Termination of Executive. a. If Norlight terminates Executive’s employment without cause before the closing date of the Transaction, it shall pay Executive the Retention Payment at the time specified in paragraph 6, and the Stock Options shall vest on the date of such termination. b. If Norlight terminates Executive’s employment for cause before the closing date of the Transaction, Executive will not be entitled to the Retention Payment and the Stock Options, if any, shall not vest. c. For purposes of this paragraph 7, “cause” is defined as: (1) the failure of Executive to substantially perform the services as contemplated by this Agreement or the neglect by Executive of such services, or the willful failure of Executive to perform a lawful task assigned to him by Norlight; (2) commission of a crime (other than minor traffic offenses) or acts of dishonesty, fraud or malfeasance by Executive in connection with the performance of his duties hereunder; or (3) material breach by Executive of any of the policies or rules of Norlight.
Appears in 4 contracts
Samples: Retention Agreement (Norlight Telecommunications, Inc.), Retention Agreement (Norlight Telecommunications, Inc.), Retention Agreement (Norlight Telecommunications, Inc.)
