Common use of Misconduct of Optionee Clause in Contracts

Misconduct of Optionee. Notwithstanding any other provision of this Agreement, all unexercised Options held by Optionee hereunder shall automatically terminate as of the date Optionee's directorship is terminated, if such directorship is terminated on account of any act of fraud, embezzlement, misappropriation or conversion of assets or opportunities of the Company. Upon such termination of the Option, Optionee shall forfeit all rights and benefits under this Agreement.

Misconduct of Optionee. Notwithstanding any other provision of this Agreement, all unexercised Options held by Optionee hereunder shall automatically terminate as of the date Optionee's ’s directorship is terminated, if such directorship is terminated on account of any act of fraud, embezzlement, misappropriation or conversion of assets or opportunities of the Company, or if Optionee takes any other action materially inimical to the best interests of the Company, as determined by the Committee in its sole and absolute discretion. Upon such termination of the Option, Optionee shall forfeit all rights and benefits under this Agreement.

Misconduct of Optionee. Notwithstanding any other provision of this Agreement, all unexercised Options held by Optionee hereunder shall automatically terminate as of the date Optionee's directorship is terminated, if such directorship is terminated on account of any act of fraud, embezzlement, misappropriation or conversion of assets or opportunities of the Company, or if Optionee takes any other action materially inimical to the best interests of the Company, as determined by the Committee in its sole and absolute discretion. Upon such termination of the Option, Optionee shall forfeit all rights and benefits under this Agreement.