Common use of Termination of Employment for Reasons Other Than Death or Disability Clause in Contracts

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in the event Participant ceases to be a key employee or officer of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B., all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 2 contracts

Samples: Executive Incentive Stock Option Agreement (Broadwind Energy, Inc.), Incentive Stock Option Agreement (Tower Tech Holdings Inc.)

AutoNDA by SimpleDocs

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in In the event Participant ceases to be [a key employee or officer officer] [a consultant or advisor] [a director] of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B.II.B, all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Broadwind Energy, Inc.)

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in In the event Participant ceases to be a key employee or officer of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B.II.B, all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Broadwind Energy, Inc.)

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in In the event Participant ceases to be [a key employee or officer officer] [a consultant or advisor] [a director] of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B., all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Broadwind Energy, Inc.)

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in the event Participant ceases to be [a key employee or officer officer] [a consultant or advisor] [a director] of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B., all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Tower Tech Holdings Inc.)

AutoNDA by SimpleDocs

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in In the event Participant ceases to be a key employee or officer of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B., all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Broadwind Energy, Inc.)

Termination of Employment for Reasons Other Than Death or Disability. Except as provided in Article III below, in the event Participant ceases to be a key employee or officer of the Company or any Affiliate for any reason other than death or an event that constitutes permanent and total disability within the meaning of Section 22(e)(3) of the Code (“Disability”), any unexercised portion of this Option which was exercisable as of the date of such termination may be exercised, in whole or in part, by Participant before the earlier of (i) the close of business on the three-month anniversary date of such termination of employment, and (ii) the Expiration Date. To the extent this Option was not exercisable upon such termination of employment, or if Participant does not exercise the unexercised portion of the Option that was exercisable within the time specified in this Article II.B.II.B, all rights of Participant under this Option shall terminate, and the Option shall thereafter be void.

Appears in 1 contract

Samples: Executive Incentive Stock Option Agreement (Broadwind Energy, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.