Forfeiture of Option. In the event of the Participant’s breach of any of the Restrictive Covenants, the Option (whether vested or unvested) shall immediately be forfeited.
Forfeiture of Option. The Optionee shall forfeit all unexercised Options if the Optionee competes with the business of the Company or any subsidiary of the Company, engages in any activity adverse to the best interests of the Company or any subsidiary of the Company or uses any of the trade secrets or confidential information of the Company or any subsidiary of the Company. The non-competition restriction contained in this Paragraph 5 may be waived by the Company in writing as to delineated services rendered by the Optionee to certain specified individuals and/or entities.
Forfeiture of Option. GAIN
6.1 Forfeiture of option gain and unexercised options if Optionee engages in certain activities. If, at any time within two years after termination of employment, Optionee engages in any activity in competition with any activity of the Company, or inimical, contrary or harmful to the interests of the Company, including, but not limited to (a) conduct related to Optionee’s employment for which either criminal or civil penalties against Optionee may be sought, (b) accepting employment with or serving as a consultant, advisor or in any other capacity to an employer that is in competition with or acting against the interests of the Company, including employing or recruiting any present, former or future employee of the Company, or (c) disclosing or misusing any confidential information or material concerning the Company, then (i) this Option shall terminate effective the date on which Optionee enters into such activity, unless terminated sooner by operation of another term or condition of this Option or the Plan, and (ii) any gain realized by Optionee from exercising all or a portion of this Option shall be paid by Optionee to the Company. The forfeiture described herein shall not be required if Optionee’s employment with the Company terminates following a transaction described in Section 3.3.
Forfeiture of Option. Unless otherwise agreed to in writing by the Optionor and the Optionee or unless previously exercised, the Option shall be deemed to be forfeited, and no longer capable of being exercised by the Optionee, on the Expiry Date and such Notes outstanding as of the Expiry Date shall be converted into Shares in accordance Section 3.5.
Forfeiture of Option. Notwithstanding the provisions of Section 6 above, this Option shall terminate immediately and become void and of no effect if Optionee shall enter into "Competition with the Company." "Competition with the Company" shall mean serving as principal, agent, salesman, employee or officer with any entity competing with the Company or a subsidiary of the Company in any market in which the Company or a subsidiary of the Company does business during the term of the Option.
Forfeiture of Option. Unless the Company shall have determined otherwise, the Participant shall forfeit all privileges with respect to that portion of the Option not immediately exercisable upon the occurrence of any of the following events:
(a) the Participant is Terminated for Cause;
(b) the Participant voluntarily terminates his employment other than by Retirement after attainment of age 55;
(c) the Participant engages in Competition with the Company or any Affiliate; and
(d) the Participant engages in any activity or conduct contrary to the best interests of the Company or any Affiliate, as determined by the Company in its sole discretion. To the extent any portion of the Option is immediately exercisable upon the occurrence of the preceding events, such portion of the Option shall remain exercisable for seven days after the occurrence of such event unless the Committee in its sole discretion shall provide the portion of the Option shall remain exercisable for a longer period.
Forfeiture of Option. To the extent that the Option has not yet vested pursuant to Section 2 above, it shall be forfeited automatically without further action or notice if the Participant ceases to be employed by the Company and its Subsidiaries prior to the Vesting Date other than as provided in Section 2(b) or (c).
Forfeiture of Option. To the extent the Option has not yet vested pursuant to Section 2, the Option shall be forfeited without further action or notice if the Grantee’s employment with the Company or an Affiliate of the Company terminates prior to a Vesting Date.
Forfeiture of Option. (A) The OPTION shall be subject to the following additional forfeiture conditions, to which the OPTIONEE, by accepting the OPTION, agrees. If any of the events specified in Section 6(B)(i), (ii), or (iii) occurs (a “FORFEITURE EVENT”), the following forfeiture will result:
(i) The unexercised portion of the OPTION held by the OPTIONEE, whether or not vested, will be immediately forfeited and canceled upon the occurrence of the FORFEITURE EVENT; and
(ii) The OPTIONEE will be obligated to repay to the Company, in cash, within five business days after demand is made therefor by the Company, the total amount of “AWARD GAIN” (as defined below) realized by the OPTIONEE upon each exercise of the OPTION that occurred on or after (I) the date that is six months prior to the occurrence of the FORFEITURE EVENT, if the FORFEITURE EVENT occurred while the OPTIONEE was employed by the COMPANY or a subsidiary or affiliate, or (II) the date that is six months prior to the date the OPTIONEE’s employment by the COMPANY or a subsidiary or affiliate terminated, if the FORFEITURE EVENT occurred after the OPTIONEE ceased to be so employed. For purposes of this Section, the term “AWARD GAIN” shall mean, in respect of a given OPTION exercise, the product of (x) the Fair Market Value per share of Stock at the date of such exercise (without regard to any subsequent change in the market price of shares) minus the exercise price times (y) the number of shares as to which the OPTION was exercised at that date.
(B) The forfeitures specified in Section 6(A) will be triggered upon the occurrence of any one of the following FORFEITURE EVENTS at any time during OPTIONEE’s employment by the COMPANY or a subsidiary or affiliate, or during the one-year period following termination of such employment:
(i) OPTIONEE, acting alone or with others, directly or indirectly, (I) engages, either as employee, employer, consultant, advisor, or director, or as an owner, investor, partner, or stockholder unless OPTIONEE’s interest is insubstantial, in any business in an area or region in which the COMPANY conducts business at the date the event occurs, which is directly in competition with a business then conducted by the COMPANY or a subsidiary or affiliate; (II) induces any customer or supplier of the COMPANY or a subsidiary or affiliate, with which the COMPANY or a subsidiary or affiliate has a business relationship, to curtail, cancel, not renew, or not continue his or her or its business with the COMP...
Forfeiture of Option. Employee shall forfeit this entire Option (including the portion of such Option in which Employee has acquired a Vested Interest) and any and all shares acquired pursuant to the exercise of such Option in accordance with Paragraph 5.2 of the Plan if the Committee determines that Employee has engaged in any Detrimental Activity.
