Early Expiry. The Options will continue in effect until their Expiry Date or expire before their Expiry Date, as the case may be, in the following events and manner:
(a) if the Optionholder resigns from his employment (other than in the circumstances described in Section 3.3(c)), then only the portion of the Options that is exercisable at the date of resignation or termination may be exercised by the Optionholder and any such exercise must be during the period ending on the earlier of:
(i) 30 days after the Date of Termination; and
(ii) the Expiry Date, after which period the Options will expire;
(b) subject to Section 3.7, if the Optionholder’s employment is terminated by the Corporation without Cause, including a constructive dismissal, then the Options will continue to become exercisable by the Optionholder pursuant to Section 3.1 after the Date of Termination and any exercise of the Options must be during the period ending on the earlier of:
(i) six months after the Date of Termination; and
(ii) the Expiry Date, after which period the Options will expire;
(c) if the Optionholder’s employment is terminated by the Corporation for Cause, including where the Optionholder resigns from his employment after being requested to do so by the Corporation as an alternative to being terminated for Cause, then the Options will expire on the Date of Termination;
(d) if the Optionholder’s employment ceases due to permanent disability, then the Options will continue to become exercisable pursuant to Section 3.1 and will expire on the Expiry Date;
(e) if the Optionholder retires upon attaining the mandatory or early retirement age established by the Corporation from time to time (“Retires”) and gives notice of retirement (the “Retirement Notice”) to the Corporation in accordance with policy established by the Corporation from time to time, then the Options will continue to become exercisable pursuant to Section 3.1 and will expire on the earlier of:
(i) the date that is five (5) years after the Optionholder Retires; and
(ii) the Expiry Date, after which period the Options will expire. If the Optionholder Retires without giving the Retirement Notice, the provisions of Section 3.3(a) shall apply; and
(f) if the Optionholder dies, the Options will vest immediately after the death of the Optionholder, any exercise of the Options must be effected by a legal representative of the Optionholder’s estate or by a person who acquires the Optionholder’s rights under the Options by bequest or inh...
Early Expiry. Any unvested portion of the Option will expire before the Date of Termination in the following events and any vested portions will be dealt with as follows:
(a) if the Optionee dies, the portion of the Option that has vested and is exercisable at the date of death of the Optionee may be exercised by the personal representative of the Optionee's estate on the earlier of (i) 60 days after the death of the Optionee and (ii) the Expiry Date;
(b) if the Optionee resigns his office or employment, the portion of the Option that has vested and is exercisable at the Date of Termination may be exercised by the Optionee on the earlier of (i) thirty days after the Date of Termination and (ii) the Expiry Date;
(c) if the Optionee is terminated without Cause. the portion of the Option that has vested and is exercisable at the Date of Termination may be exercised by the Optionee on the earlier of (i) sixty days after the Date of Termination and (ii) the Expiry Date;
(d) if the Optionee is terminated with Cause the portion of the Option that has vested and is exercisable at the Date of Termination may be exercised by the Optionee forthwith after the Date of Termination but no later than two business days from the Date of Termination; and
(e) in the event of permanent disability (as provided in the Employment Agreement), the portion of the Option that has vested and is exercisable at the Date of Termination may be exercised by the Optionee on the earlier of (i) six months after the Date of Termination and (ii) the Expiry Date; provided that the board of directors of the Optionor may, in its absolute discretion, extend the Expiry Date for the Option at any time before or after such Option would otherwise have expired under this Agreement.
Early Expiry. The Options will continue in effect until their Expiry Date or expire before their Expiry Date, as the case may be, in the following events and manner:
