Loss of Option Sample Clauses

Loss of Option. Upon receipt by the Company of evidence of the loss, theft, destruction or mutilation of this Option, and (in the case of loss, theft or destruction) of indemnity or security reasonably satisfactory to the Company, and upon surrender and cancellation of this Option, if mutilated, the Company shall execute and deliver a new Option of like tenor and date.
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Loss of Option. If, when the Lessee notifies the Lessor or, at the end of the Term, an Event of Default has occurred and it has not been remedied or waived, the option to extend the Lease ceases to have effect and the Lessee ceases to be entitled to an extension of the Lease.
Sample 1
Loss of Option. Upon receipt by SHC of evidence satisfactory to it of the loss, theft, destruction, or mutilation of this Option, and (in the case of loss, theft, or destruction) of reasonably satisfactory indemnification and (in the case of mutilation) upon surrender and cancellation of this Option, SHC will execute and deliver a new Option, which shall constitute an additional contractual obligation on the part of SHC, wither or not this Option so lost, destroyed, stolen, or mutilated shall be at any time enforceable by anyone.
Sample 1
Loss of Option. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Option, and upon receipt of an indemnity satisfactory to the Company or, in the case of any such mutilation, upon surrender of this Option, the Company will deliver a new, identical Option.
Sample 1
Loss of Option. If this Option is lost or destroyed, the Company shall, without charge, execute and deliver a new Option, with terms as set forth herein, in the name of the Option Holder upon receipt of a reasonably satisfactory affidavit of loss and indemnity agreement, and this Option shall promptly be canceled.
Sample 1
Loss of Option. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction, or mutilation of this Option, and upon surrender for cancellation of this Option if it is mutilated, the Company shall make and deliver a new Option containing the same terms and conditions as set forth in and dated as of such cancellation in lieu of, this Option, provided, however, that the Company shall receive such indemnity or security as the Board of Directors shall deem reasonably satisfactory to it in the case of the loss, theft, or destruction of this Option and the Option Holder shall have reimbursed the Company for all reasonable expenses incidental to such loss, theft, destruction or mutilation in effecting the issuance of such new Option.
Sample 1

Related to Loss of Option

  • Character of Option This Option is not to be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

  • Xxxxx of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

  • Terms of Option The Option granted hereunder shall be exercisable from time to time by the Optionee by the giving of written notice of exercise to the Company in advance of an exercise date hereinafter set forth, specifying the number of shares to be purchased, and by payment of the purchase price therefore by either (i) cash or certified or cashier's bank check to the order of the Company, or (ii) shares of stock of the Company having a fair market value equal to the purchase price on the exercise date, subject, however, to the following restrictions:

  • Duration of Option The Option shall be exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the "Exercise Term"); provided, however, that the Option may be earlier terminated as provided in Section 6 hereof.

  • Termination of Option (a) Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of:

  • Award of Option This Agreement evidences the grant to the Optionee of an option (the “Option”) to purchase [ ] shares of the Company’s Common Stock (the “Option Shares”). The Option is subject to the terms set forth herein, and in all respects is subject to the terms and provisions of the Plan, which terms and provisions are incorporated herein by this reference. Except as otherwise specified herein or unless the context herein requires otherwise, the terms defined in the Plan will have the same meanings herein.

  • Period of Option Unless the Option is previously terminated pursuant to this Agreement, the term of the Option and this Agreement shall commence on the Date of Grant and shall terminate upon the tenth anniversary of the Date of Grant. Upon termination of the Option, all rights of the Optionee (including, without limitation, his or her guardian or legal representative) hereunder shall cease.

  • Termination of Options To the extent vested in accordance with Section 2 above, the Options will terminate, and be of no force or effect, upon the earlier of:

  • Tax Status of Option This Option is intended to have the tax status designated in the Grant Notice.

  • Expiration of Option The Option may not be exercised to any extent by anyone after the first to occur of the following events:

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