Cancellation of Option. If Optionee ceases to be a Director of the Company during calendar year 2002 then the Option shall be cancelled with respect to a number of Shares equal to (A) multiplied by (B) below where:
(A) equals the number of Shares which are the subject of the Option; and
(B) equals a fraction, the numerator of which equals the number of full calendar quarters during the year 2002 during which the Optionee was not a Director and the denominator of which equals four; provided, however, that the Committee may in its absolute discretion determine (but shall not be under any obligation to determine) that such purchase rights shall be deemed to include additional Shares which are subject to the Option.
Cancellation of Option. The Committee has the right to cancel all or any portion of the Option granted herein in accordance with Section 4 of the Plan if the Committee determines in good faith that the Optionee has done any of the following: (i) committed a felony; (ii) committed fraud; (iii) embezzled;(iv) disclosed confidential information or trade secrets; (v) was terminated for Cause; (vi) engaged in any activity in competition with the business of the Company or any Subsidiary or Affiliate of the Company; or (vii) engaged in conduct that adversely affected the Company. The Delegate shall have the power and authority to suspend the vesting of and the right to exercise all or any portion of the Option, whether vested or not vested, granted under this Agreement if the Delegate makes in good faith the determination described in the preceding sentence. Any such suspension of an Option shall remain in effect until the suspension shall be presented to and acted on by the Committee at its next meeting. This paragraph 6 shall have no application following a Change of Control of the Company.
Cancellation of Option. Notwithstanding anything herein to the contrary, the Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict this Option at any time if the Optionee is not in compliance with all material applicable provisions of this Agreement or the Plan, or if the Optionee engages in a Detrimental Activity. Upon exercise of the Option, if requested by the Company the Optionee shall certify in a manner acceptable to the Company that he or she is in compliance with the terms and conditions of this Agreement and the Plan and has not engaged in any Detrimental Activity.
Cancellation of Option. Except as set forth in Section 3(a), Section 3(b), or Section 3(c), upon the Optionee’s termination of employment, any unvested portion of the Option shall immediately terminate and any vested portion of the Option not exercised during the exercise period set forth in Section 3(d) shall automatically terminate at the end of such exercise period.
Cancellation of Option. Subject to the consent of the Optionee, Xxxxxxx may, from time to time, cancel all or any portion of the Option then subject to exercise, and Xxxxxxx'x obligation in respect of such Option may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the aggregate fair market value of the Shares at the date of such cancellation subject to the portion of the Option so cancelled over the aggregate Purchase Price of such shares, (ii) the issuance or transfer to the Optionee of shares of stock with a fair market value, at the date of such transfer, equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any such excess.
Cancellation of Option. The Corporation shall have the right to terminate the right of the Optionee to exercise the Option, effective thirty (30) days after receipt by the Optionee of a written notice from the Corporation informing the Optionee that this Option is to be cancelled (the "Cancellation Notice"). The Corporation may issue a Cancellation Notice only in connection with (i) the sale of substantially all of the Corporation's assets, or (ii) a merger, consolidation or other corporate transaction in which the Corporation would not be the surviving entity. Following receipt of a Cancellation Notice and during the period prior to the effective date of the termination, the Optionee shall have the right to exercise the Option (to the extent not previously exercised) with respect to all Shares, if any, which were immediately exercisable by the Optionee hereunder during the period following receipt of a Cancellation Notice until the effective date of the termination.
Cancellation of Option. The Option is hereby canceled in exchange for the Company’s payment to Optionholder of the sum of $1.00 in the aggregate, less applicable deductions and tax withholdings, the receipt of which payment is hereby acknowledged. Optionholder hereby irrevocably relinquishes any right or interest that Optionholder may have had, may have or may acquire in the future with respect to the Option and to the Shares.
Cancellation of Option. The Committee may, with the consent of the Optionee, from time to time cancel all or any portion of this option then subject to exercise, and the Company's obligation in respect of such option may be discharged either by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the fair market value at such time of the shares subject to the portion of the option so cancelled over the aggregate purchase price of such shares, (ii) the issuance or transfer to the Optionee of shares of Common Stock of the Company with a fair market value at such time equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any such excess, all as determined by the Committee in its sole discretion.
Cancellation of Option. If the Buyer has not submitted an Option Notice prior to such time, the Option shall be automatically cancelled in full on the last day of the Option Period.
Cancellation of Option. Notwithstanding anything herein to the contrary, the Company may cancel the Option, or any portion thereof, at any time if the Company determines that Optionee has (i) committed fraud, embezzlement or other act of dishonesty; (ii) engaged in other gross misconduct or deliberate disregard of the law; (iii) made any unauthorized disclosure of any secret or confidential information of the Company or any of its subsidiaries; (iv) engaged in any conduct which constitutes unfair competition with the Company or any of its subsidiaries; (v) induced or attempted to induce an employee of the Company or any of its subsidiaries to terminate such employee's employment with the Company or any of its subsidiaries; or (vi) induced or attempted to induce any customer of, or other person having business relations with the Company or any of its subsidiaries to terminate or curtail such relationship with the Company or any of its subsidiaries.
