Common use of Exercise Following Termination of Employment Clause in Contracts

Exercise Following Termination of Employment. If the Optionee ceases to be an employee of the Corporation, the outstanding portion of the Option shall be exercisable only in accordance with the following provisions: (a) If the Optionee's employment with the Corporation is terminated for "cause" (as defined below), the outstanding portion of the Option, whether or not vested, shall terminate at the time notice of termination is effective. As used herein, "cause" means the Optionee's (i) commission of an action against or in derogation of the interests of the Corporation which constitutes an act of fraud, dishonesty or moral turpitude or which, if proven in a court of law, would constitute a violation of a criminal code or similar law; (ii) material breach of any lawful material duty or obligation imposed upon the Optionee by the Corporation; or (iii) divulging the Corporation's confidential information.

Exercise Following Termination of Employment. If the Optionee ceases to be an employee of the Corporation, the outstanding portion of the Option shall be exercisable only in accordance with the following provisions: (a) If the Optionee's employment with the Corporation is terminated for "cause" (as defined below), the outstanding portion of the Option, whether or not vested, shall terminate at the time notice of termination is effective. As used herein, "cause" means the Optionee's (i) commission of an action against or in derogation of the interests of the Corporation which constitutes an act of fraud, dishonesty or moral turpitude or which, if proven in a court of law, would constitute a violation of a criminal code or similar law; (ii) material breach of any lawful material duty or obligation imposed upon the Optionee by the Corporation; or (iii) divulging the Corporation's confidential information.

Exercise Following Termination of Employment. If the Optionee ceases to be a consultant to or an employee of the Corporation, the outstanding portion of the Option shall be exercisable only in accordance with the following provisions: (a) If the Optionee's consultancy or employment with the Corporation is terminated for "cause" (as defined below), the outstanding portion of the Option, whether or not vested, shall terminate at the time notice of termination is effective. As used herein, "cause" means the Optionee's (i) commission of an action against or in derogation of the interests of the Corporation which constitutes an act of fraud, dishonesty or moral turpitude or which, if proven in a court of law, would constitute a violation of a criminal code or similar law; (ii) material breach of any lawful material duty or obligation imposed upon the Optionee by the Corporation; or (iii) divulging the Corporation's confidential information.