Common use of Rule Clause in Contracts

Rule. 5 (Exercise of Options) of the Scheme (as amended from time to time) shall apply to the options granted to the Participant under this Agreement with the following modifications: (a) in sub-rule 5(3) there shall not be any "relevant condition"; (b) in sub-rule 5(4) the words "or he supplies his services to a Group Member" are inserted after the words "Group Member"; (c) sub-rule 5(5) shall be deleted and replaced with the following sub-rule: "If any Participant ceases to be a director or an employee of a Group Member or ceases to provide his services to a Group 1. Member (otherwise than by reason of his death), the following provisions apply in relation to any option granted to him; (a) if he so ceases by reason of injury or disability the option may (and subject to sub-rule (4) above must, if at all) be exercised within the exercise period); (b) if he so ceases by reason of the Company to which he supplies his services ceasing to be a Group Member or by reason of the business or part of the business to which he supplies his services being transferred to a person who is not a Group Member, the option may (and subject to sub-rule (4) above must, if at all) be exercised within the exercise period; (c) if he so ceases for any other reason the option may be not be exercised at all unless the Board shall so permit, in which event it may (and subject to sub-rule (4) above must, if at all) be exercised to the extent permitted by the Board within the exercise period; and in this sub-rule the exercise period is the period which shall commence on the later of the date of cessation and the grant of an exit event unexpired 12 months after the commencement of such period.