Lapse of Options. Unless otherwise determined by the Committee, in respect of every vesting period, where the Committee determines, in its absolute discretion, that the performance condition and/or any other condition applicable to an Option (including the Participant’s active Appointment until the completion of that vesting period) has not been satisfied (whether fully or partially), such Option shall lapse and be of no value. For the purposes of this Section 4.15, a Participant shall be deemed to have ceased to be so actively Appointed as of the date he or she ceases to be a XXX.
Lapse of Options. Unless otherwise determined by the Committee in its sole discretion, the Option shall lapse at (and shall not be exercisable after) the time specified below:
(a) If the Participant's employment with the Company and its Subsidiaries terminates by (A) Retirement, (B) Total Disability of the Participant, or (C) death of the Participant while employed by the Company or one of its Subsidiaries, the Option shall lapse at 3:00 p.m. Lake Forest, Illinois, time on the third anniversary of the date of such termination of employment (subject to earlier termination pursuant to Paragraph 2 hereof or as otherwise provided in the Plan); and
(b) If the Participant's employment with the Company and its Subsidiaries terminates for any reason not specified in Paragraph 6(a), or if the Participant's employing Tenneco Company ceases to be a Tenneco Company, the Option shall lapse immediately upon such termination or cessation unless the Committee determines otherwise.
Lapse of Options. All unexercised options under this Section 5.09 shall be deemed to lapse at the end of the applicable option periods.
Lapse of Options. Unless otherwise determined by the Committee in its sole discretion, the Option shall lapse at (and shall not be exercisable after) the time specified below:
(a) If the Participant's service as a director of the Company terminates by (A) Retirement, (B) Total Disability of the Participant, or (C) death of the Participant while a director of the Company, the Option shall lapse at 3:00 p.m. Lake Forest, Illinois, time on the third anniversary of the date of such termination of employment (subject to earlier termination pursuant to Paragraph 2 hereof or as otherwise provided in the Plan); and
(b) If the Participant's service as a director of the Company terminates for any reason not specified in Paragraph 6(a), the Option shall lapse immediately upon such termination unless the Committee determines otherwise.
Lapse of Options. If none of the options provided for in this Section 4 have been timely exercised, then such options shall expire, but all of the provisions of this Agreement shall apply to any future Disposition or Proposed Disposition of Stock owned or held by the Selling Shareholder.
Lapse of Options. If the option specified in Section 8.6(c) ---------------- hereof shall expire without exercise thereof, the Transferring Party shall be entitled to make the proposed sale of its XXX.xxx common stock to the Third Party for the consideration and in accordance with any other material terms or conditions described in the Transfer Notice, provided that the Third Party agrees, in form and substance reasonably satisfactory to the Other Party, to be bound by the provisions of this Agreement to the same extent as if such Third Party were originally a party hereto. If the sale of the Transferring Party's XXX.xxx common stock is not completed within 90 days of the date of the expiration of the option set forth in Section 8.6(c) above, then such XXX.xxx common stock shall again become subject to the options of this Section 8.6.
Lapse of Options. Lessee acknowledges and agrees that (1) all of Lessee's rights (a) to extend the Term pursuant to Lease Rider No. 1 and (b) to lease additional space pursuant to Lease Rider No. 3 have terminated; (2) Lessee has no right to extend the term of the Lease; and (3) Lessor has no obligation to lease additional space to Lessee.
Lapse of Options. (1) Notwithstanding any other Rule of this Scheme, an Option shall lapse upon the occurrence of the earliest of the following events:-
(a) the tenth anniversary of the Grant Date;
(b) the expiry of any of the periods specified in Rules 5(2) and 5(3) applying to that Option (save that if at the time the applicable period under Rule 5(3) expires time is running under the period specified in Rule 5(2) the Option shall not lapse by reason of this paragraph (b) until the expiry of the period specified in Rule 5(2));
(c) the expiry of any of the periods specified in Rules 6(1), 6(3), 6(4) or 6(5) save where agreement has been reached with the Acquiring Company for an Option to be released in consideration of the grant of a New Option (during one of the periods specified in Rules 6(1), 6(3) or 6(4)) pursuant to Rule 6(6) and if such Option is not so released in exchange for the grant of a New Option within the Appropriate Period, it shall lapse;
(d) the Participant ceasing to be an Eligible Employee in any circumstances other than (i) where the cessation arises on any of the grounds specified in Rules 5(2) and 5(3) or (ii) where the cessation arises on any ground whatsoever during any of the periods specified in Rule 6;
(e) subject to Rule 6(5), the passing of an effective resolution, or the making of an order by the court, for the winding-up of the Company; or
(f) the Participant being deprived (otherwise than on death) of the legal or beneficial ownership of the Option by operation of law, or doing or omitting to do anything which causes him to be so deprived or become bankrupt or apparently insolvent.
Lapse of Options. 7.1 Subject to Rules 4 and 12, an Option shall lapse and cease to be exercisable on the earliest to occur of:
7.1.1 the expiry of any period specified for exercise in Rule 5.1.2, 5.1.4 or 5.1.5 (or any extended period);
7.1.2 immediately following a Change of Control or on the passing of a resolution if the Board has served a notice pursuant to Rule 5.1.3;
7.1.3 the tenth anniversary of the Date of Xxxxx;
7.1.4 immediately upon the Optionholder leaving in circumstances where Rules 5.2 or 5.3.1 do not apply and the Board has not exercised its discretion pursuant to Rule 5.3.2;
7.1.5 immediately if the Optionholder breaches any post-termination restrictions as determined by the Board.
7.2 For the purpose of Rule 7.1:
7.2.1 the transfer of an Optionholder's employment from one Group Company to another Group Company shall not of itself cause the Option to lapse (whether or not such transfer involves a temporary cessation of employment) nor shall it lapse while the Optionholder holds an offer of employment from any Group Company;
7.2.2 subject to Rule 7.2.1 an Optionholder shall not be treated as leaving until such time as he is no longer a director or employee of any Group Company and he shall be treated as leaving if his employing company or business is transferred out of the Group.
7.3 The Board may extend any of the periods specified in Rules 7.1.4 or 7.1.5 in its absolute discretion by notice in writing.
Lapse of Options. 8.1 Notwithstanding anything contained elsewhere in this Plan, the Options vested in, but not exercised by, an Optionee as well as unvested Options, will lapse, in case of termination of his/her employment for any reason, which in the opinion of the Compensation Committee is an appropriate case for lapse of the Option, including but not limited to the following:
8.1.1 Misconduct,
8.1.2 Fraud,
8.1.3 Unauthorised disclosure of confidential data.