Effect of Termination of Employment or Death. Change in Subsidiary ------------------------------------------------------------------ Status. The Option and all other rights hereunder, to the extent not exercised, ------ shall terminate and become null and void at such time as the Employee ceases to be employed by either the Corporation or any Subsidiary, except that:
(a) if the Employee voluntarily terminates or resigns, the Employee may at any time within a period of three months after such termination exercise the Option to the extent the Option was exercisable at the date of such termination;
(b) if the Employee terminates by reason of becoming permanently and totally disabled (within the meaning of Code Section 22(e)(3)), then the Option shall, to the extent not theretofore exercised, fully vest and may be exercised within a period of one year after the Employee's termination from employment;
(c) if the Employee dies prior to a termination of employment, or within three months after a termination of employment under subsection (a) or (b) above, then the Option shall, to the extent not theretofore exercised, fully vest and may be exercised within a period of one year after the Employee's termination from employment pursuant to the provisions of Section 5(g) of the Plan; provided, however, that in no event may the Option be exercised by anyone under this Section 8 or otherwise after the Expiration Date. If Employee is employed by an entity which ceases to be a Subsidiary, such event shall be deemed for purposes of this Section 8 to be a termination of employment described in subsection (a) in respect of Employee. Absence from work caused by military service or authorized sick leave shall not be considered as a termination of employment for purposes of this Section 8 if the period of such absence does not exceed 90 (ninety) days, or if longer, so long as the Employee's right to reemployment with the Corporation or a Subsidiary is guaranteed either by statute or by contract. Where the period of such absence exceeds 90 days and where the individual's right to reemployment is not guaranteed either by statute or by contract, the Employee's employment shall be deemed to have terminated pursuant to subsection (a) of this Section 8 on the 91st day of such absence.
Effect of Termination of Employment or Death. If Employee goes on leave of absence for a period of greater than twelve months (except a leave of absence approved by the Board of Directors or the Committee) or ceases to be an employee of the Company for any reason except death, the portion of the SARs which is unexercisable on the date on which Employee ceased to be an Employee or has been on a leave of absence for over twelve months (except a leave of absence approved by the Board or Committee) shall expire on such date and any unexercised portion of the SARs which was otherwise exercisable on such date shall expire at the earlier of (i) the expiration of the SARs in accordance with the term for which the SARs were granted, or (ii) three months from such date, except in the case of an Employee who is an “Approved Retiree” as defined below. If Employee is an Approved Retiree, then the SARs shall expire at the sooner to occur of (i) the expiration of such SARs in accordance with their original term, (ii) the expiration of five years from the date of retirement, or (iii) with respect to SARs granted less than one year before the date the Approved Retiree retires, such retirement date, except not with respect to that portion of the SARs equal to the number of such shares multiplied by the ratio of (a) the number of days between the Award Date and the retirement date inclusive, over (b) the number of days in the twelve (12) month period following the Award Date. In the event of the death of Employee without Approved Retiree status during the three (3) month period following termination of employment or a leave of absence over twelve (12) months (except a leave of absence approved by the Board or Committee), the SARs shall be exercisable by Employee’s personal representative, heirs or legatees to the same extent and during the same period that Employee could have exercised the SARs if Employee had not died. In the event of the death of Employee while an employee of the Company or while an Approved Retiree, the SARs (if the waiting period has elapsed) shall be exercisable in their entirety by Employee’s personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of Employee, but in no event after the term for which the SARs were granted. For purposes of this Agreement, an “Approved Retiree” is any SAR holder who (i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the ...
