Common use of Forfeiture of Option Clause in Contracts

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.