Termination of Service as a Director. If the Director, for any reason other than death, fails to serve five consecutive years as a Director, he will receive monthly compensation beginning at age 65 on the basis that the number of full months served bears to the required number of 60 months times the compensation stated in paragraph “1”. For example, if the Director serves only 36 months, he will be entitled to 36/60 or 60% of the compensation stated in paragraph “1”.
Termination of Service as a Director. If the Optionee shall cease to be a director of the Corporation for whatever reason other than by death or disability, the Optionee shall have the right to exercise the Option (except to the extent the Option shall have been exercised or shall have expired) until the later to occur of (i) ninety (90) days after the date of termination of service as a director, or (ii) six (6) months and ten (10) days after the Optionee's last purchase or sale of shares of Common Stock prior to the termination of Optionee's service as a director. Any portion of the Option not exercised within said period shall lapse. Shares of Common Stock issued upon such exercise shall be subject to the Corporation's right to repurchase the Common Stock as provided in Section 5 hereof.
Termination of Service as a Director. If the Non-Employee Director's service as a director with the Company is terminated for any reason other than death or disability prior to the Expiration Date of this Option as set forth in Paragraph 3, this Option may be exercised, to the extent of the number of shares with respect to which the Non-Employee Director could have exercised it on the date of such termination of service as a director by the Non-Employee Director at any time prior to the earlier of:
(a) The Expiration Date specified in Paragraph 3; or
(b) Three (3) months after the date of such termination of service as a director.
Termination of Service as a Director a) If the Non-Employee Director’s service as a director of the Company is terminated by the Non-Employee Director for any reason other than those described in clauses (b) and (c) below prior to the Vesting Date, then the RSUs covered by the Award and all Retained Distributions relating thereto shall be completely forfeited on the date of any such termination of service.
b) If the Non-Employee Director’s service as a director of the Company terminates prior to the Vesting Date (i) as a result of his or her death or Disability, (ii) as a result of his or her Retirement or (iii) as a result of a Termination of Service Due to Election Results, then the RSUs and all Retained Distributions relating thereto shall fully vest on the date of any such termination and Shares subject to the RSUs shall be issued or transferred to the Non-Employee Director as soon as practicable, but no later than 90 days, following such termination of service as a director.
c) The RSUs and all Retained Distributions relating thereto shall vest in the event a Non-Employee Director (a “withdrawing Non-Employee Director”) terminates his or her service as a member of the Board (i) for reasons of personal or financial hardship; (ii) to serve in any governmental, diplomatic or any other public service position or capacity; (iii) to avoid or protect against a conflict of interest of any kind; (iv) on the advice of legal counsel; or (v) on a case by case basis in the discretion of the Board, for any other extraordinary circumstance that the Board determines to be comparable to the foregoing; provided that the payment of the Shares shall not occur before the first date on which a payment could be made without subjecting the Non-Employee Director to tax under the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The withdrawing Non-Employee Director shall abstain from participating in any determination made by the Board with respect to any matter relating to the foregoing.
Termination of Service as a Director. Except as provided in Section 4 hereof, Restricted Shares shall not vest unless the Grantee is then a director of the Company and unless the Grantee has continuously so served since the date of grant of the Restricted Shares. In the event that the service of the Grantee as a director of the Company shall terminate (other than by reason of death or disability), all unvested Restricted Shares shall be forfeited and be immediately transferred to, and reacquired by, the Company at no cost to the Company.
Termination of Service as a Director. Except as set forth in Section 5 below, and unless otherwise determined by the Committee, if the Participant’s service as a director of the Company or an Affiliate, as applicable, is terminated at any time prior to the date upon which all RSUs awarded pursuant to Section 1 above are fully vested pursuant to Section 3 above (the “Final Vesting Date”);
(a) for any reason other than termination by the Company or an Affiliate, as applicable, for Cause, then all RSUs awarded pursuant to Section 1 above that are unvested at the date of such termination shall be forfeited; or
(b) by the Company or an Affiliate, as applicable, for Cause, then all RSUs awarded pursuant to Section 1 above, whether vested or unvested at the date of such termination, shall be forfeited.
Termination of Service as a Director a) If the Non-Employee Director’s service as a director of the Company is terminated by the Non-Employee Director for any reason prior to the annual meeting of the stockholders of the Company next following the Date of Grant, then the RSUs covered by the Award shall be completely forfeited on the date of any such termination of service.
b) In the event the Non-Employee Director ceases to serve as a director of the Company, the Non-Employee Director shall have no claim against the Company with respect to the RSUs.
Termination of Service as a Director. The Option may be exercised by a Director Participant only while the Director Participant serves on the Board; except upon termination of a Director Participant's service by reason of such Director Participant's voluntary mid-term resignation, declining to stand for re-election (whether as a result of the general partner's mandatory retirement program or otherwise), becoming an employee of the Partnership or a subsidiary thereof or because of Disability, all outstanding options held by such Director Participant on the date of such termination shall expire five years from the date upon which such Director Participant's service terminates. In the event of death of a Director Participant (whether before or after termination of service), all outstanding options held by such Director Participant (and not previously canceled or expired) on the date of death shall be fully exercisable by the Director Participant's legal representative within one year of the date of death (without regard to the expiration date of the Option specified in the preceding sentence).
Termination of Service as a Director. If the Optionee ceases to be a director of the Company for any reason other than his death, he may thereafter exercise this option to the extent he was entitled to exercise it on the date when his service as a director terminated, but only within three months after the date of such termination (unless a longer period is allowed by the Board of Directors of the Company). In no event, however, may the Optionee exercise this option at a time when the option would not be exercisable had the Optionee's service as a director continued. For purposes of this provision, the Optionee's service as a director will not be considered terminated in the case of a bona fide leave of absence approved by the Board of Directors of the Company.
Termination of Service as a Director. In the event that your service as a director of the Company ceases for any reason, this Option shall expire and become void as to all unexercised Option Shares at 4:00 p.m. (Minneapolis time) on the first anniversary date of the date your service as a director ends, unless the Expiration Date precedes this anniversary date. Your service as a director ceases on the earliest of the following: (i) death; (ii) resignation; (iii) removal by the Shareholders; (iv) disqualification; or (v) the date your successor is elected and qualifies. Until the forgoing early termination date, the Vesting Schedule shall continue to apply.
