Common use of Lapse of Options Clause in Contracts

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 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 Employment 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 4.154.12, a Participant shall be deemed to have ceased to be so actively Appointed Employed as of the date he the notice of termination of Employment is tendered by or she ceases is given to him or her, unless such notice shall be a XXXwithdrawn prior to its effective date.

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 Employment 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 Employed as of the date he the notice of termination of Employment is tendered by or she ceases is given to him or her, unless such notice shall be a XXXwithdrawn prior to its effective date.