TERMINATION OF EMPLOYMENT OR DIRECTORSHIP Sample Clauses

TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. If for any reason other than permanent and total disability (as defined below) or death an Optionee ceases to be employed by or to be a director of the Company Options held at the date of such termination (to the extent then exercisable) may be exercised, in whole or in part, at any time within three (3) months after the date of such termination or such lesser period specified in the Option Agreement (but in no event after the expiration date of the Option).
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. Except as provided below, if Optionee ceases to be employed by the Company or its Affiliates or ceases to serve on the Board of Directors of the Company for any reason other than death or disability, any Option which is exercisable on the date of such termination of employment or cessation of service on the Board shall expire three months after such termination of employment or cessation of service on the Board, but in no event may any Option be exercised after the end of the Option Period. If Optionee's employment or service on the Board is terminated because of Optionee's theft or embezzlement from the Company, disclosure of trade secrets of the Company or the commission of a willful, felonious act while in the employment of the Company or while in service on the Board (such reasons shall hereinafter collectively be referred to as "for cause"), then any Option or unexercised portion thereof granted to Optionee shall expire upon such date of such termination of employment or cessation of service on the Board.
Sample 1
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. (a) In the event that Optionee shall at any time hereafter cease to be an employee of the Company for any reason other than his death, retirement or permanent disability, any part of the Option granted hereunder which has not been exercised by the date of such cessation shall immediately terminate on the date of such cessation. In the event that Optionee's employment by the Company shall terminate by reason of his retirement or permanent disability, the Option may be exercised, to the extent of the shares with respect to which the Option could have been exercised by Optionee on the date of such termination, prior to the date of its expiration or three (3) months after the date of such termination, whichever occurs first. If the Optionee ceases to be an employee of the Company by reason of his death prior to the termination of his right to exercise this Option in accordance with the provisions hereof without having totally exercised the Option, the Option may be exercised, to the extent of the shares with respect to which the Option could have been exercised by Optionee on the date of Optionee's death, by the Optionee's Successor, provided the Option is exercised prior to the date of its expiration or one (1) year from the date of the Optionee's death, whichever occurs first.
Sample 1
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. In the event the Option becomes exercisable, it shall remain exercisable until the Expiration Date notwithstanding any subsequent termination of the Optionee's employment or directorship with the Company or any subsidiary for any reason whatsoever.
Sample 1
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. If the Optionee shall cease to serve as a director of the Company, or cease to be employed by the Company or one of its subsidiaries, for any reason other than his or her death or disability (as defined in Section 6, below), this Option shall terminate and become unexercisable three (3) calendar months after the date on which his or her directorship or employment ends (the “Termination Date”). During such three-month period this Option shall be exercisable only as to those installments, if any, which were exercisable under the terms of this Option as of the Termination Date.
Sample 1
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. (a) Except in the event of the death or disability of a Participant, upon the resignation, removal or retirement from the board of directors of any Participant who is a director of the Holding Company or a Subsidiary, or upon the termination of Employment of a Participant who is not a director of the Holding Company or a Subsidiary, any Stock Option which has not yet become exercisable shall there upon terminate and be of no further force or effect, and, subject to extension by the Committee, any Stock Option which has become exercisable shall terminate if it is not exercised within 12 months of such resignation, removal or retirement; provided, however, in the case of any Incentive Stock Option such period shall be 3 months after such resignation, removal or retirement.
Sample 1
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. The Certificate for the Option, SAR, or Stock Grant may provide for the exercise or payment of the underlying Common Stock upon the employee’s or director’s death or disability. What if I die, become disabled, resign, retire or am terminated as an employee or director of the Company? The Certificate, pursuant to which the award is granted, may specify that an award is accelerated or forfeited or left unchanged if the participant dies, is disabled, resigns, retires or is terminated.
Sample 1
AutoNDA by SimpleDocs
TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. (a) In the event that Optionee's employment by the Company and its Affiliates shall terminate (or if optionee is non-employee director and his directorship with the Company or an Affiliate shall terminate), and the provisions of Sections 4(F) (2), 4(F) (3) and 4(I) of the Plan do not apply, the options granted to optionee pursuant to this Plan shall terminate immediately.
Sample 1

Related to TERMINATION OF EMPLOYMENT OR DIRECTORSHIP

  • Termination of Employment or Service If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, all unvested RSUs shall be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto.

