Termination Death Disability Clause Samples
Termination Death Disability. (a) Options shall not become exercisable for additional shares (i.e., no further vesting) following the first to occur of Optionee's termination of employment with the Corporation, death or legal disability (as that term is defined in Section 22(e)(3) of the Code); provided, however, if Optionee is being paid severance by the Corporation pursuant to an employment agreement with the Corporation, his options will continue to vest over such severance period. In no event shall an Option be exercisable after the expiration date set forth in paragraph 1(c) above.
(b) If Optionee's employment with the Corporation is terminated for cause, the Option shall not be exercisable at any time after such termination. "Cause" shall mean (i) Optionee's commission of a felony, fraud or willful misconduct which has resulted, or is likely to result, in damage to the Corporation, as determined in the sole discretion of the Board or Committee, or (ii) the breach by Optionee of the terms of any non-disclosure or non-competition agreement with the Corporation, as determined in the sole discretion of the Board or Committee.
Termination Death Disability. Executive shall be employed for the term of this agreement. Company may, however, terminate his employment at any time with or without cause or notice. The following provisions of this Article IV are intended by Executive and the Company to govern the rights of the parties in the event that termination employment occurs prior to the expiration of the term of this agreement.
Termination Death Disability. (i) In the event the employment of the Optionee shall be terminated by the Company without cause, this Option will vest immediately and may be exercised (to the extent that the Optionee was entitled to do so on the date of the termination of his employment) at any time within three (3) months after such termination of employment.
(ii) In the event the employment of the Optionee shall be terminated by the Employee for any reason other than death or disability, this Option shall be forfeited.
(iii) In the event Optionee shall become totally disabled, this Option may vest immediately and may be exercised at any time within twelve (12) months after such disability to the extent Optionee was entitled to do so on the date of disability.
(iv) If Optionee shall die while employed by the Company, this Option shall vest immediately and become immediately exercisable by the Optionee’s estate or by the person who acquires the right to exercise such Option upon his or her death by bequest or inheritance to the extent that the Optionee was entitled to do so on the date of his death. Such exercise may occur at any time within one (1) year after the date of the Optionee’s death or such other period as the Committee may at any time provide, but in no case later than the date on which the Option would otherwise terminate.
(v) This Option sale terminates the day before the 10th anniversary of the Award.
Termination Death Disability. (i) In the event the Optionee terminates his Continuous Service to the Company for any reason other than death or Disability, or in the event the Continuous Service of the Optionee shall be terminated by the Company without cause, this Option may be exercised in whole or in part at any time within three (3) months after such termination of Continous Service, but in no case later than the Expiration Date set forth below.
(ii) In the event the Continous Service of the Optionee shall be terminated by the Company for “Cause,” any unexercised portion of this Option shall be forfeited.
(iii) In the event the Optionee becomes Disabled while rendering Continuous Service, this Option may be exercised by the Optionee or the Optionee’s legal representative in whole or in part at any time within one (1) year after the date of the Optionee’s Disability, but in no case later than the Expiration Date set forth below.
(iv) In the event the Optionee dies while rendering Continuous Service or within three (3) months thereafter, this Option may be exercised by the Optionee’s beneficiary, as designated according to this Agreement, or, if no beneficiary has been designated, by the person to whom the Option is transferred by the laws of descent and distribution. Such exercise may occur in whole or in part at any time within one (1) year after the date of the Optionee’s death, but in no case later than the Expiration Date set forth below.
(v) This Option expires on the day before the 5th anniversary of the Grant Date (the “Expiration Date”).
Termination Death Disability. RETIREMENT The following provision is added as section 5.5 and existing section5.5 is renumbered to be section 5.
Termination Death Disability a) You may terminate your employment with the Company at any time, but in such event any compensation or benefits payable hereunder, other than the Prior Entitlements, shall cease although you shall remain bound by the terms of Section 4 below.
b) Should the Company, in its discretion, elect to terminate your employment at any time prior to the end of the Transition Period, you may exercise your rights under Section 1(d) above and shall retain any rights you may have to any Prior Entitlements, provided however that should you elect to retire at the time of such termination, you shall no longer be bound by the non-competition and non-hiring/non-solicitation restrictions contained in Sections 4(a) and 4(b) below.
c) If you die or become incapacitated prior to retirement such that you cannot perform the essential functions of your position with or without reasonable accommodation, you shall not receive any further compensation or benefits other than long term disability coverage and the Prior Entitlements.
Termination Death Disability. (i) In the event the employment of the Optionee shall be terminated by the Company or by the Optionee for any reason other than death or Disability, any unvested portion of this Option as of the date of the Optionee’s termination of employment shall be forfeited to the Company at no cost to the Company, automatically and immediately. Any vested and unexercised portion of this Option as of the date of the Optionee’s termination of employment may be exercised at any time on or before the earlier of (1) the date that is three (3) months after such termination of employment, or (2) the termination date of the Option as set forth herein.
(ii) In the event of the Optionee’s Disability, any unvested portion of this Option shall vest immediately. Any vested and unexercised portion of this Option may be exercised at any time on or before the earlier of (1) the date that is one (1) year after the determination of the Optionee’s Disability, or (2) the termination date of the Option as set forth herein.
(iii) Except as otherwise provided herein, if Optionee shall die while employed by the Company, any unvested portion of this Option shall vest immediately and become immediately exercisable by the Optionee’s estate or by the person who acquires the right to exercise such Option upon the Optionee’s death by bequest, inheritance or beneficiary designation. Any vested and unexercised portion of this Option may be exercised at any time on or before the earlier of (1) the date that is one (1) year after the date of the Optionee’s death or such other date as the Committee may at any time provide, or (2) the termination date of the Option as set forth herein. Notwithstanding the foregoing provisions of this Section 2(e)(iii), if the Optionee dies by suicide, while sane or insane, any unvested portion of this Option will be forfeited to the Company at no cost to the Company, automatically and immediately. For purposes of this Section 2(e)(iii), “suicide” shall include situations where the Optionee (A) causes his or her own death in an obvious manner (where the Optionee is clearly responsible for taking his or her own life), (B) dies while carrying out acts of felony, or (C) intentionally conducts activities with a high probability of death that result in death (such as, for example, excessively overdosing on drugs known to cause death or driving while extremely intoxicated).
Termination Death Disability