Option Termination Clause Samples

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. 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. (a) If the Optionee’s employment is terminated by retirement or by reason of total and permanent disability, the Optionee may, within three months of such termination, exercise any unexercised portion of his option to the extent that such option is then exercisable. (b) If termination of employment is effected by death of the Optionee, the option may be exercised to the extent the Optionee was entitled to do so at the time of his death by his executor or administrator or other person entitled by law to the Optionee’s rights under the Option at any time within six months subsequent to the date of death. (c) If Optionee’s employment is terminated for any reason other than those set forth in subparagraph (a) or (b) above, the unexercised portion of the Optionee’s option shall thereupon expire. (d) Notwithstanding any other provisions herein, in no event shall any Option or portion thereof be exercisable subsequent to the date of expiration of the Option term.

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 Option Consideration and without further action on the part of anyone, (a) the Options and all related Option Agreements shall be cancelled and shall terminate in all respects; (b) all of Optionholder’s rights and claims in respect of such Option 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 Option Consideration (as defined below).

Option Termination. The Option shall terminate on July 11, 2015; 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. 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.