Common use of Term of the Options Clause in Contracts

Term of the Options. The Option shall remain exercisable as to Optioned Shares for five (5) years from the date of vesting of such Optioned Shares. If the Optionee is terminated as an employee without cause (as defined in any employment agreement with the Corporation applicable to Optionee) then all of Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of Optionee's employment termination date. Should the Optionee’s service be terminated for cause (as defined in any employment agreement with the Corporation applicable to Optionee), then in any such event this Option shall terminate immediately and with respect to all unvested shares of Common Stock. In the event Optionee is unable to continue as an employee as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Code), all of Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of Optionee's employment termination date. During the term of this Option if the Optionee was at the time of his death an employee, all of the Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of the Optionee's date of death and the Option may be exercised by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance. If during the term of this Agreement and while the Optionee remains an employee of the Corporation, the Corporation shall be subject to a Change in Control, then in such case all of the Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of the date of such Change in Control.

Appears in 3 contracts

Samples: Stock Option Agreement (Aduromed Industries, Inc.), Stock Option Agreement (Aduromed Industries, Inc.), Stock Option Agreement (Aduromed Industries, Inc.)

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Term of the Options. The Option shall remain exercisable as to Optioned Shares for five (5) years from the date of vesting of such Optioned Shares. If the Optionee is terminated as an employee without cause (as defined in any employment agreement with the Corporation applicable to Optionee) then all of Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of Optionee's employment termination date. Should the Optionee’s service be terminated for cause (as defined in any employment the consulting agreement with the Corporation applicable to Optionee), then in any such event this Option shall terminate immediately and with respect to all unvested shares of Common Stock. In the event Optionee is unable to continue as an employee a consultant as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Code), all of Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of Optionee's employment consultancy termination date. During the term of this Option if the Optionee was at the time of his death an employeestill engaged as a consultant, all of the Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of the Optionee's date of death and the Option may be exercised by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance. If during the term of this Agreement and while the Optionee remains an employee a consultant of the Corporation, the Corporation shall be subject to a Change in Control, then in such case all of the Optionee's unvested Options shall immediately vest and become exercisable and the term of any such Options shall be extended to the fifth anniversary of the date of such Change in Control.

Appears in 1 contract

Samples: Stock Option Agreement (Aduromed Industries, Inc.)

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