Common use of Continuance of Employment/Service Required; No Employment/Service Commitment Clause in Contracts

Continuance of Employment/Service Required; No Employment/Service Commitment. 2.1 The vesting schedule requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Partial employment or service, even if substantial, during any vesting period will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service as provided in Section 5 below or under the Plan.

Appears in 7 contracts

Samples: Nonqualified Stock Option Agreement (Venoco, Inc.), Nonqualified Stock Option Agreement (Venoco, Inc.), Nonqualified Stock Option Agreement (Venoco, Inc.)

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Continuance of Employment/Service Required; No Employment/Service Commitment. 2.1 The Except as set forth herein, the vesting schedule requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Partial Except as set forth herein, employment or serviceservice for only a portion of the vesting period, even if substantiala substantial portion, during any vesting period will not entitle the Participant Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service services, as provided in Section 5 below or under the Plan4.2 below.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Lions Gate Entertainment Corp /Cn/)

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