OPTIONS TO BE EXERCISED FOLLOWING RETIREMENT DATE Sample Clauses

OPTIONS TO BE EXERCISED FOLLOWING RETIREMENT DATE. GTSI OPTIONS DATE EXERCISE PURCHASE COST AMOUNT OF VESTED ISSUED COST PRICE DIFFERENTIAL PAYMENT BY GTSI ----------------------------------------------------------------------------- 12,500 4/15/1999 $3.13 $7.00 $3.88 $48,437.50 ----------------------------------------------------------------------------- 10,000 8/3/1999 $4.00 $7.00 $3.00 $30,000.00 ----------------------------------------------------------------------------- 6,667 11/2/1999 $2.88 $7.00 $4.13 $27,501.38 ----------------------------------------------------------------------------- 1,500 11/2/2000 $3.25 $7.00 $3.75 $5,625.00 ----------------------------------------------------------------------------- **3,000 11/2/2000 $3.25 $7.00 $3.75 $11,250.00 ----------------------------------------------------------------------------- 37,500 4/15/1999 $3.13 $7.00 $3.88 $145,312.50 ----------------------------------------------------------------------------- 71,167 ***$268,126.38 ** Stock options to be accelerated. *** Amount to be paid following option exercise and stock buy-back immediately following the Retirement Date, and conditioned upon Employee executing GTSI's standard release and waiver agreement set out in Exhibit C. Notwithstanding the foregoing, GTSI agrees if during the Part-Time Period this Agreement is assigned per Section 13.13, then any of the 71,167 shares that remain unvested, shall be accelerated, and the GTSI Purchase Price shall be the acquisition price paid (or to be paid) for GTSI capital stock as the result of such acquisition. ---------------------------------------- Total Shares to be Total Net Payment Purchased by GTSI Amount to Employee ---------------------------------------- 116,000 $418,750.00 ---------------------------------------- EXHIBIT C WAIVER LETTER TEMPLATE Date Name Address City, State zip Dear Name: We appreciate the contributions you have made to GTSI in the past. With your final paycheck, regardless of whether or not you sign this letter, and reimbursement for all approved business expenses, provided you submit your expense report to GTSI within two weeks of the Retirement Date; and In addition, if you sign and date this letter (the "Waiver Letter") to show that you accept its terms (and do not later revoke it, as described below), GTSI will offer you retirement benefits exceeding those otherwise due you under your current compensation arrangement with us. Specifically, we will buy back your stock options as set out in Exhibit B, Part B, of your Employment R...
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Related to OPTIONS TO BE EXERCISED FOLLOWING RETIREMENT DATE

  • Period of Exercisability Section 3.1 - Commencement of Exercisability ----------- ------------------------------

  • Termination for Retirement or Death If Executive’s employment is terminated by reason of his retirement or death following a Change in Control, Executive’s benefits shall be determined in accordance with Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

  • Exercise Period Upon Death or Disability If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

  • Exercise Period Vesting Unless expired as provided in Section 3 of this Agreement, this Option may be exercised from time to time after the Date of Grant set forth above (the "DATE OF GRANT") to the extent the Option has vested in accordance with the vesting schedule set forth below. The Shares issued upon exercise of the Option will be subject to the restrictions on transfer set forth in Section 11 below. Provided Participant continues to provide Continuous Service to the Company or any Affiliate, the Option will become vested as follows: PERCENTAGE OF VESTING DATE VESTED SHARES ------------ ------------- % % %

  • Vesting Date All remaining shares of Restricted Stock will become vested on the Vesting Date.

  • TERMINATION UPON RETIREMENT, DISABILITY OR DEATH Termination by the Bank of the Executive based on "

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • Vesting Dates The ISOs shall vest as follows, subject to earlier vesting in the event of a termination of Service as provided in Section 6 or a Change in Control as provided in Section 7: ISOs for

  • Termination of Employment Due to Death, Disability, or Retirement If the Optionee’s termination of employment is due to death, Disability, or Retirement (termination on or after age 65), or if Optionee terminates employment after age 55, the following shall apply:

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