Option to Purchase Employee's Bonus Shares Upon Termination of Employment Sample Clauses

Option to Purchase Employee's Bonus Shares Upon Termination of Employment. In the event Employee's employment with Employer is terminated for any reason, Employer shall have the right during the ten (10)-day period following the effective date of Employee's termination of employment to purchase some or all of the Bonus Shares held by Employee at a purchase price equal to the fair market value of such Bonus Shares. Employer may exercise its option by delivering written notice to Employee within such ten (10)-day option period of its intent to purchase some or all of the Bonus Shares, which notice must contain the number of shares Employer will purchase and the purchase price for such shares. If shares of the same class as the Bonus Shares are traded on a securities exchange or over-the-counter market, the fair market value of the Bonus Shares shall be deemed to be the average of the closing prices of the class of shares which are Bonus Shares on such exchange or over-the-counter market over the ten (10) trading day period ending one (1) business day prior to Employee's effective termination date; if the shares are not traded on an exchange or over-the-counter market, then fair market value shall be determined in good faith by the Board of Directors of Delek US, provided that the Board shall consider in their determination the per share valuation (as adjusted for splits or dividends) of the most recent round of financing as well as any pending or proposed financings, and the per share valuation (as adjusted for splits or dividends) of any merger, sale, or liquidation transaction, whether recently completed or proposed. If Employer elects to exercise its option under this paragraph, the closing of a sale of the Bonus Shares which Employer has agreed to purchase pursuant to this paragraph (the "Option Shares") shall occur, unless mutually agreed otherwise, within ten (10) days following the date on which notice is given by Employer of its exercise of the right to purchase the Option Shares in accordance with this paragraph. At the closing, Employee shall take such actions required to transfer the Offered Shares free and clear of all liens and encumbrances, and Employer shall deliver to Employee good funds by wire transfer, or a cashier's check on a national bank, for the entire amount of the purchase price.
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Related to Option to Purchase Employee's Bonus Shares Upon Termination of Employment

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following:

  • Rights Upon Termination of Employment The terms which regulate the treatment of the International Participant's Restricted Stock Units upon termination of employment are set out in the Plan and in the Award Documents. In summary, upon the International Participant's termination of employment for any reason other than death, Disability or Retirement, any unvested Restricted Stock Units shall be forfeited and cancelled on the date of such termination of employment.

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Exercise After Termination of Employment (A) Except as otherwise provided in this Agreement, the OPTION shall be exercisable only while the OPTIONEE is in the employment of the COMPANY and then only if the OPTION has become exercisable by its terms, and if not exercisable by its terms at the time the OPTIONEE ceases to be in the employment of the COMPANY, shall immediately expire on the date of termination of employment.

  • Termination of Employees Employment For purposes of this Section 3.1(d), the term “pro rata portion” shall mean, with respect to any award of time-vested RSUs, time- vested RSAs or time-vested options, a percentage, when expressed as a fraction, the numerator of which is the number of days from and after the date that begins the vesting period applicable to such installment of RSUs, RSAs or options during which Employee was an employee of the Company, and the denominator of which is the total number of days in the vesting period(s) applicable to such installment of RSUs, RSAs or options assuming Employee had been an employee throughout such vesting period and no event or other matter occurred that would accelerate the vesting of such award. Any options that vest pursuant to this Section 3.1(d) shall remain exercisable through the post-termination exercise period set forth in or contemplated by the agreement evidencing the option. Notwithstanding anything to the contrary in this Agreement, if any payments, awards or benefits are owed or required to be settled or delivered to Employee under Section 3.3 hereof, then Employee shall not be entitled to any payment or benefit under this Section 3.1. Notwithstanding anything to the contrary in this Agreement, if any payments, awards or benefits are owed or required to be settled or delivered to Employee under Section 3.1(c) and (d) and Employee has attained Retirement Eligibility, then Employee shall be entitled to the greater of the payment or benefit under Section 3.1(c) and (d), determined on an aggregate basis with respect to the Eligible RSAs, on the one hand, or Section 3.2, determined on an aggregate basis with respect to the Eligible RSAs, on the other hand. Solely for purposes of this paragraph, the determination of the Eligible RSAs shall assume that the date of Retirement Termination of Employment shall be deemed to have occurred as of the date of the termination of his or her employment regardless of whether such termination occurred due to a Termination of Employee’s Employment or a Retirement Termination of Employment. 3.2

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • Company Obligations Upon Termination of Employment During the Term of this Agreement, the Company shall have the following obligations upon the termination of the Executive’s employment with the Company as described in this Section 5:

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