Common use of Employment Requirement Clause in Contracts

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or Total Disability of the Optionee (all Shares subject to this Option shall become exercisable in full on the date of such death or Total Disability and remain exercisable for such one-year period). Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 4 contracts

Samples: Non Incentive Stock Option Agreement (Life Time Fitness Inc), Incentive Stock Option Agreement (Life Time Fitness Inc), Incentive Stock Option Agreement (Life Time Fitness Inc)

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Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after three months following the day the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to cessation of employment. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with Fundamental Change , the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 3 contracts

Samples: Incentive Stock Option Agreement (Gander Mountain Co), Incentive Stock Option Agreement (Stellent Inc), Incentive Stock Option Agreement (Stellent Inc)

Employment Requirement. This The Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreementthe Option was granted; provided that: (a) This The Option may be exercised for ninety (90) days three months after termination of the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This The Option may be exercised with respect to all Shares subject to this Option within for one year after termination of the Optionee’s employment by the Company ceases if such cessation termination of employment is because of death or Total Disability disability of the Optionee Optionee. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this paragraph 12 of the Plan in connection with an Event, the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Tactile Systems Technology Inc), Non Statutory Stock Option Agreement (Tactile Systems Technology Inc)

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) 90 days after following the day the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment; provided, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to cessation of employment. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with Fundamental Change , the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 2 contracts

Samples: Non Statutory Stock Option Agreement (Tactile Systems Technology Inc), Incentive Stock Option Agreement (Tactile Systems Technology Inc)

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after three months following the day of the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to the cessation of employment. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with a Fundamental Change, the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 2 contracts

Samples: Non Statutory Stock Option Agreement (Stellent Inc), Non Statutory Stock Option Agreement (Gander Mountain Co)

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary an Affiliate thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) 90 days after following the day the Optionee’s employment by the Company or an Affiliate ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment; provided, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year six months after the Optionee’s employment by the Company or an Affiliate ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to cessation of employment. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with a Fundamental Change, the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (M/a-Com Technology Solutions Holdings, Inc.)

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Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after three months following the day the Optionee’s 's employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s 's employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s 's employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to cessation of employment. (all Shares subject c) If the Optionee's employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with Fundamental Change , the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Smithway Motor Xpress Corp)

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after three months following the day of the Optionee’s 's employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s 's employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s 's employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to the cessation of employment. (all Shares subject c) If the Optionee's employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with a Fundamental Change, the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 1 contract

Samples: Non Statutory Stock Option Agreement (Smithway Motor Xpress Corp)

Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been continuously so employed since the date of this Agreement; provided that: (a) This Option may be exercised for ninety (90) days after three months following the day the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death or Total Disabilitydisability, but only to the extent that it was exercisable immediately prior to termination of employment, provided that if termination of the Optionee’s employment shall have been for Cause, the Option shall expire, and all rights to purchase Shares hereunder shall terminate, immediately upon such termination. (b) This Option may be exercised with respect to all Shares subject to this Option within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or Total Disability disability of the Optionee Optionee, but only to the extent it was exercisable immediately prior to the cessation of employment. (all Shares subject c) If the Optionee’s employment terminates after a declaration made pursuant to this Section 17 of the Plan in connection with a Fundamental Change, the Option shall become exercisable in full on the date of may be exercised at any time permitted by such death or Total Disability and remain exercisable for such one-year period)declaration. Notwithstanding the above, the Option may not be exercised after it has expired.

Appears in 1 contract

Samples: Non Statutory Stock Option Agreement (Stellent Inc)

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