Common use of Effect of Termination of Relationship Clause in Contracts

Effect of Termination of Relationship. (a) If the Participant ceases to be employed by Tracker for any reason other than breach by Tracker of any written employment agreement in effect between the Participant and Tracker, the Option shall terminate to the extent not vested. Notwithstanding the vesting schedule in Schedule II, if Tracker has breached any written employment agreement with the Participant, and as a result Participant's employment is terminated, the Option shall become fully vested upon such termination of employment. In no event may any Option be exercised by any person after the Expiration Date. (b) Except as may be otherwise provided in Section 422 of the Internal Revenue Code of 1986, as amended, or in the Plan, upon termination of Participant's employment by reason of retirement, disability or death, the Option, to the extent vested, may be exercised by the Participant or his executor or administrator, as the case may be, at any time during the Option period. (c) Any transfer of Participant's employment between Tracker and any of its existing or future subsidiaries or between any two subsidiaries shall not be deemed to be a termination of Participant's employment for purposes of implementation of the Plan.