Common use of Termination of Employment Due to Disability Clause in Contracts

Termination of Employment Due to Disability. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof by reason of Disability, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and shall remain exercisable until the Option Termination Date by the Participant or his or her designated personal representative on the Participant's behalf, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.

Appears in 11 contracts

Samples: Incentive Stock Option Agreement (Hovnanian Enterprises Inc), Non Qualified Stock Option Agreement (Hovnanian Enterprises Inc), Incentive Stock Option Agreement (Hovnanian Enterprises Inc)

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Termination of Employment Due to Disability. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof by reason of Disability, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and shall remain exercisable until the earlier of (i) the Option Termination Date and (ii) the first anniversary of the date of cessation of employment due to Disability, by the Participant or his or her designated personal representative on the Participant's behalf, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.

Appears in 3 contracts

Samples: Incentive Stock Option Agreement (Hovnanian Enterprises Inc), Stock Incentive Plan (Hovnanian Enterprises Inc), Incentive Stock Option Agreement (Hovnanian Enterprises Inc)

Termination of Employment Due to Disability. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof by reason of Disability, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and shall remain exercisable until the Option earlier of (i) the Termination Date by and (ii) the Participant or his or her designated personal representative on first anniversary of the Participant's behalfdate of cessation of employment due to Disability, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.. (b)

Appears in 2 contracts

Samples: Hovnanian Enterprises Inc, Hovnanian Enterprises Inc

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Termination of Employment Due to Disability. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof by reason of Disability, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and shall remain exercisable until the earlier of (i) the Option Termination Date and (ii) the first anniversary of the date of cessation of employment due to Disability, by the Participant or his or her designated personal representative on the Participant's ’s behalf, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Hovnanian Enterprises Inc), Qualified Stock Option Agreement (Hovnanian Enterprises Inc)

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