Common use of Forfeiture of Unexercised Options Clause in Contracts

Forfeiture of Unexercised Options. In the event the Optionee breaches the terms of the Company's standard Employee Agreement (the "Employee Agreement") as executed by the Optionee and the Company, the terms of which are expressly incorporated herein by reference, any Options which have vested but are unexercised at the time of such breach shall immediately be forfeited and shall not thereafter be exercisable by Optionee. Forfeiture of the unexercised portion of the Option shall apply to the unexercised portion held by the Optionee or by any Permitted Transferee of such unexercised portion of the Option.

Forfeiture of Unexercised Options. In the event the Optionee breaches the terms of the Company's standard Employee Agreement (the "Employee AgreementEMPLOYEE AGREEMENT") as executed by the Optionee and the Company, the terms of which are expressly incorporated herein by reference, any Options which have vested but are unexercised at the time of such breach shall immediately be forfeited and shall not thereafter be exercisable by Optionee. Forfeiture of the unexercised portion of the Option shall apply to the unexercised portion held by the Optionee or by any Permitted Transferee of such unexercised portion of the Option.