Common use of Termination of Service (Except by Death) Clause in Contracts

Termination of Service (Except by Death). If the Optionee’s service as an Employee terminates for any reason other than death, then this Option shall expire on the earliest of the following occasions: (i) June 14, 2012; (ii) The date one year after the Termination Date; or (iii) The time that Optionee is notified (orally or in writing) that he is being discharged for Cause; (as such term is defined in the Employment Agreement between Optionee and the Company of June 14, 2002); provided, however, that in the event Optionee initiates a proceeding under Section 16 of the Employment Agreement disputing the discharge for Cause, the right to exercise the Option shall (A) be extended from one year from the date judgment is entered in favor of the Optionee or (B) expire one business day after judgment is entered in favor of the Company. The Optionee may exercise all or part of this Option at any time before its expiration under the preceding sentence, but only to the extent that this Option had become exercisable before the Optionee’s service terminated. The balance of this Option shall lapse when the Optionee’s service as an Employee terminates. In the event that the Optionee dies after the Termination Date but before the expiration of this Option, all or part of this Option may be exercised (prior to expiration) pursuant to Section 9(b) hereof by the executors or administrators of the Optionee’s estate or by any person who has acquired this Option directly from the Optionee by bequest or inheritance, but only to the extent that this Option had become exercisable before the Optionee’s service terminated.

Appears in 1 contract

Samples: Restricted Stock Option Agreement (Pumatech Inc)

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Termination of Service (Except by Death). If the Optionee’s service 's Continuous Status as an Employee or Consultant (as such term is defined in the Plan) terminates for any reason other than death, then this Option shall expire on the earliest of the following occasions: (i) June 14, 2012The expiration date determined pursuant to Subsection (a) above (the "Expiration Date"); (ii) The date one year that is twelve (12) months after the Termination Date; ortermination of Optionee's Continuous Status as an Employee or Consultant as a result of his or her total and permanent disability within the meaning of Section 22(e)(3) of the Code; (iii) The time date that Optionee is notified six (orally 6) months after the termination of Optionee's Continuous Status as an Employee or in writingConsultant as a result of a disability which does not fall within the meaning of Subsection (ii) that he is being discharged for Cause; (as such term is defined in the Employment Agreement between Optionee and the Company of June 14above, 2002); provided, however, that in to the event extent that Optionee initiates a proceeding under Section 16 fails -------- ------- to exercise an Option which is an ISO within three months of the Employment Agreement disputing the discharge for Causedate of such termination, the right to exercise Option will not qualify for ISO treatment; (iv) The date that is six (6) months after Optionee's death if it occurs during the Option shall period of Continuous Status as an Employee or Consultant; or (Av) be extended from one year from The date three (3) months after the date judgment is entered in favor termination of the Optionee Optionee's Service for any reason other than as described in Subsections (ii), (iii) or (Biv) expire one business day after judgment is entered in favor of the Companyabove. The Optionee may exercise all or part of this Option at any time before its expiration under the preceding sentence, but only to the extent that this Option had become vested and exercisable before the Optionee’s service 's Service terminated. The balance of When the Optionee's Service terminates, this Option shall lapse when expire immediately with respect to the Optionee’s service as an Employee terminatesnumber of Shares for which this Option is not yet vested and exercisable. In Notwithstanding the foregoing, in the event that the Optionee dies within thirty (30) days after the Termination Date termination of Service but before the expiration of this Option, all or part of this Option may be exercised until the earlier of six (prior to expiration6) pursuant to Section 9(b) hereof months after the date of Optionee's death or the Expiration Date by the executors or administrators of the Optionee’s 's estate or by any person who has acquired this Option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this Option had become exercisable before the Optionee’s service 's Service terminated.

Appears in 1 contract

Samples: Stock Option Agreement (Driveway Corp)

Termination of Service (Except by Death). If the an Optionee’s service as an Employee Service terminates for any reason other than the Optionee’s death, then this Option the Optionee’s Options shall expire on the earliest of the following occasionsdates: (i) June 14, 2012The expiration date determined pursuant to Subsection (e) above; (ii) The date one year three months after the Termination Datetermination of the Optionee’s Service for any reason other than Disability, or such earlier or later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s Service); or (iii) The time that Optionee is notified (orally or in writing) that he is being discharged for Cause; (as such term is defined in date six months after the Employment Agreement between Optionee and the Company of June 14, 2002); provided, however, that in the event Optionee initiates a proceeding under Section 16 termination of the Employment Agreement disputing Optionee’s Service by reason of Disability, or such later date as the discharge for Cause, the right to exercise the Option shall (A) be extended from one year from the date judgment is entered in favor Board of the Optionee or (B) expire one business day after judgment is entered in favor of the CompanyDirectors may determine. The Optionee may exercise all or part of this Option the Optionee’s Options at any time before its the expiration of such Options under the preceding sentence, but only to the extent that this Option such Options had become exercisable before the Optionee’s service terminatedService terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). The balance of this Option such Options shall lapse when the Optionee’s service as an Employee Service terminates. In the event that the Optionee dies after the Termination Date termination of the Optionee’s Service but before the expiration of this Optionthe Optionee’s Options, all or part of this Option such Options may be exercised (prior to expiration) pursuant to Section 9(b) hereof by the executors or administrators of the Optionee’s estate or by any person who has acquired this Option such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this Option such Options had become exercisable before the Optionee’s service terminatedService terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination).

Appears in 1 contract

Samples: Merger Agreement (Eon Communications Corp)

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Termination of Service (Except by Death). If the an Optionee’s service as an Employee 's Service terminates for any reason other than the Optionee's death, then this Option the Optionee's Options shall expire on the earliest of the following occasions: (i) June 14, 2012The expiration date determined pursuant to Subsection (g) above; (ii) The date one year three months after the Termination Datetermination of the Optionee's Service for any reason other than Disability; or (iii) The time that Optionee is notified (orally or in writing) that he is being discharged for Cause; (as such term is defined in date six months after the Employment Agreement between Optionee and the Company of June 14, 2002); provided, however, that in the event Optionee initiates a proceeding under Section 16 termination of the Employment Agreement disputing the discharge for Cause, the right to exercise the Option shall (A) be extended from one year from the date judgment is entered in favor Optionee's Service by reason of the Optionee or (B) expire one business day after judgment is entered in favor of the Company. Disability The Optionee may exercise all or part of this Option the Optionee's Options at any time before its the expiration of such Options under the preceding sentence, but only to the extent that this Option such Options had become exercisable before the Optionee’s service terminated's Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee's Service terminated (or vested as a result of the termination). The balance of this Option such Options shall lapse when the Optionee’s service as an Employee 's Service terminates. In the event that the Optionee dies after the Termination Date termination of the Optionee's Service but before the expiration of this Optionthe Optionee's Options, all or part of this Option such Options may be exercised (prior to expiration) pursuant to Section 9(b) hereof by the executors or administrators of the Optionee’s 's estate or by any person who has acquired this Option such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this Option such Options had become exercisable before the Optionee’s service terminated's Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee's Service terminated (or vested as a result of the termination).

Appears in 1 contract

Samples: Stock Option Agreement (Adforce Inc)

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