Effect of Termination or Expiration of Option. Upon the expiration or termination of all or any portion of the Option, it shall, without any further act by the Bank or the Optionee, no longer be exercisable or of any force or effect and shall no longer confer any rights to any person to purchase shares of Common Stock under the Plan or this Agreement.
Appears in 4 contracts
Samples: Director Stock Option Agreement (Bank of the Carolinas CORP), Employee Stock Option Agreement (1st Financial Services CORP), Director Stock Option Agreement (1st Financial Services CORP)
Effect of Termination or Expiration of Option. Upon the expiration or termination of all or any portion of the Option, it shall, without any further act by the Bank Company or the Optionee, no longer be exercisable or of any force or effect and shall no longer confer any rights to any person to purchase shares of Common Stock under the Plan or this Agreement.
Appears in 1 contract
Samples: Employee Stock Option Agreement (Fountain Powerboat Industries Inc)
