Termination of Employment Due to Retirement. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof due to Participant's Retirement, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and remain exercisable until the earlier of (i) the Option Termination Date and (ii) the first anniversary of the Participant's Retirement, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.
Appears in 3 contracts
Samples: Stock Incentive Plan (Hovnanian Enterprises Inc), Incentive Stock Option Agreement (Hovnanian Enterprises Inc), Incentive Stock Option Agreement (Hovnanian Enterprises Inc)
Termination of Employment Due to Retirement. If prior to the Option Termination Date the Participant ceases to be employed by the Company or a subsidiary thereof due to Participant's ’s Retirement, the Option, to the extent not previously vested and exercised, shall immediately become fully vested and exercisable and remain exercisable until the earlier of (i) the Option Termination Date and (ii) the first anniversary of the Participant's ’s Retirement, and thereafter all Options, to the extent not previously exercised, shall terminate together with all other rights hereunder.
Appears in 2 contracts
Samples: Qualified Stock Option Agreement (Hovnanian Enterprises Inc), Incentive Stock Option Agreement (Hovnanian Enterprises Inc)
