Effect of Termination of Service on Exercisability Sample Clauses
The "Effect of Termination of Service on Exercisability" clause defines how an individual's rights to exercise stock options or other equity awards are affected when their employment or service with a company ends. Typically, this clause specifies whether unexercised options become immediately exercisable, expire, or are subject to a grace period following termination, and may distinguish between voluntary resignation, termination for cause, or other circumstances. Its core function is to provide clarity and predictability for both the company and the individual regarding what happens to outstanding equity awards upon the end of service, thereby reducing disputes and misunderstandings.
Effect of Termination of Service on Exercisability. Except as provided in Sections 6 and 7 or an Employment Agreement, this Option may be exercised only while you continue to perform services for the Company or any Subsidiary and will terminate and cease to be exercisable upon termination of your service, except as follows:
Effect of Termination of Service on Exercisability. To the extent that this Option is exercisable for Vested shares as of the date your Service terminates for any reason, this Option may be exercised by you (or your estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of your death) as follows:
Effect of Termination of Service on Exercisability. Except as provided in Sections 3.5 and 3.6, the Option may be exercised only while Optionee remains in Service and will terminate and cease to be exercisable upon Optionee’s termination of Service, except as follows:
Effect of Termination of Service on Exercisability. (a) No portion of the Option which has not become vested and exercisable as of the date of the Participant’s termination of employment for any reason shall thereafter become vested and exercisable, as further described in Section 4.5(l).
(b) In the event of the Participant’s resignation of employment for any reason, the portion of the Option which has become vested and exercisable as of the date of the Participant's termination of employment may be exercised by the Participant for a period of forty-five (45) days as measured from the date of the Participant’s termination of employment, as further described in Section 4.5(l).
(c) In the event of the Participant’s termination of employment because of death or Incapacity (or in the event the Participant dies within three (3) months after termination of employment other than for Cause (as defined below) or because of Incapacity), the portion of the Option which has become vested and exercisable as of the date of the Participant’s termination of employment may be exercised by the Participant (or by the Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution, in the case of the Participant’s death) for a period of three (3) years as measured from the date of such termination of employment.
(d) In the event of the Participant’s termination of employment by the Company or the applicable employing Subsidiary other than for Cause (as such term shall be defined in any employment or severance agreement between the Participant and the Company or any Subsidiary, or any severance plan in which the Participant participates, or as otherwise defined by the Committee or a designee thereof) and other than for a reason that is comparable to Cause under local law as determined by the Company or the applicable employing Subsidiary in its sole discretion, the portion of the Option which has become vested and exercisable as of the date of the Participant’s termination of employment may be exercised by the Participant for a period of ninety (90) days as measured from the date of such termination of employment.
(e) In the event of the Participant’s termination of employment for Cause or for a reason that is comparable to Cause under local law as determined by the Company or the applicable Subsidiary at its sole discretion, the Option will expire on the date of the Participant’s termination of employment, as further d...
Effect of Termination of Service on Exercisability. This Option may be exercised only while you continue to be employed by the Company or any Subsidiary and will terminate and cease to be exercisable upon termination of your employment with the Company subject to the terms of the Plan, except as follows:
(a) If your employment is terminated for any reason other than Cause, then (i) the vested portion of the Option may be exercised until the earlier of (A) three (3) months following the termination of your employment, or (B) the Expiration Date; and (ii) the unvested portion of the Option shall terminate and expire immediately upon such termination; and
(b) If your employment hereunder is terminated by the Company for Cause, the Option (vested and unvested portions thereof) shall terminate and expire upon such termination.