Common use of Other Terminations of Employment Clause in Contracts

Other Terminations of Employment. (i) If the Employee's employment is terminated by the Employee other than for Good Reason (as defined in the Employment Agreement), then all unvested Options shall automatically terminate and be cancelled (without any action on the part of the Company) on the date of such termination. All Options that have vested prior to such date shall remain exercisable until the earlier to occur of (A) the ninetieth day following such date and (B) the expiration of the Option Term. (ii) If Employee's employment is terminated (A) other than for a reason described in paragraphs (a), (b) or (c) above, or (B) by the Employee validly for Good Reason and pursuant to Section 5(d) of the Employment Agreement, then, as of the date of such termination, all the Options that have not become vested on or prior to the date of such termination shall become vested as of such date. All Options that have vested on or prior to such date shall remain exercisable until the earliest to occur of (C) the ninetieth day following such date and (D) the expiration of the Option Term.

Appears in 5 contracts

Samples: Stock Option Agreement (Samsonite Corp/Fl), Stock Option Agreement (Samsonite Corp/Fl), Stock Option Agreement (Samsonite Corp/Fl)

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Other Terminations of Employment. (i) If the Employee's employment is terminated by the Employee other than for Good Reason (as defined in the Employment Agreement), then all unvested Options shall automatically terminate and be cancelled canceled (without any action on the part of the Company) on the date of such termination. All Options that have vested prior to such date shall remain exercisable until the earlier to occur of (A) the ninetieth day following such date and (B) the expiration of the Option Term. (ii) If Employee's employment is terminated (A) other than for a reason described in paragraphs (a), (b) ), or (c) above, or (B) by the Employee validly for Good Reason and pursuant to Section 5(d) of the Employment Agreement, then, as of the date of such termination, all the Options that have not become vested on or prior to the date of such termination shall become vested as of such date. All Options that have vested on or prior to such date shall remain exercisable until the earliest to occur of (C) the ninetieth day following such date and (D) the expiration of the Option Term.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Samsonite Corp/Fl)

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Other Terminations of Employment. (i) If the Employee's employment is terminated by the Employee other than for Good Reason (as defined in the Employment Agreement), then all unvested Options shall automatically terminate and be cancelled canceled (without any action on the part of the Company) on the date of such termination. All Options that have vested prior to such date shall remain exercisable until the earlier to occur of (Ai) the ninetieth day following such date and (Bii) the expiration of the Option Term. (ii) If the Employee's employment is terminated (A) other than for a reason described in paragraphs (a), ) (b) or (c) above), above or (B) by the Employee validly for Good Reason and pursuant to Section 5(d) of the Employment AgreementReason, then, as of the date of such termination, all the Options that have not become vested on or prior to the date of such termination shall become vested as of such date. All Options that have vested on or prior to such date shall remain exercisable until the earliest to occur of (C) the ninetieth day following such date and (D) the expiration of the Option Term.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Samsonite Corp/Fl)

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