Common use of At-Will Termination by Executive Clause in Contracts

At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon two weeks' advance written notice. During such notice period Executive shall continue to diligently perform all of Executive's duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation (including all accrued Base Salary (at the annual rate then in effect), vacation and any other amounts owed to Executive at the time of termination) accrued to which Executive is entitled up through the last day of the two-week notice period. Any such amounts shall be paid on the effective date of termination. All reimbursable expenses incurred up to and including the date of termination shall be submitted for payment within thirty (30) days of termination and contain all documentation required pursuant to Company policy. Any and all options to acquire shares of Common Stock that have vested under the Options, the RSU or any Subsequent Options or Subsequent RSUs shall continue to belong to Executive. Executive shall have ninety (90) days in which to exercise any vested portion of any Options and Subsequent Options. All shares that remain unvested under such Options, RSU, and any Subsequent Options or Subsequent RSUs shall cease to vest on the date of termination. Thereafter all obligations of the Company shall cease.

Appears in 2 contracts

Samples: Employment Agreement (Obagi Medical Products, Inc.), Executive Employment Agreement (Obagi Medical Products, Inc.)

AutoNDA by SimpleDocs

At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon two weeks' advance written notice. During such notice period Executive shall continue to diligently perform all of Executive's duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation (including all accrued Base Salary (at the annual rate then in effect), vacation and any other amounts owed to Executive at the time of termination) accrued to which Executive is entitled up through the last day of the two-week notice period. Any such amounts shall be paid on the effective date of termination. All reimbursable expenses incurred up to and including the date of termination shall be submitted for payment within thirty (30) days of termination and contain all documentation required pursuant to Company policy. Any and all options to acquire shares of Common Stock that have vested under the Options, the RSU or any Subsequent Options or Subsequent RSUs shall continue to belong to Executive. Executive shall have ninety (90) days in which to exercise any vested portion of any Options and Subsequent Options. All shares that remain unvested under such Options, RSU, and any Subsequent Options or Subsequent RSUs shall cease to vest on the date of termination. Thereafter all obligations of the Company shall cease.

Appears in 2 contracts

Samples: Employment Agreement (Obagi Medical Products, Inc.), Employment Agreement (Obagi Medical Products, Inc.)

At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon two weeks' advance written notice. During such notice period Executive shall continue to diligently perform all of Executive's ’s duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's ’s termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation (including all accrued Base Salary (at the annual rate then in effect), vacation and any other amounts owed to Executive at the time of termination) accrued to which Executive is entitled up through the last day of the two-week notice period. Any such amounts shall be paid on the effective date of termination. All reimbursable expenses incurred up to and including the date of termination shall be submitted for payment within thirty (30) days of termination and contain all documentation required pursuant to Company policy. Any and all options to acquire shares of Common Stock that have vested under the OptionsOption, the RSU or any Subsequent Options or Subsequent RSUs RSUs, shall continue to belong to Executive. Executive shall have ninety (90) days in which to exercise any vested portion of any Options Option and Subsequent Options. All shares that remain unvested under such Options, RSUOption, and any Subsequent Options or Subsequent RSUs RSUs, shall cease to vest on the date of termination. Thereafter all obligations of the Company shall cease.

Appears in 1 contract

Samples: Employment Agreement (Obagi Medical Products, Inc.)

AutoNDA by SimpleDocs

At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon two weeks' advance written notice. During such notice period period, Executive shall continue to diligently perform all of Executive's ’s duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's ’s termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation (including all accrued Base Salary (at the annual rate then in effect), vacation and any other amounts owed to Executive at the time of termination) accrued to which Executive is entitled up through the last day of the two-week notice period. Any such amounts shall be paid on the effective date of termination. All reimbursable expenses incurred up to and including the date of termination shall be submitted for payment within thirty (30) days of termination and contain all documentation required pursuant to Company policy. Any and all options to acquire shares of Common Stock that have vested under the Options, the RSU Options or any Subsequent Options Options, and any and all shares of Common Stock that have issued or are issuable pursuant to vested RSUs or vested Subsequent RSUs RSUs, shall continue to belong to Executive. Executive shall have ninety (90) days in which to exercise any vested portion of any Options and Subsequent Options. All shares that remain unvested under such Options, RSU, and any Subsequent Options Options, the RSUs or any Subsequent RSUs shall cease to vest on the date of termination. Thereafter all obligations of the Company shall cease.

Appears in 1 contract

Samples: Executive Employment Agreement (Obagi Medical Products, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.