EXERCISE OF NONQUALIFIED OPTIONS FOLLOWING TERMINATION OF EMPLOYMENT Sample Clauses

EXERCISE OF NONQUALIFIED OPTIONS FOLLOWING TERMINATION OF EMPLOYMENT. After the Effective Time, in the event Employee's employment with Wachovia (as defined above) shall terminate for any reason, each nonqualified Option will remain exercisable until and including the 74th day after such date of termination. Notwithstanding the preceding sentence, in the event that final regulations implementing Section 409A of the Internal Revenue Code of 1986, as amended (the "Final 409A Regulations"), are adopted that would permit a longer post-termination exercise period, then each nonqualified Option still outstanding as of the effective date of the Final 409A Regulations will remain exercisable for the longest period (not to exceed 120 days) that can be applied equally to all nonqualified Options in compliance with the Final 409A Regulations. In that case, GDW or its successor will provide, as soon as practicable, each holder of nonqualified Options with notice of the change in the applicable exercise period and the effective date of that change, provided that any such change in the applicable post-termination exercise period will be effective as of the effective date of the Final 409A Regulations. Notwithstanding anything to the contrary in this Section 2: (1) in no event shall any Option be exercisable after the expiration of ten (10) years from the date on which the Option was originally granted by GDW; and (2) in no event shall this Amendment operate to reduce any longer post-termination exercise period provided in a stock option agreement in the event of the Employee's death. Upon the earlier of (i) the expiration of the applicable post-termination exercise period, or (ii) the expiration of the original ten-year term of the Option, any unexercised Option shall automatically terminate and be forfeited.
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Related to EXERCISE OF NONQUALIFIED OPTIONS FOLLOWING TERMINATION OF EMPLOYMENT

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • Rights Upon Termination of Employment The terms which regulate the treatment of the International Participant's Restricted Stock Units upon termination of employment are set out in the Plan and in the Award Documents. In summary, upon the International Participant's termination of employment for any reason other than death, Disability or Retirement, any unvested Restricted Stock Units shall be forfeited and cancelled on the date of such termination of employment.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following:

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Company Obligations Upon Termination of Employment During the Term of this Agreement, the Company shall have the following obligations upon the termination of the Executive’s employment with the Company as described in this Section 5:

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

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