Involuntary Termination definition
Examples of Involuntary Termination in a sentence
In the event of the Executive’s Involuntary Termination, if the Executive timely elects coverage under COBRA, the Company shall continue to provide to the Executive, at the Company’s expense, the Company’s health-related employee insurance coverage for the employee only as in effect immediately prior to the Executive’s Involuntary Termination for a period of twelve (12) months following such Involuntary Termination.
Upon the Executive’s Involuntary Termination, the vesting and exercisability of all then outstanding stock options and shares of restricted stock (or any other equity award, including, without limitation, stock appreciation rights and restricted stock units) granted to the Executive under any Equity Incentive Plan shall be accelerated as to 100% of the shares subject to any such equity awards granted to the Executive.
In addition, the applicable exercise period of the Executive’s stock options granted under the Equity Incentive Plan(s) shall be extended so as to expire on the last day of the term applicable to such stock option, as measured from the date of Involuntary Termination and Executive shall have 5 years to exercise any such rights.
In the event of the Executive’s Involuntary Termination, the Executive shall be entitled to receive an amount equal to twenty four (24) months of the Executive’s Base Salary, which shall be paid within ten (10) days following the Termination Date.
In addition, the applicable exercise period of the Executive’s stock options granted under the Equity Incentive Plan(s) shall be extended so as to expire on the last day of the term applicable to such stock option, as measured from the date of Involuntary Termination.