PCCC Option Terminations and Releases Sample Clauses

PCCC Option Terminations and Releases. (a) Following the date of this Agreement, and not less than 30 days before the Effective Time, the Committee of PCCC’s Board of Directors appointed by the Board to administer PCCC’s 1998 Stock Incentive Plan (the “Plan”) shall take action as required by and described in Section 5.2(b)(i) of the Plan to cause (i) all then outstanding PCCC Options to become exercisable immediately, and (ii) all PCCC Options, to the extent not sooner exercised, to terminate at the Effective Time (which, in any event, shall be not less than 30 days following the giving by the Committee of written notice of such action to holders of the PCCC Options). Such action shall be taken, and written notice thereof given, in accordance with Section 5.2(b)(i) of the Plan and in such a manner and at such a time as will insure that, except to the extent that they previously shall have been exercised, and subject to consummation of the Merger, all PCCC Options shall terminate no later than the Effective Time.
Sample 1
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PCCC Option Terminations and Releases. Except to the extent that they shall previously have been exercised in accordance with their terms, all outstanding PCCC Options shall have been effectively terminated in the manner described in Paragraph 6.11, effective not later than the Effective Time.
Sample 1

Related to PCCC Option Terminations and Releases

  • Termination and Release (i) This Guaranty shall automatically terminate on the Termination Date.

  • Termination of Employment and Options Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

  • Severance Compensation upon Termination Subject to the provisions of Section 10 hereof, in the event of the Employee’s Termination upon a Change of Control, the Company shall pay to the Employee, within fifteen (15) days after the Termination Date (or as soon as possible thereafter in the event that the procedures set forth in paragraph (b) of Section 11 hereof cannot be completed within fifteen (15) days) an amount in cash equal to three (3) times the sum of the Employee’s Base Salary in effect either immediately prior to the Separation from Service or immediately prior to the Change of Control, whichever is higher.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Termination of Employment Agreements Any and all Employment Agreements entered into between the Company or any of its Subsidiaries and the Executive prior to the date of this Agreement are hereby terminated.

  • Termination After Change in Control Sections 9.2 and 9.3 set out provisions applicable to certain circumstances in which the Term may be terminated after Change in Control.

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Severance and Change in Control Benefits The Committee has designated you a participant in the Company’s Executive Change in Control and Severance Plan (the “Policy”), attached as Exhibit A to this Agreement. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your Employment as set forth in Exhibit B to this Agreement (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this Agreement, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding the subject matter of this paragraph and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company. For the avoidance of doubt, all other terms of any equity awards granted to you by the Company will remain in effect.

  • Qualifying Terminations The occurrence of any one of the following events within twenty-four calendar months after a Change in Control of the Company will trigger the payment of Severance Benefits under this Agreement:

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