Common use of Discontinuance of Employment Clause in Contracts

Discontinuance of Employment. Neither this Agreement, the Plan, nor the Option will confer on the Participant any right with respect to continued Service with the Company or any of its Affiliates, nor interfere in any way with the right of the Company or any Affiliate to terminate such Service. Nothing in this Agreement will be construed as creating an employment contract for any specified term between Participant and the Company or any Affiliate. Neither any period of notice, if any, nor any payment in lieu thereof, upon termination of Service, wrongful or otherwise, will be considered as extending Participant’s period of Service for the purposes of the Plan or any Option granted thereunder.

Appears in 4 contracts

Samples: Incentive Stock Option Agreement (HMN Financial Inc), Incentive Stock Option Agreement (Surmodics Inc), Non Statutory Stock Option Agreement (Surmodics Inc)

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Discontinuance of Employment. Neither this Agreement, the Plan, nor the Option will confer on the Participant you any right with respect to continued Service with the Company or any of its Affiliates, nor interfere in any way with the right of the Company or any Affiliate to terminate such your Service. Nothing in this Agreement will be construed as creating an employment contract for any specified term between Participant you and the Company or any Affiliate. Neither any period of notice, if any, nor any payment in lieu thereof, upon termination of Service, wrongful or otherwise, will be considered as extending Participant’s your period of Service for the purposes of the Plan or any Option granted thereunder.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (HMN Financial Inc)

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