Termination of Restated Agreement. 4.1. As to each policy, this restated agreement shall automatically terminate upon the happening of any of the following events:
(a) As to each policy on the joint lives of the Employees, at the option of the Corporation, if both the Employees terminate employment for any reason other than the death of both Employees. An Employee shall be deemed to be employed by the Corporation during any period of temporary or permanent disability.
(b) As to each policy on the sole life of Xxxxx X. Xxxxxx, at the option of the Corporation, if Xxxxx X. Xxxxxx terminates employment for any reason other than her death.
Termination of Restated Agreement. (1) Subject to fulfillment of the obligations arising upon termination hereinafter set forth, this Restated Agreement shall terminate on the first to occur of the following events (each referred to herein as a "Termination Event"):
(i) Delivery of written notice of termination by Employer to Owner.
(ii) Surrender of the Policy by Owner with the written consent of the Employer.
(iii) At the option of Employer, termination of Employee's employment with Employer for any reason, by either Employer or Employee, with or without cause.
(iv) Bankruptcy or receivership of the Employer.
(2) Within fifteen (15) work days following a Termination Event, Owner, in Owner's sole discretion, shall take one of the following actions:
(i) Surrender the Policy and pay to Employer the Employer's Policy Interest to the extent of the cash surrender value.
(ii) Retain all or a portion of the Policy and pay to Employer the Employer's Policy Interest to the extent of the cash surrender value.
Termination of Restated Agreement. The Restated Agreement and the Option granted hereby shall terminate automatically and without further notice on the earliest of the following dates:
(a) After the Optionee’s termination due to the Optionee’s death or Disability, all vested Option Shares shall remain exercisable until the lesser of (i) one (1) year following the Optionee’s date of termination or (ii) the remaining term of the Option; provided, however, that it shall be a condition to the exercise of the Option in the event of the Optionee’s death that the Person exercising the Option shall (i) have agreed in a form satisfactory to the Company to be bound by the provisions of this Restated Agreement and the Stockholders Agreement and (ii) comply with all regulations and the requirements of any regulatory authority having control of, or supervision over, the issuance of the shares of common stock and in connection therewith shall execute any documents which the Board shall in its sole discretion deem necessary or advisable. All unvested Option Shares shall remain outstanding for the twelve (12) month period following the date of such termination by reason of death or Disability. To the extent an event or financial result described in Section 4(a) or (b) occurs during such twelve (12) month period that would cause some or all of such unvested Option Shares to become vested (a “Post-Termination Vesting Event”), the appropriate number of Option Shares will vest as of such Post-Termination Vesting Event, and remain exercisable for twelve (12) months following such Post-Termination Vesting Event (but not beyond the remaining term of the Option); provided that the occurrence of a Post-Termination Vesting Event as described in the first paragraph of Section 4(b) during such twelve month period shall result in the vesting only of the installment of Option Shares subject to vesting in the calendar year during which (or after which but before the vesting date for such year) the Optionee’s death or Disability occurred. On the twelve (12) month anniversary of the date of termination of employment by reason of death or Disability, all remaining unvested Option Shares will be forfeited;
(b) After the Optionee’s termination by the Company without Cause or by the Optionee for Good Reason, all vested Option Shares shall remain exercisable until the lesser of (i) ninety (90) calendar days following the Optionee’s date of termination or (ii) the remaining term of the Option. All unvested Option Shares in the P...
Termination of Restated Agreement
