Termination of Service of Optionee Sample Clauses

Termination of Service of Optionee. In the event that the Optionee ceases to be an employee of the Company by reason other than death before the expiration date of this option ("Expiration Date"), this option shall terminate and the Optionee shall have the right, prior to three months after the date of termination and prior to the Expiration Date, to exercise any vested or exercisable portion of this option. In the event of death, Optionee's executors, administrators or any person or persons to whom this option may be transferred by will or by the laws of descent and distribution, shall have the right, prior to twelve months after the date of death and prior to the Expiration Date, to exercise this option in whole or in part to the extent to which the Optionee was entitled to exercise this option immediately prior to the death of Optionee.
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Termination of Service of Optionee. In the event that the Optionee ceases to be an employee of the Company by reason of voluntary termination by the Optionee or by reason of termination for Cause (as defined in the Executive Employment Agreement between the Company and Optionee dated November 1, 1996) by the Company, prior to the expiration date of this option ("Expiration Date"), this option shall terminate and the Optionee shall have the right, prior to three months after the date of termination and prior to the Expiration Date, to exercise any vested or exercisable portion of this option. After a "Change of Control" of the Company (as defined in the Executive Employment Agreement), the death of the Optionee, or termination of the employment relationship with the Optionee by the Company other than for Cause, all unexercised options shall be vested and fully exercisable and in the case of change of control or termination by the Company other than for cause, the Optionee shall have the right, prior to three months after the date of termination and prior to the Expiration Date, to exercise any vested or exercisable portion of this option. In the event of death, Optionee's executors, administrators or any person or persons to whom this option may be transferred by will or by the laws of descent and distribution, shall have the right, prior to twelve months after the date of death and prior to the Expiration Date, to exercise this option in whole or in part to the extent to which the Optionee was entitled to exercise this option immediately prior to the death of Optionee.
Sample 1
Termination of Service of Optionee. In the event that the Optionee ceases to be an employee of the Company by reason of voluntary termination by the Optionee or by reason of termination for Cause (as defined in the Executive Employment Agreement between the Company and Optionee dated November 1, 1996) by the Company, prior to the expiration date of this option ("Expiration Date"), this option shall terminate and any vested or exercisable portion shall remain exercisable until the Expiration Date of the option. After a "Change of Control" of the Company (as defined in the Executive Employment Agreement), the death of the Optionee, or termination of the employment relationship with the Optionee by the Company other than for Cause, all unexercised options shall be vested and fully exercisable and shall remain exercisable until the Expiration Date of the option. In the case of death, Optionee's executors, administrators or any person or persons to whom this option may be transferred by will or by the laws of descent and distribution, shall have the right to exercise this option until the Expiration Date of the option.
Sample 1

Related to Termination of Service of Optionee

  • Termination of Service for Cause If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this Option is outstanding, as determined by the Committee in its sole discretion, then you shall immediately forfeit all rights to your Option without consideration, including any vested portion of the Option, and the entire Option shall immediately expire, and any rights, payments and benefits with respect to the Option shall be subject to reduction or recoupment in accordance with the Clawback Policy and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and circumstances are discovered that would have justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior to or after your Termination Date.

  • Termination of Service Termination of Service shall mean the Executive's voluntary resignation of service by the Executive or the Bank's discharge of the Executive without cause, prior to the Early Retirement Date (Subparagraph I [K]).

  • Termination of Services If the Optionee’s services with the Company and all Related Corporations are terminated for any reason (other than death or disability) prior to the Expiration Date, then this Option may be exercised by Optionee, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of such termination of services, at any time prior to the earlier of (i) the Expiration Date, or (ii) three months after such termination of services. Any part of the Option that was not exercisable immediately before the termination of Optionee’s services shall terminate at that time.

  • Cessation of Service The option term specified in Paragraph 2 shall terminate (and this option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable:

  • Termination of Service Due to Death or Disability If an Awardee’s service on the Board terminates by reason of death or Disability, the restrictions and risk of forfeiture with respect to the Restricted Stock which have not expired shall immediately lapse and all shares of the Restricted Stock shall be deemed fully vested and nonforfeitable.

  • Death or Disability of Optionee In the event of the death or disability (as that term is defined in the Plan, "Disability") of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than twelve months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the Option or shall die intestate, by the person or persons entitled to receive the Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.

  • Forfeiture upon Termination of Status as a Service Provider Notwithstanding any contrary provision of this Award Agreement, the balance of the Restricted Stock Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason and Participant’s right to acquire any Shares hereunder will immediately terminate.

  • Effect of Termination of Service on Restricted Stock Award 10.1 This Restricted Stock Award will vest as follows:

  • Termination of Award In the event that the Employee shall forfeit all or a portion of the restricted stock units subject to the Award, the Employee shall promptly return this Agreement to the Company for cancellation. Such cancellation shall be effective regardless of whether the Employee returns this Agreement.

  • Other Termination of Service If the Optionee's Service with the Participating Company Group terminates for any reason, except Disability or death, the Option, to the extent unexercised and exercisable by the Optionee on the date on which the Optionee's Service terminated, may be exercised by the Optionee within three (3) months after the date on which the Optionee's Service terminated, but in any event no later than the Option Expiration Date.

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