Common use of Removal by Stockholders for Cause Clause in Contracts

Removal by Stockholders for Cause. If the Optionee shall be removed from the board of directors of the Company by the Company’s stockholders prior to the exercise of the Option for cause (for these purposes, if such termination occurs within 12 months after a Change in Control, as defined in Section 8.9 of the Plan, removal for cause shall only mean a felony conviction for fraud, misappropriation or embezzlement), then upon such removal the Option shall immediately terminate.

Appears in 5 contracts

Samples: Nonqualified Stock Option Agreement (Health Net Inc), Nonqualified Stock Option Agreement (Health Net Inc), Nonqualified Stock Option Agreement (Health Net Inc)

AutoNDA by SimpleDocs

Removal by Stockholders for Cause. If Notwithstanding Section 6.9(b) of the Plan, if the Optionee shall be removed from the board of directors of the Company by the Company’s stockholders prior to the exercise of the Option for cause (for these purposes, if such termination occurs within 12 months after a Change in Control, as defined in Section 8.9 6.8 of the Plan, removal for cause shall only mean a felony conviction for fraud, misappropriation or embezzlement), then upon such removal the Option shall immediately terminate.

Appears in 3 contracts

Samples: Nonqualified Stock Option Agreement (Health Net Inc), Nonqualified Stock Option Agreement (Health Net Inc), Nonqualified Stock Option Agreement (Health Net Inc)

AutoNDA by SimpleDocs

Removal by Stockholders for Cause. If the Optionee shall be removed from the board of directors of the Company by the Company’s stockholders prior to the exercise of the Option for cause (for these purposes, if such termination occurs within 12 months after a Change in Control, as defined in Section 8.9 5.8 of the Plan, removal for cause shall only mean a felony conviction for fraud, misappropriation or embezzlement), then upon such removal the Option shall immediately terminate.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Health Net Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!