Example ContractsClausespart time employment and leaves of absenceVariants
Part Time Employment and Leaves of Absence
Part Time Employment and Leaves of Absence contract clause examples

portion of the Option, in whole or in part, until the earlier of # the first anniversary of Optionee’s termination of Employment or # the Expiration Date. If the Optionee terminates his or her employment with the Corporation or a Subsidiary on or after age 60 and has been employed full time by the Corporation or a Subsidiary for at least a total of 15 years (excluding leaves of absence), the unvested portion of the Option shall immediately vest and become exercisable in full and the Optionee may exercise the Option, in whole or in part, up to and including the Expiration Date.

Termination due to Death. If the Optionee dies within a period in which he or she is entitled to exercise an Option, the vested portion of the Option may be exercised by the Optionee’s Beneficiary, in whole or in part, until the earlier of # the first anniversary of the Optionee’s death or # the Expiration Date. If an Optionee dies within a period in which he or she is entitled to exercise an Option and has been employed full time by the Corporation or a Subsidiary for at least a total of 15 years (excluding leaves of absence), the unvested portion of the Option shall immediately vest and become exercisable in full and the Option may be exercised by the Optionee’s Beneficiary, in whole or in part, up to and including the Expiration Date.

Termination due to Disability. If the Optionee’s Employment terminates as a result of the Optionee’s Disability, the Optionee may exercise the vested portion of the Option, in whole or in part, until the earlier of # the first anniversary of Optionee’s termination of Employment or # the Expiration Date. If the Optionee becomes disabled and has been employed full time by the Corporation or a Subsidiary for at least a total of 15 years (excluding leaves of absence), the unvested portion of the Option shall immediately vest and become exercisable in full and the Optionee may exercise the Option, in whole or in part, up and including the Expiration Date.

Termination After Age 60. If the Optionee terminates his or her employment with the Corporation or of a Subsidiary on or after age 60, Optionee may exercise the vested

Termination for Reasons Other Than Termination After Age 60, Disability, or Death. If the Optionee’s employment is terminated for any reason other than termination after age 60, Disability, or death, the Optionee may exercise the vested portion of the Option, in whole or in part, until the earlier of # the first anniversary after the date of such termination of the Optionee’s employment or # the Expiration Date.

Termination of Employment Due to the Optionee’s Voluntary Termination (including Retirement). If the Optionee voluntarily terminates employment with the Company or one of its Subsidiaries or Affiliates (including as a result of the Optionee’s retirement), any portion of the Option that is vested as of the Optionee’s Termination of Employment shall remain outstanding and exercisable for ninety (90) days following the date of such Termination of Employment (but in no event later than the Expiration Date), and shall thereafter terminate; provided, that, # the Optionee complies with Appendix A of this Agreement, # the Optionee executes (and does not revoke) a general release of claims in favor of the Company and its Subsidiaries and Affiliates in the form provided by the Company that becomes effective within sixty (60) days of the date of such Termination of Employment (or such earlier date as may be required by the Company) and # the Optionee does not engage in any Competitive Activity prior to the exercise of the Option. Any portion of the Option that is not yet vested as of such Termination of Employment shall terminate immediately effective as of such date, with no payment made in consideration therefor.

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