Common use of Term; Forfeiture Clause in Contracts

Term; Forfeiture. Except as otherwise provided in this Agreement, the portion of this Option that is not exercisable, or does not become exercisable, on the date of the Participant’s Termination of Service, will, together with the related unvested Optioned Shares, expire, terminate, and be forfeited on that date. The exercisable portion of the Stock Option that relates to Optioned Shares that are or become vested on the date of the Participant’s Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve (12) months following the Participant’s Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four (24) months following the date of the Participant’s Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s death or disability and Termination of Service by the Company without Cause.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (First Acceptance Corp /De/), Nonqualified Stock Option Agreement (First Acceptance Corp /De/)

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Term; Forfeiture. Except as otherwise provided in this Agreement, the portion of this Option that is not exercisable, or does not become exercisable, on the date of the Participant’s Termination of Service, will, together with the related unvested Optioned Shares, expire, terminate, and be forfeited on that date. The exercisable portion of the Stock Option that relates to Optioned Shares that are or become vested on the date of the Participant’s Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve (12) months following the Participant’s Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four (24) months following the date of the Participant’s Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s death or disability disability, Termination of the Service by the Participant with or without Good Reason, and Termination of Service by the Company without Cause.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc), Nonqualified Stock Option Agreement (Liberte Investors Inc)

Term; Forfeiture. Except as otherwise provided in this Agreement, the portion of this Option that is not exercisable, or does not become exercisable, on the date of the Participant’s 's Termination of Service, will, together with the related unvested Optioned Shares, expire, terminate, and be forfeited on that date. The exercisable portion of the Stock Option that relates to Optioned Shares that are or become vested on the date of the Participant’s 's Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve (12) months following the Participant’s 's Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four (24) months following the date of the Participant’s 's Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s 's death or disability disability, Termination of the Service by the Participant with or without Good Reason, and Termination of Service by the Company without Cause.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc), Nonqualified Stock Option Agreement (Liberte Investors Inc)

Term; Forfeiture. Except as otherwise provided in this Agreement, the portion of this Option that is not exercisable, or does not become exercisable, on the date of the Participant’s 's Termination of Service, will, together with the related unvested Optioned Shares, expire, terminate, and be forfeited on that date. The exercisable portion of the Stock Option that relates to Optioned Shares that are or become vested on the date of the Participant’s 's Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve thirty (1230) months days following the Participant’s 's Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four twelve (2412) months following the date of the Participant’s 's Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s 's death or disability disability, Termination of the Service by the Participant with or without Good Reason, and Termination of Service by the Company without Cause.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (First Acceptance Corp /De/)

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Term; Forfeiture. Except as otherwise provided in this Agreement, the portion of this Option that is not exercisable, or does not become exercisable, on the date of the Participant’s Termination of Service, will, together with the related unvested Optioned Shares, expire, terminate, and be forfeited on that date. The exercisable portion of the Stock Option that relates to Optioned Shares that are or become vested on the date of the Participant’s Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve thirty (1230) months days following the Participant’s Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four twelve (2412) months following the date of the Participant’s Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s death or disability disability, Termination of the Service by the Participant with or without Good Reason, and Termination of Service by the Company without Cause.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (First Acceptance Corp /De/)

Term; Forfeiture. Except as otherwise provided in this Agreement, to the extent the unexercised portion of this the Stock Option relates to Optioned Shares that is are not exercisable, vested or does do not become exercisable, vested on the date of the Participant’s 's Termination of ServiceService pursuant to Section 3, will, together with the related such unvested Optioned Shares, expire, terminate, and portion of this Stock Option will be forfeited terminated on that date. The exercisable unexercised portion of the Stock Option that relates to Optioned Shares that which are or which become vested on the date of the Participant’s Termination of Service, will terminate and be forfeited at the first of the following to occur: (a) 5 p.m. on the date the Option Period terminates; (b) 5 p.m. on the date that is twelve (12) months following the Participant’s 's Termination of Service by the Company for Cause; or (c) 5 p.m. on the date that is twenty-four (24) months following the date of the Participant’s 's Termination of Service for any reason other than by the Company for Cause, including a Termination of Service due to the Participant’s 's death or disability disability, Termination of the Service by the Participant with or without Good Reason, and Termination of Service by the Company without Cause.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Liberte Investors Inc)

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