Option Benefits Clause Samples
The "Option Benefits" clause defines the specific advantages, rights, or entitlements that a party receives upon exercising an option under the agreement. Typically, this clause outlines what the option holder gains—such as the right to purchase additional shares, extend a contract, or access certain services—once they fulfill the conditions for exercising the option. By clearly specifying the benefits tied to the option, this clause ensures both parties understand the value and implications of exercising the option, thereby reducing ambiguity and potential disputes.
Option Benefits. Additional Cruise Benefits (Only for Premier Plan of Single Trip Travel Plan)
a) Trip Cancellation
b) Trip Curtailment
c) Trip Re-arrangement
d) Cancellation of Cruise Trip
e) Shore Excursion Cancellation Allowance
f) Shore Excursion Curtailment Allowance
g) Additional Benefit due to Involuntary Journey Extension
h) Satellite Phone Calls Expenses
i) Accidental Death on Voyage means both the epidermis and the underlying dermis are damaged.
Option Benefits. A. Employees eligible for hospitalization coverage through the Employer, who are covered by an alternative source (example: spouse's employer), must elect to do one (1) of the following options:
1. Drop the coverage of the alternative source and retain coverage through the Employer, or
2. Drop the coverage through the Employer, and retain through an alternative source.
B. If the employee chooses Option 2, then the Employer will pay: seventy-five (75%) percent of the single subscriber rate per month to be used toward the purchase of available option programs through the Employer designated carriers. In addition to the option programs the employee may choose cash in lieu of the options programs. This rate will be frozen at the 2003/04 rate of $317.57 for the duration of this contract.
Option Benefits. Additional Cruise Benefits (Only for Premier Plan of Single Trip Travel Plan)
a) Trip Cancellation
b) Trip Curtailment
c) Trip Re-arrangement
d) Cancellation of Cruise Trip
e) Shore Excursion Cancellation Allowance
f) Shore Excursion Curtailment Allowance
g) Additional Benefit due to Involuntary Journey Extension
h) Satellite Phone Calls Expenses
Option Benefits. A. Employees eligible for hospitalization coverage through the Employer, who are covered by an alternative source (example: spouse's employer), must elect to do one (1) of the following options:
1. Drop the coverage of the alternative source and retain coverage through the Employer, or
2. Drop the coverage through the Employer, and retain through an alternative source.
B. If the employee chooses Option 2, then the Employer will pay $200/per month cash in lieu. Employees hired prior to July 1, 2016 will be eligible for $317.57/per month cash in lieu.
Option Benefits. Additional Cruise Benefits (Only for Premier Plan of Single Trip Travel Plan)
Option Benefits. As a result of the uncertainty in the application of Section 280G of the Code at the time of the initial determination by the Company’s independent auditors hereunder, it is possible that Option Benefits or other Payments, as the case may be, will have been made by the Company which should not have been made (“Overpayment”) or that additional Option Benefits or other Payments, as the case may be, which will not have been made by the Company could have been made (“Underpayment”), in each case, consistent with the calculations required to be made hereunder. In the event that the Company’s independent auditors, based upon the assertion of a deficiency by the IRS against you or the Company which the Company’s independent auditors believe has a high probability of success, determine that an Overpayment has been made, any such Overpayment paid or distributed by the Company to or for your benefit shall be treated for all purposes as a loan ab initio to you (after your departure) which you shall repay to the Company within thirty (30) days of receipt by you of written notice from the Company setting forth the amount of the Overpayment; provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by you to the Company if and to the extent such deemed loan and payment would not either reduce the amount on which you are is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Company’s independent auditors, based upon controlling precedent or other substantial authority, determine that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of you together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code
Option Benefits. (i) The acceleration of vesting of that portion of the Executive's options to purchase common stock of the Company that are outstanding as of the date of termination, if any, that would have become vested during the nine-month period immediately following the Termination Date had the Executive remained continuously employed by the Company during such period.
(ii) Executive shall be entitled to exercise his stock options to the extent vested on the Termination Date (including any stock options the vesting of which is accelerated pursuant to subsection (c)(i) above) for a period of two years from the Termination Date.