Common use of Employee Status Clause in Contracts

Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Options), or in the event that the terms of any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 11 contracts

Samples: 2023 Stock Incentive Plan (Universal Corp /Va/), Universal Corp /Va/, Hilb Rogal & Hamilton Co /Va/

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Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Options), or in the event that the terms of any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 9 contracts

Samples: Landamerica Financial Group Inc, Open Plan (Open Plan Systems Inc), Open Plan (Open Plan Systems Inc)

Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Optionsincentive stock options), or in the event that the terms of any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 3 contracts

Samples: Virginia First Financial Corp, Universal Corp /Va/, Universal Corp /Va/

Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Optionsincentive stock options), or in the event that the terms of any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee Board may decide to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 3 contracts

Samples: Southern National Bancorp of Virginia Inc, Southern Community Financial Corp., Eagle Financial Services Inc

Employee Status. For purposes of determining the applicability of Section 422 422A of the Code (relating to Incentive Stock Optionsincentive stock options), or in the event that the terms of any Grant Option provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide in each case to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 2 contracts

Samples: Tredegar Corp, Ethyl Corp

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Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Optionsincentive stock options), or in the event that the terms of any Grant Option provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 1 contract

Samples: Front Royal Inc

Employee Status. For purposes of determining the applicability of Section Code section 422 of the Code (relating to Incentive Stock Options), incentive stock options) or in the event that the terms of any Grant Option provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disability, disability or other reasons shall not be deemed interruptions of continuous employment.

Appears in 1 contract

Samples: Bank of South Carolina Corp

Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Options), or in the event vent that the terms of any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary Disabilitydisability, or other reasons shall not be deemed interruptions of continuous employment.

Appears in 1 contract

Samples: Community Financial Corp /De/

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