Common use of Termination for Layoff or Plant Closing Clause in Contracts

Termination for Layoff or Plant Closing. If the Grantee’s employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing (without regard to any period of protected service), each as defined in the Company’s U.S. Layoff Benefit Plan, then Options scheduled to become exercisable at or before the end of the second calendar year following the year in which employment terminates become immediately exercisable and any unexercised Options shall expire at the end of second calendar year following the year in which employment terminates or on the Expiration Date, whichever occurs first.

Termination for Layoff or Plant Closing. If the Grantee’s 's employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing (without regard to any period of protected service), each as defined in the Company’s 's U.S. Layoff Benefit Plan, then Options scheduled to become exercisable at or before the end of the second calendar year following the year in which employment terminates become immediately exercisable and any unexercised Options shall expire at the end of second calendar year following the year in which employment terminates or on the Expiration Date, whichever occurs first.

Termination for Layoff or Plant Closing. If the Grantee’s employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing (without regard to any period of protected service)closing, each as defined in the Company’s U.S. Layoff Benefit Plan, then Options covered by the first installment of this Grant shall, if they are not already exercisable, or Options scheduled to become exercisable at or before the end of the second calendar year following the year in which employment terminates during protected service if applicable, become immediately exercisable and any unexercised Options shall expire at 1 year after the end of second calendar year following the year in which employment terminates any protected service period, or on the Expiration Date, whichever date occurs first.

Termination for Layoff or Plant Closing. If the Grantee’s 's employment with the Company or any of its affiliates terminates as a result of a layoff or plant closing (without regard to any period of protected service)closing, each as defined in the Company’s 's U.S. Layoff Benefit Plan, then Options covered by the first installment of this Grant shall, if they are not already exercisable, or Options scheduled to become exercisable at or before the end of the second calendar year following the year in which employment terminates during protected service if applicable, become immediately exercisable and any unexercised Options shall expire at 1 year after the end of second calendar year following the year in which employment terminates any protected service period, or on the Expiration Date, whichever date occurs first.