TERMINATION OF OPTIONEE'S EMPLOYMENT Sample Clauses

TERMINATION OF OPTIONEE'S EMPLOYMENT except in case of Optionee's death or retirement with the consent of the Corporation or one of its subsidiaries;
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
TERMINATION OF OPTIONEE'S EMPLOYMENT. If the Optionee's employment with the Company is terminated for reasons other than Cause, "permanent and total disability" (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended ("Code")), or death of the Optionee, those Shares that had vested under the terms of this Option Agreement shall remain exercisable for a period of three months after the date of such termination of the Optionee's employment with the Company; PROVIDED, HOWEVER, that after the expiration of this three-month period, this Option Agreement, and the Optionee's right to exercise any vested portion of this Option, shall terminate. If the Optionee's employment with the Company is terminated because of the "permanent or total disability" (within the meaning of Section 22(e)(3) of the Code) or death of the Optionee, those Shares that had vested in accordance with this Option Agreement shall remain exercisable for a period of one year after the date of such termination; PROVIDED, HOWEVER, that after the expiration of one year period, this Option Agreement, and the Optionee's right to exercise any vested portion of this Option, shall terminate. If the Optionee's employment with the Company terminates for Cause, this Option Agreement, and the Optionee's right to exercise any vested portion of this Option, shall terminate at the commencement of business on the date of such termination.
Sample 1Sample 2Sample 3See All (4)
TERMINATION OF OPTIONEE'S EMPLOYMENT. (a) If the holder of an option --------------------------------------- dies during the period of his or her employment by the Company, the number of shares for which the option was exercisable as of the date of death may be exercised by the option holder's personal representative, or transferee entitled to acquire the right to exercise the option by will or pursuant to the laws of descent and distribution, until the earlier of the date upon which his or her option expires or ninety days following the date of death. (b) If the employment of the option holder is terminated by the option holder by reason of his or her permanent disability, or terminated by the Company for any reason (except culpable cause, that is, an intentional material breach of by the option holder of his or her duties as an employee of the Company), the number of shares for which the option was exercisable as of the date of termination may be exercised by the option holder until the earlier of the date upon which his or her option expires or ninety days following the date of such termination. (c) If the option holder terminates his or her employment with the Company for any reason other than permanent disability, the number of shares for which the option was exercisable as of the date of termination may be exercised by the option holder until the earlier of the date upon which his or her option expires or ten days following the date of such termination. (d) If the employment of the option holder is terminated by the Company by reason of culpable cause (that is, an intentional material breach by the option holder of his or her duties as an employee of the Company), this option, and all rights thereunder, shall terminate.
Sample 1Sample 2
TERMINATION OF OPTIONEE'S EMPLOYMENT for any reason other than by the Company for Cause or by the Optionee without Good Reason. If the Optionee’s employment is terminated for any reason other than by the Company for Cause or by the Optionee without Good Reason, the unvested portion of the Option shall automatically expire and cease to be exercisable on the date of the termination of the Optionee’s employment and the vested portion of the Option shall expire on the earlier of the first anniversary of the termination of the Optionee’s employment or the tenth anniversary of the Grant Date.
Sample 1Sample 2
TERMINATION OF OPTIONEE'S EMPLOYMENT. Termination of Optionee's employment with KAC or any Subsidiary (as defined in Attachment A), and any branch, unit or division of KAC or any Subsidiary (the "KAC Group") ("Employment") prior to March 1, 2001 shall affect Optionee's rights under the Stock Option as provided in this Section 6. Solely for purposes of this Stock Option Grant (including Section 4 hereof), Optionee's Employment shall be deemed to have been terminated on the later of the date: (i) Optionee no longer serves as a regular full-time salaried employee of any member of the KAC Group; and (ii) Optionee no longer serves as the salaried Chairman of the Board of Directors of the Company. 8. The relationship between the parties shall be that of independent contracting parties and shall not constitute or be deemed for any purpose to be that of employer and employee. The Boards and KAC and KACC expressly acknowledge and agree that neither shall have the right to direct you with respect to the means or manner in which you fulfill your obligations and responsibilities under this letter agreement. The Boards and KAC and KACC are solely interested in the results obtained by you in connection with your performance of services required hereunder. 9. The parties hereby agree that the following provisions shall generally govern this letter agreement. a. The compensation to which you may be entitled hereunder shall not be subject to your debts or other obligations and shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, or other legal or equitable process. b. This letter agreement shall not be construed to confer upon you any right to receive any, or any particular rate of, base or incentive compensation for services rendered hereunder (other than the base and incentive compensation payable under this letter agreement). c. This letter agreement contains the entire understanding and agreement between the parties with respect to the subject matter hereof. Accordingly, this letter agreement supersedes any and all other agreements, contracts, plans or other arrangements by, between, among or involving you and KAC and KACC whereunder you are to serve as a Director and non-executive Chairman of KAC and KACC. d. This letter agreement may not be amended, modified or supplemented in any respect except by a subsequent written agreement entered into by both parties. e. This letter agreement may not be terminated prior to expirat...
Sample 1Sample 2
TERMINATION OF OPTIONEE'S EMPLOYMENT. If the Optionee ceases to be an Employee for any reason other than by virtue of the Optionee's death or Cause, the Option shall remain in full force and effect and may be exercised by the Optionee (but only to the extent the Option is, at the time of the cessation of the Optionee's employment, then exercisable under Section 4 hereof); provided, however, that the Option shall terminate upon the last day of the term of the Option.
Sample 1
TERMINATION OF OPTIONEE'S EMPLOYMENT 
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to TERMINATION OF OPTIONEE'S EMPLOYMENT

