Common use of Service Relationship Clause in Contracts

Service Relationship. For purposes of this Agreement, the Grantee shall be considered to be in the service of the Company as long as the Grantee remains an Employee, Consultant or Director (as those terms are defined in the Plan). Nothing in the adoption of the Plan, or the award of the Restricted Shares thereunder pursuant to this Agreement, shall confer upon the Grantee the right to continued service with the Company or affect in any way the right of the Company to terminate such employment at any time. Unless otherwise provided in a written employment agreement or by applicable law, the Grantee’s employment by the Company shall be on an at-will basis and the employment relationship may be terminated at any time by either the Grantee or the Company for any reason whatsoever, with or without cause. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Administrator, and its determination shall be final.

Appears in 3 contracts

Samples: Grantee Restricted Stock Agreement (Cyberonics Inc), Restricted Stock Agreement (Cyberonics Inc), Performance Restricted Stock Agreement (Cyberonics Inc)

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Service Relationship. For purposes of this Agreement, the Grantee shall be considered to be in the service of the Company as long as the Grantee remains an Employee, Consultant or Director (as those terms are defined in the Plan). Nothing in the adoption of the Plan, or the award of the Restricted Shares thereunder pursuant to this Agreement, shall confer upon the Grantee the right to continued service with the Company or affect in any way the right of the Company to terminate such employment at any time. Unless otherwise provided in a written employment agreement or by applicable law, the Grantee’s employment by the Company shall be on an at-will basis basis, and the employment relationship may be terminated at any time by either the Grantee or the Company for any reason whatsoever, with or without cause. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Administrator, and its determination shall be final.

Appears in 2 contracts

Samples: Phantom Stock Agreement (Cyberonics Inc), Phantom Stock Agreement (Cyberonics Inc)

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Service Relationship. For purposes of this Agreement, the Grantee Optionee shall be considered to be in the service of the Company as long as the Grantee Optionee remains an Employee, Consultant or Director (as those terms are defined in the Plan). Nothing in the adoption of the Plan, or the award grant of the Restricted Shares Options thereunder pursuant to this Agreement, shall confer upon the Grantee Optionee the right to continued service with the Company or affect in any way the right of the Company to terminate such employment relationship at any time. Unless otherwise provided in a written employment agreement or by applicable lawApplicable Law, the GranteeOptionee’s employment by relationship as an Employee of the Company Company, if applicable, shall be on an at-will basis basis, and the employment relationship may be terminated at any time by either the Grantee Optionee or the Company for any reason whatsoever, with or without cause. Any question as to whether and when there has been a termination of such employmentOptionee’s relationship as a Service Provider, and the cause of such termination, shall be determined by the Administrator, and its determination shall be final.

Appears in 1 contract

Samples: Stock Option Agreement (Cyberonics Inc)

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