Common use of Termination upon Expiration of the Term Clause in Contracts

Termination upon Expiration of the Term. (a) Executive's employment shall terminate upon the expiration of the Term. Upon such termination, Executive shall be entitled to receive, and his sole remedies under this Agreement shall be: (i) any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following Executive's termination of employment; (ii) compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable as in clause (i) of this Section 7(a); (iii) any unpaid benefits accrued through the date of termination that may be due Executive under any employee benefit plans or programs of the Company, payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed business expenses, payable in accordance with Company policies; and (iv) provided that the Release in Exhibit I becomes fully effective and nonrevocable by its terms, any stock options, grants of Common Stock, restricted share grants or other benefits under any of the Company's compensation plans that were vested as of 5:00 PM on the date immediately prior to the date of termination, which may be exercised (in the case of options) or delivered (in the case of restricted stock) in accordance with the terms of such plans and any applicable plan agreements with Executive.

Appears in 2 contracts

Samples: Employment Agreement (Forward Industries, Inc.), Employment Agreement (Forward Industries, Inc.)

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Termination upon Expiration of the Term. (a) The Executive's ’s employment shall terminate upon the expiration of the Term. Upon such termination, the Executive shall be entitled to receive, and his her sole remedies under this Agreement shall be: (i) any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following the Executive's ’s termination of employment; (ii) compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable as in clause (i) of this Section 7(a); (iii) any unpaid benefits accrued through the date of termination that may be due the Executive under any employee benefit plans or programs of the Company, payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed business expenses, payable in accordance with Company policies; and (iv) provided that the Release in Exhibit I B becomes fully effective and nonrevocable non-revocable by its terms, any stock options, grants of Common Stock, restricted share grants or other benefits under any of the Company's ’s compensation plans that were vested as of 5:00 PM New York time on the date immediately prior to the date of termination, which may be exercised (in the case of options) or delivered (in the case of restricted stock) in accordance with the terms of such plans and any applicable plan award agreements with the Executive.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries, Inc.)

Termination upon Expiration of the Term. (a) The Executive's ’s employment shall terminate upon the expiration of the TermTerm unless renewed under Section 1. Upon such termination, the Executive shall be entitled to receive, and his sole remedies under this Agreement shall be: (i) any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following the Executive's ’s termination of employment; (ii) compensation for any unused vacation PTO days accrued in the fiscal year in which as of date of termination occurs through the date of termination, payable as in clause (i) of this Section 7(a); (iii) any unpaid benefits accrued through the date of termination that may be due the Executive under any employee benefit plans or programs of the Company, payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed business expenses, payable in accordance with Company policies; and (iv) provided that the Release in Exhibit I becomes fully effective and nonrevocable irrevocable by its terms, any stock options, grants of Common Stockcommon stock, restricted share grants or other benefits under any of the Company's ’s compensation plans that were vested as of 5:00 PM New York time on the date immediately prior to the date of termination, which may be exercised (in the case of options) or delivered (in the case of restricted stock) in accordance with the terms of such plans and any applicable plan agreements with the Executive.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries, Inc.)

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Termination upon Expiration of the Term. (a) The Executive's ’s employment shall terminate upon the expiration of the Term. Upon such termination, the Executive shall be entitled to receive, and his sole remedies under this Agreement shall be: (i) any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following the Executive's ’s termination of employment; (ii) compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable as in clause (i) of this Section 7(a); (iii) any unpaid benefits accrued through the date of termination that may be due the Executive under any employee benefit plans or programs of the Company, payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed business expenses, payable in accordance with Company policies; and (iv) provided that the Release in Exhibit I becomes fully effective and nonrevocable by its terms, any stock options, grants of Common Stock, restricted share grants or other benefits under any of the Company's ’s compensation plans that were vested as of 5:00 PM New York time on the date immediately prior to the date of termination, which may be exercised (in the case of options) or delivered (in the case of restricted stock) in accordance with the terms of such plans and any applicable plan award agreements with the Executive.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries, Inc.)

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