Options Not Exercised. If purchase options are not exercised by the Company or other Members with respect to all the Company Interest, then any of the remaining Offered Company Interest may be transferred as a direct result of the Deceased Member's death, and any other person holding or thereafter receiving any of such Company Interest holds such Company Interest as Assignees subject to the Articles of Organization and all the terms and conditions of this Operating Agreement of the Company. Said Assignee may not become a Member unless admitted under Article 5.
Options Not Exercised. In the event an Option granted under the Plan expires unexercised, is terminated or is otherwise lawfully cancelled prior to exercise of the Option, the Optioned Shares that were issuable thereunder will be returned to the Plan and will be available again for an grant under this Plan.
Options Not Exercised. Each of Foreland and CHL may exercise its option hereunder by written notice to the other at or before 12:00 midnight, December 31, 2002. In the event that neither Foreland's option nor CHL's option is exercised at or before 12:00 midnight, December 31, 2002, such options shall automatically expire; CHL shall be entitled to retain the assets conveyed, free of any right, claim or interest by Foreland; and Foreland shall be free to exploit its retained assets and to engage in such other business or activities as it shall deem appropriate.
