Common use of Other Involuntary Termination or Voluntary Termination Clause in Contracts

Other Involuntary Termination or Voluntary Termination. If Optionee's Board membership is terminated for any reason other than for Cause, voluntary termination, resignation after a ten-year term, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not exercised within six (6) calendar months after such termination date. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) calendar months after the termination of Employment date.

Appears in 1 contract

Samples: Basic Energy Services Inc

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Other Involuntary Termination or Voluntary Termination. If Optionee's ’s Board membership Membership is terminated for any reason other than for Cause, voluntary termination, resignation after a ten-year termten years of service on the Board, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not exercised within six (6) 90 calendar months days after such termination date. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) 90 calendar months days after the termination of Employment dateBoard Membership.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Basic Energy Services Inc)

Other Involuntary Termination or Voluntary Termination. If Optionee's ’s Board membership is terminated for any reason other than for Cause, voluntary termination, resignation after a tenone-year term, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not exercised within six (6) 90 calendar months days after such termination date. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) 90 calendar months days after the termination of Employment Board membership date.” shall be, and hereby is, amended in its entirety as follows:

Appears in 1 contract

Samples: Nonqualified Stock Option Agreements (Basic Energy Services Inc)

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Other Involuntary Termination or Voluntary Termination. If Optionee's Board membership is terminated for any reason other than for Cause, voluntary termination, resignation after a tenone-year term, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not exercised within six (6) 90 calendar months days after such termination date. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) 90 calendar months days after the termination of Employment Board membership date.

Appears in 1 contract

Samples: Basic Energy Services Inc

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