Common use of Termination of Employee Plans Clause in Contracts

Termination of Employee Plans. At the Closing, the Company shall terminate its existing stock option plans, and shall ensure that no employee or former employee of the Company has any rights under any of such plans and that any liabilities of the Company under such plans (including any such liabilities relating to services performed prior to the Closing) are fully extinguished at no material cost to the Company.

Termination of Employee Plans. At the Closing, the Company shall terminate its existing stock option plans, and shall ensure that no employee or former employee of the Company has any rights under any Stock Option Plans and all other employee benefit plans of such plans and that any liabilities of the Company under such plans (including any such liabilities relating to services performed prior to the Closing) are fully extinguished at no material cost to the Company.

Termination of Employee Plans. At the Closing, the Company shall terminate its existing stock option plansthe Company Stock Option Plans. For each such plan that is terminated, and the Company shall take reasonable steps to ensure that no employee or former employee of the Company has any rights under any of such plans and that any liabilities of the Company under such plans (including any such liabilities relating to services performed prior to the Closing) are fully extinguished at no material cost to the Companyextinguished.

Termination of Employee Plans. At the Closing, the Company shall terminate its existing stock option plansStock Option Plan, and shall ensure that no employee or former employee of the Company has any rights under any of such plans Plan and that any liabilities of the Company under such plans Plan (including any such liabilities relating to services performed prior to the Closing) are fully extinguished at no material cost to the Company.