Common use of Termination in Connection with Certain Dispositions Clause in Contracts

Termination in Connection with Certain Dispositions. In the event the Grantee’s employment with the Company and its Subsidiaries is terminated without Cause in connection with a sale or other disposition of a Subsidiary, the Award shall remain outstanding and (i) to the extent not then fully vested, will become immediately vested on the Termination Date, and (ii) the Grantee will have the right to exercise such vested portion of the Award for a period of one (1) year following the Termination Date or, if earlier, until the Expiration Date.

Appears in 4 contracts

Samples: Nonqualified Stock Option Award Agreement (Tim Hortons Inc.), Nonqualified Stock Option Award Agreement (Tim Hortons Inc.), Nonqualified Stock Option Award Agreement (Tim Hortons Inc.)

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Termination in Connection with Certain Dispositions. In the event the Grantee’s employment with the Company and its Subsidiaries is terminated without Cause in connection with a sale or other disposition of a Subsidiary, the Award shall remain outstanding and (i) to the extent not then fully vested, will become immediately vested on continue to vest in accordance with the Termination Datevesting schedule set forth in Section 2 of this Agreement, and (ii) the Grantee will have the right to exercise such the vested portion of the Award for a period of one (1) year following the Termination Date date of such termination or, if earlier, until the Expiration Date.

Appears in 2 contracts

Samples: Nonqualified Stock Option Award Agreement (Tim Hortons Inc.), Nonqualified Stock Option Award Agreement (Tim Hortons Inc.)

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