Termination of Status as an Employee. If Optionee's employment is terminated by the Company for Cause at any time, Options granted hereunder (both unvested Options and vested but unexercised Options) shall immediately terminate. If Optionee's employment is terminated by the Company at any time for a reason other than for Cause, Options granted herewith (both invested Options and vested, but unexercised Options) shall be immediately exercisable for a period of three (3) months from the date of termination of employment. If Optionee voluntarily terminates his employment with the Company at any time, unvested Options shall immediately terminate and vested Options shall be immediately exercisable for a period of three (3) months from the date of termination of employment. For purposes of this Agreement, a termination shall be for Cause only if the Board of Directors of the Company shall determine that any one or more of the following has occurred:
Appears in 5 contracts
Samples: Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp)
