Common use of Exercise Period Upon Termination of Employment Clause in Contracts

Exercise Period Upon Termination of Employment. If the Optionee ---------------------------------------------- ceases to be employed by the Company for any reason, then, except as provided in paragraphs (e) and (f) below, the right to exercise this option shall terminate 90 days after such cessation (but in no event after the Expiration Date), provided that this option shall be exercisable only to the extent that the Optionee was entitled to exercise this option on the date of such cessation. The Company's obligation to deliver shares upon the exercise of this option shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements, arising by reason of this option being treated as a non-statutory option or otherwise. Notwithstanding the foregoing, if the Optionee, prior to the Expiration Date, materially violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Optionee and the Company, the right to exercise this option shall terminate immediately upon written notice to the Optionee from the Company describing such violation.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Epresence Inc)

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Exercise Period Upon Termination of Employment. If the Optionee ---------------------------------------------- ceases to be employed by the Company for any reason, then, except as provided in paragraphs (e), (f) and (fg) below, the right to exercise this option shall terminate 90 days three (3) months after such cessation (but in no event after the Expiration Date), provided that this option shall be exercisable only to the extent that the Optionee was entitled to exercise this option on the date of such cessation. The Company's obligation to deliver shares upon the exercise of this option shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements, arising by reason of this option being treated as a non-statutory option or otherwise. Notwithstanding the foregoing, if the Optionee, prior to the Expiration Date, materially violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Optionee and the Company, the right to exercise this option shall terminate immediately upon written notice to the Optionee from the Company describing such violation.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Enterworks Inc)

Exercise Period Upon Termination of Employment. If the Optionee ---------------------------------------------- ceases to be employed by the Company for any reason, then, except as provided in paragraphs (e) and (f) below, the right to exercise this option Option shall terminate 90 30 days after such cessation (but in no event after the Expiration Date), provided that this option Option shall be exercisable only to the extent that the Optionee was entitled to exercise this option Option on the date of such cessation. The Company's obligation to deliver shares upon the exercise of this option Option shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements, arising by reason of this option Option being treated as a non-statutory option or otherwise. Notwithstanding the foregoing, if the Optionee, prior to the Expiration Date, materially violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Optionee and the Company, the right to exercise this option Option shall terminate immediately upon written notice to the Optionee from the Company describing such violation.

Appears in 1 contract

Samples: Stock Option Agreement (Idx Systems Corp)

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Exercise Period Upon Termination of Employment. If the Optionee ---------------------------------------------- ceases to be employed by the Company for any reason, then, except as provided in paragraphs (e) and (f) below, the right to exercise this option shall terminate 90 days three months after such cessation (but in no event after the Expiration Date), provided that this option shall be exercisable only to the extent that the -------- ---- Optionee was entitled to exercise this option on the date of such cessation. The Company's obligation to deliver shares upon the exercise of this option shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements, arising by reason of this option being treated as a non-statutory option or otherwise. Notwithstanding the foregoing, if the Optionee, prior to the Expiration Date, materially violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Optionee and the Company, the right to exercise this option shall terminate immediately upon written notice to the Optionee from the Company describing such violation.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Banyan Systems Inc)

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