Termination for Layoff Clause Samples
Termination for Layoff. If your service with the Company and its Affiliates terminates as a result of a Layoff, then any unvested SARs as of the date of such termination shall immediately expire upon such termination, and any vested and unexercised SARs as of the date of such termination shall expire on the earlier of (i) one (1) year after the date of such termination of service or (ii) the Expiration Date; provided, however, that if you die before the earlier of such dates, then the vested and unexercised SARs as of the date of such termination shall not expire until twenty-four (24) months after the date of your death. For purposes of this Award Agreement, “Layoff” shall mean a job loss due to any reduction in the work force of indefinite duration.
Termination for Layoff. If your service with the Company and its Affiliates terminates as a result of a Layoff, then restrictions on RSUs scheduled to lapse on the first restriction lapse date shall immediately lapse, and the remaining RSUs covered by this Award Agreement shall be immediately cancelled. For purposes of this Award Agreement, “Layoff” shall mean a job loss due to any reduction in the work force of indefinite duration. Any RSUs for which the restrictions do not lapse in accordance with the terms in this paragraph 3 shall be cancelled.
Termination for Layoff. If your service with the Company and its Affiliates terminates as a result of a Layoff, then the Stock Options covered by the first installment of this Award Agreement shall immediately vest and become exercisable on the date of such termination if they are not already vested and exercisable, and any vested and unexercised Stock Options as of the date of such termination shall expire on the earlier of (i) one (1) year after the date of such termination of service or (ii) the expiration date; provided, however, that if you die before the earlier of such dates, then vested and unexercised Stock Options as of the date of such termination shall not expire until twenty-four (24) months after the date of your death; and provided, further, that in no event shall the Stock Options covered by the second or later installments of this Award Agreement vest and become exercisable if they were not vested and exercisable as of the date of such termination of service. For purposes of this Award Agreement, “Layoff” shall mean a job loss due to any reduction in the work force of indefinite duration.
Termination for Layoff. If your service with the Company and its Affiliates terminates as a result of a Layoff, then any unvested Stock Options as of the date of such termination shall immediately expire upon such termination, and any vested and unexercised Stock Options as of the date of such termination shall expire on the earlier of (i) one (1) year after the date of such termination of service or (ii) the expiration date; provided, however, that if you die before the earlier of such dates, then the vested and unexercised Stock Options as of the date of such termination shall not expire until twenty-four (24) months after the date of your death. For purposes of this Award Agreement, “Layoff” shall mean a job loss due to any reduction in the work force of indefinite duration.