Effect of Termination of Employment or Death. If an Optionee:
(a) dies while employed by, a Service Provider to, or while a director of, the Company or a Designated Affiliate, any Option held by him or her at the date of death shall become exercisable in whole or in part, but only by the person or persons to whom the Optionee's rights under the Option shall pass by the Optionee's will or applicable laws of descent and distribution. Unless otherwise determined by the Board, on the recommendation of the Committee, all such Options shall be exercisable only to the extent that the Optionee was entitled to exercise the Option at the date of his or her death and only for 12 months after the date of death or prior to the expiration of the Option Period in respect thereof, whichever is sooner; and
(b) ceases to be employed by, a Service Provider to, or act as a director of, the Company or a Designated Affiliate for cause, no Option held by such Optionee will, unless otherwise determined by the Board, on the recommendation of the Committee, be exercisable following the date on which such Optionee ceases to be so engaged. If an Optionee ceases to be employed by, a Service Provider to, or act as a director of, the Company or a Designated Affiliate for any reason other than cause then, unless otherwise determined by the Board, on the recommendation of the Committee, any Option held by such Optionee at the effective date thereof shall become exercisable for a period of up to 12 months thereafter or prior to the expiration of the Option Period in respect thereof, whichever is sooner.
Effect of Termination of Employment or Death. (a) Effect on PSs and RSUs. In the event the Employee
(i) voluntarily ceases to be an Employee of the Company or any subsidiary or affiliate (the Company, subsidiary or affiliate, together, the “Employer”) for any reason other than retirement, and the PSs have not vested in accordance with Paragraph 2 or the RSUs have not vested in accordance with Paragraph 4, the PSs or RSUs, as applicable, shall be cancelled on the date of such voluntary termination of employment;
(ii) involuntarily ceases to be an Employee of the Employer for any reason (including Disability as provided pursuant to Paragraph 10(b) below or under a disability policy of any subsidiary or affiliate, as applicable), other than death or for Cause, or voluntarily ceases to be an Employee of the Employer due to a reduction in workforce, shares will vest on a pro rata basis, calculated as follows, and which vesting may, at the discretion of the Company, be contingent upon Employee executing a general release, and which may include an agreement with respect to engagement in detrimental activity, in a form acceptable to the Company:
(1) in the case of PSs, multiply (x) the total number of PSs outstanding as of the effective date of such termination of employment by (y) the percentage of such PSs earned based on the actual achievement of the applicable performance measures, as determined by the Company, by (z) a fraction, the numerator of which is the number of full months of service completed by the Employee from the effective date hereof through the effective date of such termination of employment and the denominator of which is 36; and
(2) in the case of RSUs, multiply (x) the total number of RSUs outstanding as of the effective date of such termination of employment by (y) a fraction, the numerator of which is the number of full months of service completed by the Employee from the effective date hereof through the effective date of such termination of employment and the denominator of which is 36. Payment shall occur as soon as practicable following the PS Vesting Date or RSU Vesting Date, as applicable.
(iii) ceases to be an Employee of the Employer by reason of death, 100% of the PSs and the RSUs shall vest on the date of death and the certificates for shares shall be delivered in accordance with Paragraph 2 or Paragraph 4, as applicable, to the personal representatives, heirs or legatees of the deceased Employee;
(iv) ceases to be an Employee of the Employer by reason of retirement (i.e., f...
Effect of Termination of Employment or Death. Except as otherwise provided in the instrument evidencing the award of Restricted Stock with respect to a Participant’s death, disability, retirement or similar occurrences, if, prior to the lapse of restrictions applicable to the Restricted Stock, the Participant ceases to be an employee of the Company or the Related Companies for any reason, any shares of Restricted Stock as to which the restrictions have not lapsed shall be forfeited to the Company, effective on the date of the Participant’s termination of employment. The Board of Directors may not amend an award of Restricted Stock to provide that the restrictions thereon shall lapse earlier than as provided in Sections 7.3 and 7.4 hereof.
Effect of Termination of Employment or Death. (a) If the Company terminates Optionee's employment for Cause (as defined in Section 4(a) of the Employment Agreement), or Optionee resigns for other than Good Reason or Special Resignation pursuant to Section 4(e) or 4(f) of the Employment Agreement, Optionee's right to exercise any outstanding Options shall terminate immediately upon his termination of employment.
(b) If Optionee's employment terminates during the term of the Employment Agreement pursuant to Section 4(b), (c), (d), (e), or (f), Optionee (or, Optionee's estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) the first anniversary of his termination of employment or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment.
