Other Involuntary Termination. If Optionee’s Employment is terminated for any reason other than for Cause, Retirement, death or Disability, or voluntary termination, then (i) the Option shall immediately become fully vested on the termination of Employment date and (ii) the vested portion of the Option shall expire to the extent not previously exercised within one (1) year 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) one (1) year after the termination of Employment date even if Optionee becomes deceased during such period. The termination of Employment of Optionee due to or as a result of the termination or expiration of the Co-Employer Agreement, dated July 11, 2008, by and between the Company and Torch Energy Advisors Incorporated shall be considered an involuntary termination of Optionee’s Employment for purposes of this Agreement.
Appears in 8 contracts
Samples: Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.), Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.), Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.)
Other Involuntary Termination. If Optionee’s Employment is terminated for any reason other than for Cause, Retirement, death or Disability, or voluntary termination, then (i) the Option shall immediately become fully vested on the termination of Employment date and (ii) the vested portion of the Option shall expire to the extent not previously exercised within one (1) year 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) one (1) year after the termination of Employment date even if Optionee becomes deceased during such period. The termination of Employment of Optionee due to or as a result of the termination or expiration of the Co-Employer Agreement, dated July 11, 2008, by and between the Company and Torch Energy Advisors Incorporated shall be considered an involuntary termination of to Optionee’s Employment for purposes of this Agreement.
Appears in 2 contracts
Samples: Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.), Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.)
Other Involuntary Termination. If Optionee’s Employment is terminated for any reason other than for Cause, Retirement, death or death, Disability, or voluntary termination, then (i) the non-vested portion of the Option shall immediately become fully vested on the date of termination of Employment date and (ii) the vested portion of the Option shall expire to the extent not previously exercised within one three (13) year 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) one three (13) year months after the termination of Employment date even if Optionee becomes deceased during such perioddate. The termination of Employment of Optionee due to or as a result of the termination or expiration of the Co-Employer Agreement, dated July 11, 2008, by and between the Company and Torch Energy Advisors Incorporated shall be considered an involuntary termination of Optionee’s Employment for purposes of this Agreement.
Appears in 2 contracts
Samples: Incentive Stock Option Agreement (Resaca Exploitation, Inc.), Incentive Stock Option Agreement (Resaca Exploitation, Inc.)
