Common use of Termination of Relationship (other than Disability or Death) Clause in Contracts

Termination of Relationship (other than Disability or Death). If Participant ceases to be an employee of the Company or any Subsidiary for any reason other than disability or death, this Option shall completely terminate on the earlier of (i) the close of business on the three-month anniversary date of the termination of such relationship, and (ii) the expiration date of this Option stated in Paragraph 2(a) above. In such period following such termination, this Option shall be exercisable only to the extent the Option was exercisable on the vesting date immediately preceding the date on which Participant’s relationship with the Company or Subsidiary has terminated, but had not previously been exercised. To the extent this Option was not exercisable upon the termination of such relationship, or if Participant does not exercise the Option within the time specified in this Paragraph 2(b), all rights of Participant under this Option shall be forfeited.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Analysts International Corp), Nonqualified Stock Option Agreement (Analysts International Corp)

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Termination of Relationship (other than Disability or Death). If Participant ceases to be an employee of the Company or any Subsidiary for any reason other than disability or death, this Option shall completely terminate on the earlier of (i) the close of business on the three-month anniversary of the date of the termination of such Participant’s relationship, and (ii) the expiration date of this Option stated in Paragraph 2(a) above. In such period following such terminationtermination of Participant’s relationship, this Option shall be exercisable only to the extent the Option was exercisable on the vesting date immediately preceding the date on which Participant’s relationship with the Company or Subsidiary has terminated, but had not previously been exercised. To the extent this Option was not exercisable upon the termination of such relationship, or if Participant does not exercise the Option within the time specified in this Paragraph 2(b), all rights of Participant under this Option shall be forfeited.

Appears in 1 contract

Samples: Stock Option Agreement (Arno Therapeutics, Inc)

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Termination of Relationship (other than Disability or Death). If Participant ceases to be an employee a director of the Company or any Subsidiary for any reason other than disability or death, this Option shall completely terminate on the earlier of (i) the close of business on the three-month anniversary of the date of the termination of such Participant’s relationship, and (ii) the expiration date of this Option stated in Paragraph 2(a) above. In such period following such terminationtermination of Participant’s relationship, this Option shall be exercisable only to the extent the Option was exercisable on the vesting date immediately preceding the date on which Participant’s relationship with the Company or Subsidiary has terminated, but had not previously been exercised. To the extent this Option was not exercisable upon the termination of such relationship, or if Participant does not exercise the Option within the time specified in this Paragraph 2(b), all rights of Participant under this Option shall be forfeited.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Christopher & Banks Corp)

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