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • Termination of Employment Relationship 3.1 The Executive’s employment with the Company shall automatically terminate, and the Employment Term shall thereupon terminate:

  • Termination of Employment Without Cause At any time during the Term of Employment under this Agreement, either Arrow or the Bank may effect, pursuant to this Paragraph 7(b), and in accordance with the requirements set forth in Paragraph 11(gg) below, a Termination of Employment of Executive without Cause, provided, however, that any attempt to do so under circumstances that would also qualify such Termination of Employment as a Termination of Employment of Executive without Cause under Paragraph 6(a) of this Agreement, that is, as a Termination of Employment of Executive without Cause following a Change in Control that meets the conditions set forth in Paragraph 6(a), will be deemed a Termination of Employment of Executive without Cause under Paragraph 6(a), and not a Termination of Employment of Executive without Cause under this Paragraph 7(b). In the event of a Termination of Employment of Executive without Cause under this Paragraph 7(b), on the effective date of such Termination of Employment, and subject to the satisfaction of the conditions specified below in Section 8, Arrow or the Bank shall pay to the Executive, and the Executive shall be entitled to receive, one (1) lump sum payment in a dollar amount equal to the greater of (i) the total amount of Base Salary payments which would have been payable to the Executive during the period extending from such effective date until the normal expiration date of Employment under this Agreement as in effect at such time, had there been no early Termination of Employment of Executive without Cause (and assuming the Executive otherwise would have remained employed throughout such period and that his Base Salary would have remained unchanged throughout such period), or (ii) an amount equal to one hundred percent (100%) of the current Base Salary of the Executive on the effective date of such Termination of Employment.

  • Termination of Employment The Executive’s employment hereunder shall terminate under the following circumstances:

  • Termination of Employment or Services Except as set forth herein, if the Participant’s employment with, membership on the board of directors of, or engagement to provide services to, the Company or any of its Affiliates terminates for any reason, all unvested RSUs shall be canceled immediately and the Participant shall not be entitled to receive any payments with respect thereto.

  • Effect of Termination of Employment or Death If the Employee goes on leave of absence for a period of greater than twelve months (except a leave of absence approved by the Board of Directors or the Committee) or ceases to be an employee of the Company or a Subsidiary for any reason except death, the portion of the SAR which is unexercisable on the date on which the Employee ceased to be an Employee or has been on a leave of absence for over twelve months (except a leave of absence approved by the Board or Committee) shall expire on such date and any unexercised portion of the SARs which was otherwise exercisable on such date shall expire at the earlier of (i) the expiration of this SAR in accordance with the term for which the SAR was granted, or (ii) three months (one year in the case of termination by reason of Disability of the Employee under the terms of the Plan) from such date, except in the case of an Employee who is an "Approved Retiree" as defined below. If Employee is an Approved Retiree, then the SAR shall expire at the sooner to occur of (i) the expiration of such SAR in accordance with its original term, (ii) the expiration of five years from the date of retirement, or (iii) with respect to SARs granted less than one year before the date the Approved Retiree retires, such retirement date, except not with respect that portion of the SARs equal to the number of such shares multiplied by the ratio of (a) the number of days between the Grant Date and the retirement date inclusive, over (b) the number of days on and after the Grant Date and before the first anniversary of the Grant Date. In the event of the death of Employee without Approved Retiree status during the three month period following termination of employment or a leave of absence over twelve months (except a leave of absence approved by the Board or Committee), the SAR shall be exercisable by the Employee's personal representative, heirs or legatees to the same extent and during the same period that the Employee could have exercised the SAR if the Employee had not died. In the event of the death of Employee while an employee or while an Approved Retiree, the SAR (if the waiting period has elapsed) shall be exercisable in its entirety by the Employee's personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of the Employee, but in no event after the term for which the SAR was granted. For purposes of this Agreement, an "Approved Retiree" is any SAR holder who (i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the Committee on or after such date on which the SAR holder has attained age 55 and completed 10 Years of Service, and (B) has entered into and has not breached an agreement to refrain from Engaging in Competition in form and substance satisfactory to the Committee; and if the Committee subsequently determines, in its sole discretion, that an Approved Retiree has violated the provisions of the Agreement to refrain from Engaging in Competition, or has engaged in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company's operations, financial condition or business reputation, such Approved Retiree shall have ninety (90) days from the date of such finding within which to exercise any SARs or portions thereof which are exercisable on such date, and any SARs or portions thereof which are not exercised within such ninety (90) day period shall expire and any SARs or portion thereof which are not exercisable on such date shall be cancelled on such date.

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

  • Duration of Employment This Agreement and the employment relationship hereunder will continue in effect for five years from January 1, 2016 through December 31, 2020. It may be extended beyond December 31, 2020 by mutual, written agreement at any time. In the event of the Executive’s termination of employment during the term of this Agreement, the Company will be obligated to pay all base salary, bonus and other benefits then accrued, as well as cash reimbursement for all accrued but unused vacation, plus, if applicable, the additional payments provided for in Sections 6.1, 6.2, 6.3, 6.5, 6.7 and 6.8 of this Agreement.

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