the Plan constitutes an employment or service commitment by the CompanyCorporation or any Subsidiary, affects the Participant’s 's status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment, or affects the right of the Corporation or any Subsidiary to increase or decrease the Participant’s 's other compensation.

Appears in 1 contract

Samples: Option Agreement (International Game Technology)

Continuance of Employment Required; No Employment Commitment. Except as expressly provided in Section 4.2 4 below, (a) the vesting schedule requires continued service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement and (b) employment or service for only a portion of the vesting periodAgreement. Partial service, even if a substantial portionsubstantial, during any vesting period will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service services as provided in Section 4.2 4 below or under the Plan. Nothing contained in this Option Agreement or the Plan constitutes an employment commitment by the Company, affects the Participant’s 's status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by the Corporation Company or any Subsidiary, interferes in any way with the right of the Corporation Company or any Subsidiary at any time to terminate such employment, or affects the right of the Corporation Company or any Subsidiary to increase or decrease the Participant’s 's other compensation.

Appears in 1 contract

Samples: Option Agreement (Corinthian Colleges Inc)

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Continuance of Employment Required; No Employment Commitment. Except as provided in Section 4.2 below, (a) the The vesting schedule requires continued service employment through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement and (b) employment or service Agreement. Employment for only a portion of the vesting periodperiod with respect to a vesting installment, even if employed for a substantial portionportion of that period, will not entitle the Participant Executive to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service as provided in Section 4.2 below or under the Plan4 below. Nothing contained in this Option Agreement or the Plan constitutes an employment or service commitment by the CompanyCorporation or any Subsidiary, affects the ParticipantExecutive’s status as an employee at will who is subject to termination without cause, confers upon the Participant Executive any right to remain employed by the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment, or affects the right of the Corporation or any Subsidiary to increase or decrease the ParticipantExecutive’s other compensation.

Appears in 1 contract

Samples: Employment Agreement (International Game Technology)

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