Other Involuntary Termination. If Optionee’s employment with the Company and its Affiliates is terminated by the Company for any reason other than for Cause, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the date of termination of employment and (ii) the vested portion of the Option shall expire to the extent not exercised six (6) months after the date of such termination of employment/engagement. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) months after the date of termination.
Appears in 4 contracts
Samples: Stock Option Agreement (Superior Drilling Products, Inc.), Nonstatutory Stock Option Agreement (Superior Drilling Products, Inc.), Stock Option Agreement (Superior Drilling Products, Inc.)
Other Involuntary Termination. If Optionee’s employment with the Company and its Affiliates is terminated by the Company for any reason other than for Cause, death or Disability, then (i) the non-vested portion of the Option shall immediately expire on the date of termination of employment and (ii) the vested portion of the Option shall expire to the extent not exercised six (6) months after the date of such termination of employment/engagement. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) six (6) months after the date of termination.
Appears in 1 contract
Samples: Stock Option Agreement (Superior Drilling Products, Inc.)