(c) If Optionee's employment terminates for a reason other than as provided in Subsection (a) or (b) above, Optionee (or his estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) 90 days after his termination of employment date or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment.
Effect of Termination of Employment or Death. Subject to the immediately following paragraph, if any Optionee who is a service provider shall cease to be a service provider for the Corporation or a Subsidiary of the Corporation for any reason (whether or not for cause), the Optionee may, but only within a period of ninety days following such cessation, but in no event after the expiry of the Optionee’s Option, exercise the Optionee’s Option. Notwithstanding the foregoing, if the Common Shares are listed on the TSX-V and if an Optionee engaged in Investor Relations Activities (as defined in Policy 4.4 of the TSX-V, as the same may be amended from time to time) ceases to be a service provider for the Corporation or a Subsidiary of the Corporation, the Optionee may, but only within a period of thirty days following such cessation, but in no event after the expiry of the Optionee’s Option, exercise the Optionee’s Option. For the purposes of the Plan, the date on which a service provider ceases to be a service provider shall be deemed to be the date notice of termination is actually given, without regard to any notice period applicable under contract or at law. In the event of the death of an Optionee during the currency of the Optionee’s Option, the Option theretofore granted to the Optionee shall be exercisable within, but only within, the period of one year following the Optionee’s death, but in no event after the expiry of the Optionee’s death.
Effect of Termination of Employment or Death. If the Optionee's employment -------------------------------------------- by either the Company or any subsidiary terminates, the Option and all other rights and benefits under this Option Agreement terminate except that the Optionee may, at any time within the following applicable period after the Severance Date, exercise the Option to the extent the Option was exercisable on the Severance Date and has not otherwise expired:
(a) Termination by the Company or a subsidiary, other than (1) a Termination for Cause (as defined below), (2) upon a voluntary resignation or retirement or (3) because of a Total Disability or death of the Optionee --- for a period of 3 months
(b) Voluntary resignation (other than in anticipation of or in connection with a Termination for Cause) --- for a period of 3 months
(c) Retirement --- for a period of 24 months
(d) Total Disability or death of the Optionee --- for a period of 24 months In case of a Termination for Cause or a voluntary resignation in anticipation of or in connection with a Termination for Cause, the Option shall terminate immediately, in its entirety.
Effect of Termination of Employment or Death. If the Optionee's --------------------------------------------- employment by the Company terminates, the Options and all other rights and benefits under this Agreement terminate, except that the Optionee may, at any time within the following periods after the Termination Date (as defined in Section 8), exercise the Options to the extent the Options were exercisable on the Termination Date and have not otherwise expired or do not otherwise expire prior to the end of such periods:
(a) Termination of Optionee's employment or other relationship with the Company by the Company (other than termination for cause): for a period of 90 days; provided that if Optionee dies within 90 days after his Termination Date, such period shall be extended to 120 days;
(b) Voluntary resignation (other than in anticipation of or in connection with a termination for cause): for a period of 90 days; provided that if Optionee dies within 90 days after his Termination Date, such period shall be extended to 120 days; or
(c) Optionee's death or disability (within the meaning of Section 22(e)(3) of the Code): for a period of 120 days. In the case of a termination for cause (as determined in good faith by the Board of Directors of the Company (the "Board")) or a voluntary resignation in ----- anticipation of or in connection with a termination for cause, the Options shall terminate immediately, in their entirety and shall not be exercisable in whole or part thereafter.
Effect of Termination of Employment or Death. (A) If an OPTIONEE's status as an employee of the COMPANY terminates for any reason, other than death, retirement or disability, before the date of expiration of OPTIONS held by such OPTIONEE, such OPTIONS shall become null and void on the date of such termination.
(B) If an OPTIONEE's employment with the COMPANY terminates due to retirement or death, such OPTIONS shall terminate on the earlier of (I) the date of the expiration of the OPTIONS or (ii) three months following such termination of employment.
(C) If an OPTIONEE's status as employee of the COMPANY terminates due to disability, as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, such OPTIONS shall terminate on the earlier of (I) the date of the expiration of the OPTIONS or (ii) one year following such termination of employment.
