Termination of a Management Holder's Marital Relationship Sample Clauses

Termination of a Management Holder's Marital Relationship. (i) If, upon the divorce of a Management Holder, all or any portion of that Management Holder's Post-Closing Management Stock is allocated or set aside ("Allocated Stock") to his spouse ("Divorced Spouse"), such Management Holder and the Company shall have the right, but shall not be required, to purchase all or a portion of such Allocated Stock pursuant to Section 4.9(c)(iii). However, any such Post-Closing Management Stock allocated or set aside to a Divorced Spouse who is a registered shareholder prior to such divorce shall not be deemed to be Allocated Stock. (ii) If the spouse ("Deceased Spouse") of a Management Holder dies, and it is determined that all or any portion of a Management Holder's Post-Closing Management Stock or any of the Post-Closing Management Stock held of record by the Deceased Spouse would not vest in such Management Holder ("Non-Vested Stock"), such Management Holder and the Company shall have the right, but shall not be required, to purchase all or a portion of such Non-Vested Stock pursuant to Section 4.9(c)(iii). (iii) Upon the divorce of his spouse and the determination that there is Allocated Stock, a Management Holder shall have, for thirty (30) days following the date of such determination, the right, but shall not be required, to purchase all or a portion of such Allocated Stock. Upon the death of his spouse and the determination that there is Non-Vested Stock, a Management Holder shall have, for thirty (30) days following the date of such determination, the right, but shall not be required, to purchase all or a portion of such Non-Vested Stock. If within such thirty (30) day period such Management Holder does not purchase all of the Allocated Stock or Non-Vested Stock, then such Management Holder shall notify the Company of its right to purchase all or a portion of the remaining Allocated Stock or Non-Vested Stock pursuant to Section 4.9(c)(iv). (iv) The Company shall have the period described in Section 4.9(e) to notify the Divorced Spouse or the legal representatives of the Deceased Spouse of the Company's election to purchase all or a portion of the remaining Allocated Stock or Non-Vested Stock. For purposes of Section 4.9(e), the date on which the event that gives the Company the right to purchase such Stock occurs will be deemed to be the date the Company receives notice that a Management Holder has purchased less than all the Allocated Stock or Non-Vested Stock, or in the absence of any notice, thirty (30) days from...
Sample 1
AutoNDA by SimpleDocs

Related to Termination of a Management Holder's Marital Relationship

  • Termination of Relationship If Optionee terminates Continuous Status as an Employee or Consultant for any reason, Optionee may exercise this Option during the Termination Period set out in the Notice of Grant, to the extent the Option was vested at the date of such termination. To the extent that Optionee was not vested in this Option at the date on which Optionee terminates Continuous Status as an Employee or Consultant, or if Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

  • Termination of Business Relationship If the Optionee's Business Relationship with the Company and all Related Corporations is terminated, other than by reason of death, disability or dissolution as defined in Section 5, no further installments of this option shall become exercisable, and this option shall terminate (and may no longer be exercised) after the passage of 90 days from the date the Business Relationship ceases, but in no event later than the scheduled expiration date. In such a case, the Optionee's only rights hereunder shall be those which are properly exercised before the termination of this option.

  • Termination of Employment Relationship Your employment is terminable -------------------------------------- at will. That means that your employment relationship with Cardinal may be terminated by either party at any time, for any reason or no reason at all, subject to the notice provision addressed below. (a) Cardinal may terminate your employment for Cause effective immediately upon written notice. In the event that Cardinal terminates your employment for Cause, you will be entitled to earned and unpaid base salary and payment for any earned and unused vacation days through the last date of your employment.

  • Termination of Service Relationship If the Optionee’s Service Relationship terminates, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below.

  • Termination of Relationship with the Company If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

  • Employment Relationship Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

  • Commercial Relationship The Employee expressly acknowledges that the Employee’s participation in the Program and the Company’s grant of the Award does not constitute an employment relationship between the Employee and the Company. The Employee has been granted the Award as a consequence of the commercial relationship between the Company and the Company’s Subsidiary in Mexico that employs the Employee, and the Company’s Subsidiary in Mexico is the Employee’s sole employer. Based on the foregoing: (a) the Employee expressly acknowledges that the Program and the benefits derived from participation in the Program do not establish any rights between the Employee and the Subsidiary in Mexico that employs the Employee; (b) the Program and the benefits derived from participation in the Program are not part of the employment conditions and/or benefits provided by the Subsidiary in Mexico that employs the Employee; and (c) any modifications or amendments of the Program or benefits granted thereunder by the Company, or a termination of the Program by the Company, shall not constitute a change or impairment of the terms and conditions of the Employee’s employment with the Subsidiary in Mexico.

  • General Relationship Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes.

  • At-Will Employment Relationship Executive’s employment with the Company is at-will and not for any specified period and may be terminated at any time, with or without Cause or advance notice, by either Executive or the Company. Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and an authorized representative of the Company. Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

  • Termination Not for Cause If the Company terminates Executive’s employment for any reason other than Cause, or terminates Executive by Constructive Termination as defined in this Agreement, the Executive shall be entitled to receive the following severance benefits:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!