Common use of Termination of Service for Death or Disability Clause in Contracts

Termination of Service for Death or Disability. Upon a termination of the Participant’s Service by reason of death or Disability, any unvested portion of the Option shall vest as of the termination of Service and the Option shall remain exercisable until the earlier of (i) one year following such termination of Service and (ii) the expiration of the Option Term.

Appears in 2 contracts

Samples: Nonqualified Stock Option Award Agreement (Generac Holdings Inc.), Nonqualified Stock Option Award Agreement (Generac Holdings Inc.)

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Termination of Service for Death or Disability. Upon a termination of the Participant’s Service service by reason of death or Disability, any unvested portion of the Option shall vest as soon as is reasonably practicable, but in no event later than 60 days, after the date of the termination of Service death or Disability, and the Option shall remain exercisable until the earlier of (i) one year following such termination of Service service and (ii) the expiration of the Option Term.

Appears in 1 contract

Samples: Nonqualified Stock Option Award Agreement (Generac Holdings Inc.)

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Termination of Service for Death or Disability. Upon a termination of the Participant’s Service service by reason of death or Disability, any unvested portion of the Option shall vest immediately terminate and be forfeited without consideration. Any Vested Portion as of the date of a termination of Service and the Option service contemplated by this Section 6(d) shall remain exercisable until the earlier of (i) one year following such termination of Service service and (ii) the expiration of the Option Term.

Appears in 1 contract

Samples: Nonqualified Stock Option Award Agreement (Generac Holdings Inc.)

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