Option Termination. The Option will cease to be exercisable and will expire and terminate to the extent not exercised upon the earlier of (i) the close of business on the tenth anniversary of the Grant Date and (ii) the dates set forth below in this Section 4.
Option Termination. Unless otherwise determined by the Committee and set forth in a Grant Letter, Options shall terminate on the earliest of:
(a) the 91st day following the date the Grantee ceases to be an Employee for any reason (except if such cessation is on account of death or Disability, the 181st day following such cessation); provided, however, that (i) in all cases the portion of any Option that did not vest prior to or upon the date of termination of employment or engagement for any reason shall terminate immediately upon such termination, and (ii) if such termination is for Cause, the vested portion shall terminate as well;
(b) the seventh anniversary of the date of grant as set forth in the Grant Letter; and
(c) cancellation, termination or expiration of the Options pursuant to action taken by the Committee in accordance with Section 7.
Option Termination. If Optionee fails to make the cash payments, issue the JKR Shares or incur the Exploration Expenditures by the Deadline (or pay the amount equivalent to the amount not expended to Optionor) or within 15 business days following receipt of a written notice of default from Optionor, the Option shall terminate and be of no further force or effect. In the event of any lapse, termination or surrender of the Option, Optionee shall:
2.8.1 Ensure that the Leases and underlying claims are in good standing for a period of not less than six months from the lapse, termination or surrender of the Option;
2.8.2 Ensure that the Leases and underlying claims are in at least the same state concerning environmental and hazardous conditions as they were on the date of this Agreement and that they are free and clear of all Encumbrances that may have been created by Optionee; and
2.8.3 Deliver to Optionor any and all reports, maps, assessment reports and maps, samples, assay results, drill cores, data and other information of any kind whatsoever pertaining to the leases or underlying claims or Optionee’s work thereon which have not been previously delivered to Optionor. Notwithstanding the foregoing, Optionee may, at any time during the Option Period in its discretion, elect to release one or more claims from the provisions of this Agreement and the Leases upon written notice to Optionor and the underlying lessor provided that such released claims or leases are in good standing for a period of not less than six months from the date of the notice.
Option Termination. The Option shall terminate at the close of business on February 5, 2017; provided, however, that if Optionee ceases to be either an Employee or a Consultant prior thereto, then the Option shall terminate earlier pursuant to the terms of Sections 10(d), 10(e), and 10(f) of the Plan.
Option Termination. The Option Agreement, if not earlier terminated, is hereby terminated and of no further force and effect. Bunker Hill, BGHS, Hope Place and Seller hereby consent to the termination of the Option Agreement, including the termination of all put and call rights contained therein with respect to Seller's preferred equity interest in Bunker Hill contained therein.
Option Termination. The Purchaser, the Merger Sub and the Company hereby acknowledge and agree that neither the Purchaser nor the Surviving Corporation shall assume or continue any outstanding Options under the Stock Plans, or substitute any additional options, warrants or other rights for such outstanding Options. At the Effective Time, all Options (whether vested or unvested) shall be canceled, and holders of fully vested options at the Effective Time shall be entitled to receive from the Surviving Corporation, in cancellation of such vested options, an amount in cash equal to the excess of (a) the product of the number of Shares covered by such vested Options multiplied by the Merger Consideration, over (b) the product of the number of Shares covered by such vested Options multiplied by the per-Share exercise, purchase or conversion price payable upon exercise, purchase or conversion of the same, less applicable withholding of taxes. The Company shall take all action necessary to effectuate the foregoing, including obtaining any necessary consents of the holders of Options.
Option Termination. If Optionee’s employment with the Company (or a subsidiary of Company, as applicable) is terminated for any reason other than death, Optionee shall have ninety (90) days from the date of such termination of his position as an employee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. If termination of employment is effected by death of Optionee, any vested but unexercised portion of the Option may be exercised by the personal representative of Optionee or other person entitled by law to Optionee’s rights under the Option, and such person shall have ninety (90) days from the date of death of the Optionee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. Upon termination for any reason, any unvested portion of the Options shall not vest and Optionee’s rights to and under such non-vested part of the Options shall terminate and be null and void.
Option Termination. Effective as of February , 2006 (the “Effective Time”), upon the receipt by Optionholder of the Net Vested Option Consideration (as defined below) and without further action on the part of anyone, (a) the Options and all Option Agreements shall be cancelled and shall terminate in all respects; (b) all of Optionholder’s rights and claims in respect of such Options and such Option Agreements, as well as all of Optionholder’s rights and claims under the Plan, shall terminate in all respects; and (c) at such time, Optionholder’s sole right in respect of the Options and the Option Agreements shall be to receive the Net Vested Option Consideration and the Stay Bonus Amount (as defined below).
Option Termination. The Company shall have provided to Parent evidence, reasonably satisfactory to Parent, that all Stock Option Plans and all Options and have been terminated and cancelled as of the Effective Time; provided that, with respect to Director In-the-Money Options, such termination shall not effect Parent’s obligations to pay the Aggregate Option Consideration to such former holders thereof.
Option Termination. Notwithstanding any provision to the contrary contained herein or in the R&D Agreement, upon the Option Termination (including a termination under Section 1.3 herein, but not including a termination as the result of completing the Merger), the Stockholders shall have the option, for 30 business days following the date of the Option Termination, to give notice to Corvas to purchase, and Corvas shall purchase, 19.9 percent of the outstanding VGI capital stock on a fully diluted basis ("Put Right") in exchange for $3,960,000 in Corvas Common Stock, as adjusted in accordance with this Option Agreement ("Put Price"). If any Promissory Note is outstanding at the time of the exercise of the Put Right, then the outstanding balance of such Promissory Note shall be offset against the Put Price prior to the determination of issuable Corvas Common Stock. The number of shares of Corvas Common Stock shall be determined based upon the average closing price of Corvas Common Stock on the Nasdaq National Market (or the primary market on which Corvas Common Stock is then traded) for the 20 trading days immediately before (and including) the earlier of the date of the exercise of the Put Right or June 30, 1999, and the 20 trading days immediately after the earlier of the date of exercise of the Put Right or June 30, 1999, as reported in THE WALL STREET JOURNAL. Unless otherwise agreed by the Stockholders, the Stockholders have a pro rata right to participate in the sale of VGI capital stock through the exercise of the Put Right. Each Stockholder may exercise his Put Right by delivering to Corvas a notice of exercise signed by the Stockholder exercising the right and specifying: (a) the number of shares of VGI Common Stock being put by such Stockholder, which number shall not exceed 19.9% of such Stockholders shares of VGI Common Stock and (b) a date by which the closing shall take place, which shall not be fewer than 30 business days following the date of such notice.
