Stock Option Benefits Sample Clauses

Stock Option Benefits. The Company agrees to grant the Executive a non-qualified stock option to acquire up to 100,000 shares of the Company's common stock at an exercise price of $5.00 per share pursuant to the Company's 1997 Stock Incentive Plan (the "OPTION PLAN"). The option shall vest in three (3) installments of 30,000 beginning on the first and second anniversaries of the Commencement Date and 40,000 on the third anniversary of the Commencement Date. In the event the Executive is terminated without cause pursuant to Section 5(d) below or the Executive terminates this Agreement for Good Cause pursuant to Section 5(e) below, then the vesting period shall be accelerated such that any option shares that would have vested at the end of the year in which the Date of Termination occurs (the "TERMINATION YEAR") shall become immediately vested; provided, however, that the Executive shall exercise all options vested upon termination no later than 180 days following Date of Termination. The Company agrees that within a reasonable time following the execution of this Agreement it will execute an option agreement with the Executive (the "OPTION AGREEMENT") on these terms. Except as otherwise set forth in this Section 4 and except with respect to the Company's obligations under this Agreement with respect to the Option Agreement and the Option Plan, nothing herein is intended, or shall be construed to require the Company to institute or continue any, or any particular, plan or benefits.
Sample 1
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Stock Option Benefits. If, at any time after the Effective Date, your employment is Terminated, then notwithstanding the terms of any of your Company stock option agreement(s) that may be to the contrary, any Company stock options you may have that are outstanding on your Termination Date ("Stock Options") will not automatically terminate when you cease to be an employee of the Company and/or its Subsidiaries upon your Termination. Such of your Stock Options, if any, as are not yet exercisable as of your Termination Date will become exercisable ("vest") by you beginning on their normal vesting date(s) (i.e., the date(s) on which the Stock Options would have vested had you still been an employee) as long as they do not terminate earlier for some reason other than termination of employment. Those Stock Options, once vested, together with your then outstanding Stock Options, if any, that are vested and have not yet been exercised at the time of your Termination, will be exercisable by you in accordance with their terms as set forth in your Company stock option agreement(s) as modified hereby. If, after the Effective Date, you should die either while an employee of any CBS Company or after your Termination Date but in either case before your Company Stock Options cease to be exercisable by you as set forth above, any nonvested Stock Options outstanding on the date of your death will vest immediately, and those Stock Options, together with your then outstanding Stock Options that are vested and have not yet been exercised at the time of your death, will be exercisable (but only to the extent that the Stock Options would have been exercisable by you) by a properly designated beneficiary or by your estate until the earlier of (1) the time when they would have ceased to be exercisable by you had you not died, and (2) two years after the date of your death; provided, however, that if the terms of any Stock Options outstanding on the date of your death provide for a longer exercise period than two years after the date of your death, that longer exercise period will apply to those options. Any reload feature of your Company Stock Options which may have been available prior to your Termination will cease to be available effective as of your Termination. If your employment with the Company and/or its Subsidiaries is terminated for Cause, all of your Company stock options will be canceled upon such termination. All of your Company Stock Options are subject to the terms of your Company stock o...
Sample 1
Stock Option Benefits. As of the date of this Agreement, the Employee -- ---------------------- shall receive five-year qualified and non-qualified options to purchase 100,000 shares of Common Stock of the Employer at an exercise price of $4.00 per share. The option shall expire on August 31, 2003. Said options shall vest on the first day of each month at the rate of 4,166 shares per month during the term of this Agreement. If the Employee terminates his employment willfully, dies, becomes unable to perform his assigned job due to disability or is terminated for cause prior to the term of this Agreement, the portion of the option shares that have not vested shall be null and void. If the Employee is terminated not for cause, the Employee shall be entitled to the entire amount of Common stock options of the Employer as agreed to in this Agreement in accordance with the vesting schedule set forth above. All shares issued under this provision shall bear a restrictive legend that will prohibit transfer except under the provisions of Rule 144 of the Securities Exchange Act of 1934, as amended or unless the shares have been registered with the Securities the stock and Exchange Commission. Employee will be issued 25,000 shares of said Common Stock upon reporting for duty. In the event of termination of this agreement for any reason, said shares are considered fully vested.
Sample 1
Stock Option Benefits. Issue options to buy common stock to Company's employees in amounts and on terms consistent with Management Co.'s standard practices.
Sample 1
Stock Option Benefits. The Company agrees to grant the Executive a non- qualified stock option to acquire up to 80,000 shares of the Company's common stock at an exercise price of the closing price on June 11, 1999, which was 19.0625 (19 1/16) per share pursuant to the Company's 1997 Stock Incentive Plan (the "OPTION PLAN"). The option shall vest at the first anniversary of the Commencement Date. In the event the Executive is terminated without cause pursuant to Section 5(d) below or the Executive terminates this Agreement for Good Cause pursuant to Section 5(e) below, then the vesting period shall be accelerated such that any option shares that would have vested at the end of the year in which the Date of Termination occurs (the "TERMINATION YEAR") shall become immediately vested; provided, however, that the Executive shall exercise all options vested upon termination no later than 180 days following
Sample 1
Stock Option Benefits. (a) Any Company stock options that you may receive pursuant to the Company's Fund the Future program will continue to be governed by their own terms and conditions and will not be modified or otherwise affected by the Agreement. The provisions of Section 3(b) will apply to any other Company stock options you may have that are outstanding on your Termination Date ("Stock Options").
Sample 1
Stock Option Benefits. EMPLOYEE is a participant in a stock option plan, sponsored by EMPLOYER, under which EMPLOYEE received the opportunity to purchase a number of shares of stock in EMPLOYER. EMPLOYEE’s rights to purchase such shares, if any, after the date that he signs this Agreement, shall be determined by the terms of the applicable stock option plan.
Sample 1
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Related to Stock Option Benefits

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Change in Control Benefits Agreement shall mean any separate agreement between Participant and the Corporation which provides Participant with special vesting acceleration and/or other special benefits with respect to one or more awards of restricted stock units made to Participant for shares of Common Stock, including (to the extent applicable) the restricted stock units evidenced by this Agreement, in the event of a change in control or ownership of the Corporation (whether or not constituting a Change in Control hereunder).

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and the Pro Rata Bonus and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Other Severance Benefits Executive hereby agrees that in consideration for the payments to be received under Section 7(b) of this Agreement, Executive waives any and all rights to any payments or benefits under any severance plans or arrangements of the Company or their respective affiliates that specifically provide for severance payments, other than the Change in Control Severance Agreement between the Company and Executive (the “Change in Control Severance Agreement”); provided that any payments payable to Executive under Section 7(b) hereof shall be offset by any payments payable under the Change in Control Severance Agreement.

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