Common use of Termination of Service with the Company and its Affiliates Clause in Contracts

Termination of Service with the Company and its Affiliates. Notwithstanding anything in this Agreement to the contrary, any portion of the Option which is not exercisable upon the Optionee’s termination of Service with the Company or any of its Subsidiaries for any reason shall terminate as of the date on which such termination of Service occurs; provided that if Optionee’s Service terminates for Cause, the Option, whether exercisable or nonexercisable, shall be deemed to have terminated as of the day preceding such termination of Service. Notwithstanding the foregoing, upon an Optionee’s (i) termination of Service due to death or Disability, the Optionee (or the Optionee’s representative) shall be entitled to exercise any portion of the Option that was exercisable on the date of termination of Service until (a) the date which is six months after such date of termination of Service, or (b) the end of the Option Term, if earlier or (ii) termination of Service other than for Cause, death or Disability, the Optionee (or the Optionee’s representative) shall be entitled to exercise any portion of the Option that was exercisable on the date of such termination of Service until (a) the date which is thirty days after such date of termination of Service, or (b) the end of the Option Term, if earlier.

Appears in 4 contracts

Samples: Nonqualified Stock Option Agreement (Metaldyne Performance Group Inc.), Nonqualified Stock Option Agreement (Metaldyne Performance Group Inc.), Nonqualified Stock Option Agreement (Metaldyne Performance Group Inc.)

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