Exercise After Termination. If Optionee incurs a Termination by the Company other than for Cause or on account of death or Disability, to the extent the NQO has not then expired or been exercised and is exercisable under Section 2.01, this NQO shall remain exercisable until the earlier of (i) 30 days following such Termination or (ii) the expiration of the Term of the NQO, and thereafter if the NQO is not exercised it shall expire and terminate. In the event of Optionee’s death or Disability, to the extent the NQO has not then expired or been exercised and is exercisable under Section 2.01, this NQO shall remain exercisable until the earlier of (i) eighteen (18) months following Optionee’s death or Disability or (ii) the expiration of the Term of the NQO, and thereafter if the NQO is not exercised it shall expire and terminate. Upon a Termination, any portion of the NQO which is not vested shall be forfeited and shall automatically expire on the date of such Termination. Upon a Termination by the Company for Cause, any portion of the NQO which has not been exercised, whether or not vested, shall immediately and automatically terminate and expire and shall no longer be exercisable. A transfer of Optionee among the Company, and its Affiliates, Optionee’s continuation as a member of the Board following Termination or a leave of absence duly authorized by the Company, shall not be deemed a Termination.
Appears in 4 contracts
Samples: Employment Agreement (PRA Health Sciences, Inc.), Non Qualified Stock Option Agreement (PRA Health Sciences, Inc.), Non Qualified Stock Option Agreement (PRA Health Sciences, Inc.)