  • Termination of Executives Employment Termination of Executive's Employment means that (i) the Company has terminated Executive's employment with the Company (including any subsidiary of the Company) other than for Cause (as defined in Section 5.2), death or Disability (as defined in Section 5.3), or (ii) Executive, by written notice to the Company, has terminated his employment with the Company (including any subsidiary of the Company) for Good Reason (as defined below). For purposes of this Agreement, "Good Reason" means:

  • Termination of Employment Due to Death or Disability If your employment with the Company terminates due to death or Disability, in each case, prior to the Vesting Date, your Adjusted PSUs will vest and convert into Shares on the Adjustment Date (even though you are not employed by the Company on the Vesting Date). Upon a termination of employment due to death, the Adjusted PSUs shall be delivered in accordance with Section 10.

  • Termination on Death or Disability If the employment of the Executive is terminated due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive’s estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) the following compensation and benefits: (i) The Accrued Obligations, at the times provided and subject to the conditions set forth in Section 8(a)(i) above; (ii) An amount equal to the Cash Bonus at the Target Percentage for which the Executive is eligible for the year in which the Executive’s death or Disability occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the Executive’s death or termination of employment due to Disability (less any payments in respect of such Cash Bonus related to that performance year received by the Executive during such year), such amount to be paid within thirty (30) days after the Executive’s death or such termination of employment due to Disability; (iii) Any and all outstanding Unvested Shares shall immediately vest and any restrictions thereon shall immediately lapse upon the Executive’s death or termination of employment due to Disability (the acceleration of any other equity incentives granted to the Executive under any equity incentive plan of the Guarantor in connection with the termination of the Executive’s employment due to death or Disability shall be governed by the applicable plan and related grant documents); and (iv) If the Executive is eligible for and elects to receive continued coverage under the Company’s medical and health benefits plan(s) in accordance with the provisions of COBRA for the Executive and, if applicable, the Executive’s eligible dependents, or if the Executive’s eligible dependents are eligible for such continued coverage due to the Executive’s death, then the Company shall reimburse the Executive or such dependents for a period of eighteen (18) months following the Executive’s termination of employment due to death or Disability (or, if less, for the period that the Executive or any such dependent is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive or any such dependent is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company’s group health benefits plan(s) had the Executive continued to be an employee of the Company.

  • Involuntary Termination of Employment If the Executive does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason, including a termination due to disability of the Executive but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to make an immediate lump sum Contribution to the Executive's Retirement Income Trust Fund in an amount equal to: (i) the full Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Contributions to the Retirement Income Trust Fund; provided however, that, if necessary, an additional amount shall be contributed to the Retirement Income Trust Fund which is sufficient to provide the Executive with after tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Executive's termination) beginning at his Benefit Age, equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106.

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • 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.

  • Involuntary Termination for Cause If the Employee's employment is terminated for Cause, then the Employee shall not be entitled to receive severance payments. The Employee's benefits will be terminated under the Company's then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination.

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall terminate immediately, in accordance with Section 6.6, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations. (b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, and in accordance with Section 6.6, to terminate this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for 180 days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

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