Lapse of Option. This Agreement shall be null and void in the event Optionee shall fail to sign and return a counterpart hereof to the Company within thirty (30) days of its delivery to Optionee.
Lapse of Option. This Agreement shall be null and void in the event Employee shall fail to sign and return a counterpart hereof to the Company within thirty (30) days of its delivery to Employee.
Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which:
(a) Paltar holds the Paltar Interest and Nation holds the Nation Interest in the Production Licence, insofar as it covers the Nation Block; and
(b) Nation is the operator of the joint venture; and which is otherwise on terms standard for the Australian petroleum industry (including provisions for dilution of interests).
Lapse of Option. 5.1 Regardless of any other term of this Agreement, the Option shall lapse and cease to be exercisable (or lapse and cease to become capable of becoming exercisable as relevant) forthwith on the earliest to occur of:-
5.1.1 expiry of the period ending on the tenth anniversary of the Date of Grant;
5.1.2 the first anniversary of the date of the Option Holder’s death;
5.1.3 the expiry of the period of 28 days from the date the Option Holder ceases to be an Eligible Employee for any reason other than in circumstances set out in Clauses 5.1.4, 5.1.5 or 5.1.6;
5.1.4 the expiry of the Good Leaver Period where the Option Holder ceases to be an Eligible Employee by reason of:
(a) disability, injury or ill health evidenced to the satisfaction of the Committee;
(b) redundancy within the meaning of the Employment Rights Xxx 0000;
(c) retirement with the agreement of the Committee; or
(d) the Option Holder's Employing Company or the business for which the Option Holder works being sold out of the Company’s group;
5.1.5 the expiry of the Good Leaver Period where the Option Holder ceases to be an Eligible Employee otherwise than as stated in Clause 5.1.4 in circumstances where the Committee has resolved before such cessation that the Option shall not lapse immediately upon the Option Holder ceasing to be such an Eligible Employee;
5.1.6 the date upon which the Option lapses in accordance with the provisions of either Clause 4 or Clause 7; or
5.1.7 to the relevant extent only, the date on which the Committee determines that the Performance Conditions have become incapable of being satisfied, in whole or part.
5.2 For the purposes of Clauses 5.1.4 and 5.1.5 above, "Good Leaver Period" means:
Lapse of Option. In the event that Newco has decided not to exercise its option to the purchase the Premises under the Option Agreement and Newco has not received an offer to purchase all of Newco's rights and obligations under the Option Agreement within thirty (30) days prior to the last day for giving notice of exercise of the expiration of the option, then Newco shall give EQR OP thirty (30) days written notice of such expiration of the option. Upon timely giving such notice, EQR OP shall have the right to require Newco to immediately assign all of its rights and obligations under the Option Agreement to ERQ OP for One Hundred and 00/100 Dollars ($100.00).
Lapse of Option. In the event Grantee does not deliver a Notice of Exercise to Owner during the Option Period, then subject to the cure provisions set forth in Section 8.1 of this Option Agreement, the Owner shall have the right to terminate this Option Agreement, and the rights granted by Owner to Grantee in this Option Agreement shall be of no further force or effect.
Lapse of Option. An Option, (i) if vested but not exercised, shall automatically lapse in each case on the earliest of this Clause 7(a), (c), (f), (h), (i) and (j); or (ii) if unvested, shall automatically be cancelled and cease vesting in each case on the earliest of this Clause 7(b), (c), (d), (e), (f), (g), (h), (i) and (j).
(a) the expiry of the Option Period;
(b) subject to Clause 6.04(a) and Clause 6.04(b), the date on which the Grantee ceases to be a Participant;
(c) the date on which the Grantee is found to be an Excluded Employee;
(d) the date on which the offer (or, as the case may be, the revised offer) referred to in Clause 6.04(c) closes;
(e) subject to Clause 6.04(d), the date of the commencement of the winding-up of the Company;
(f) the date on which the Grantee ceases to be a Participant by reason of: the termination of his or her employment on any one or more of the grounds that he or she has been guilty of serious misconduct, or has committed an act of bankruptcy or has become insolvent or has made any arrangement or composition with his or her creditors generally, or has been convicted of any criminal offence involving his or her integrity or honesty or on any other ground on which an employer would be entitled to terminate his or her employment at common law or pursuant to any applicable laws or under the Grantee’s employment agreement with the Company or the relevant Subsidiary. A written decision issued by the authorized director of the Company or the relevant Subsidiary to the effect that employment of a Grantee has or has not been terminated on one or more of the grounds specified in this Clause 7(f) shall be conclusive and binding on the Grantee;
Lapse of Option. An Incentive Stock Option shall lapse in the following circumstances:
(1) The Incentive Stock Option shall lapse ten (10) years from the Date of Grant, unless an earlier time is specified in the Award Agreement;
(2) The Incentive Stock Option shall lapse three (3) months after the date of the Participant’s Termination of Employment for any reason other than the Participant’s death or Disability, unless otherwise provided in the Award Agreement; and
(3) If the Participant incurs a Termination of Employment on account of death or Disability before the Option lapses pursuant to paragraph (1) or (2), the Incentive Stock Option shall lapse on the earlier of: (i) the scheduled expiration date of the Option; or (ii) twelve (12) months after the date of the Participant’s Termination of Employment on account of death or Disability. Upon the Participant’s death or Disability, any Incentive Stock Options exercisable at the Participant’s death or Disability may be exercised by the Participant’s legal representative or representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and testament in the case of death, or, if the Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to receive the Incentive Stock Option pursuant to the applicable laws of descent and distribution.
Lapse of Option. 3.1 If the Optionholder ceases to be an Employee or Provider of Services for any reason whatsoever (but excluding death) then (a) immediately upon such cessation the Option (to the extent it remains unvested) shall lapse, and (b) the Option may be exercised to the extent (and only to the extent) that it would have been exercisable upon the date of termination of the Optionholder’s employment, within three (3) months after the date of termination, but in any event no later than the date referred to in sub-clause 3.2.1 below.
3.2 In addition to lapse in any other circumstances provided for elsewhere in this Agreement, the Option shall lapse on the earliest to occur of any of the following events:
3.2.1 at the close of the trading day in the United States on the day before the tenth anniversary of the Date of Grant;
3.2.2 the moment on which the Optionholder has breached any of the provisions of this Agreement;
3.2.3 the moment on which the Optionholder has in the opinion of the Board an affiliation with a competitor of the Company or any Group Company;
3.2.4 the moment the Board determine that the Optionholder has breached the confidentiality and/or non-disclosure provisions contained in the Optionholder’s contract of employment;
3.2.5 upon the Optionholder becoming bankrupt or being otherwise deprived of the legal or beneficial ownership of the Option by operation of law (otherwise than on death); and
3.2.6 upon the Optionholder who is a Provider of Services not completing the minimum monthly service requirement.
3.3 Subject to clause 3.4 in the event the Optionholder ceases to be an Employee or Provider of Services by reason of his death, his legal personal representative(s) may exercise his Option to the extent vested as at the date of death at any time within six months after the date of his death after which date the Option shall lapse.
3.4 The personal representatives’ rights to exercise the Option in accordance with clause 3.3 are on condition that if the Board in its absolute discretion so determines, such personal representatives will be deemed to have served a Transfer Notice (as defined in the Articles and on such date as determined by the Board) and the Compulsory Transfer provisions set out in Article 10 of the Articles shall apply to the Option Shares acquired by such personal representatives on the exercise of the Option.
Lapse of Option. This stock option agreement shall be null and void and of --------------- no effect in the event you shall fail to sign and return a counterpart hereof to the Company within ninety (90) days of its delivery to you.
