Termination of Option. (a) The Optionee’s right to exercise any options that have vested and are exercisable shall terminate on the earliest of the following dates:
(i) The Expiration Date;
(ii) Subject to subsections (c) and (d) below, the date which is six (6) months from the date on which the Optionee ceases to act as an officer of the Company or any subsidiary of the Company;
(iii) In the event of the termination of the Optionee as an officer of the Company or any subsidiary of the Company as a result of a breach of the Optionee’s obligations to the Company or any subsidiary of the Company, or as a result of any dishonesty, fraud, misconduct, the unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations) (each of which being a termination for “Cause”), the earliest date on which the Optionee is notified by the Company of such termination; and
(iv) The date which is six (6) months from the date of the Optionee’s death or the date the Optionee is determined by the Company to be unable to perform his or her duties as an officer of the Company or any subsidiary of the Company as a result of any mental or physical disability that is expected to result in death or that is expected to last for a continuous period of twelve (12) months or more (the “Disability Determination Date”).
(b) The Optionee’s right to exercise any options that have not vested and are not exercisable shall terminate on the earliest of the following dates:
(i) The date the Optionee ceases to act as an officer of the Company or any subsidiary of the Company;
(ii) In the case of the termination of the Optionee as an officer of the Company or any subsidiary of the Company for Cause, on the earliest date on which the Optionee is notified by the Company of such termination; and
(iii) The date of the Optionee’s death or the Disability Determination Date, as applicable.
(c) For purposes of this Section 7, the Optionee will be deemed not to have ceased to act as an officer of the Company or any subsidiary of the Company (the “Original Position”) if the Optionee continues to act as an employee, officer, director or consultant of the Company or a subsidiary of the Company in some other capacity immediately upon ceasing to act in the Original Position.
(d) Also notwithstanding the forgoing, if the Optionee dies after he or she ceases to be an officer of the Company or any subsidiary of the Company for reasons other than a...
Termination of Option. The Option hereby granted shall terminate and be of no force and effect with respect to any shares of Common Stock not previously purchased by the Participant at the earliest time specified below:
(a) the tenth anniversary of the Grant Date;
(b) if Participant’s Employment is terminated by the Company or a Subsidiary for Cause at any time after the Grant Date, then the Option shall terminate immediately upon such termination of Participant’s Employment;
(c) if Participant’s Employment is terminated by the Company or a Subsidiary for any reason other than death, Disability or Cause, then the Option shall terminate on the first business day following the expiration of the 90-day period which began on the date of termination of Participant’s Employment;
(d) if Participant’s Employment is terminated due to (i) death at any time after the Grant Date and while in Employment or within 60 days after termination of such Employment, or (ii) Disability at any time after the Grant Date, then the Option shall terminate on the first business day following the expiration of the one-year period which began on the date of Participant’s death or Disability, as applicable. In any event in which the Option remains exercisable for a period of time following the date of termination of Participant’s Employment, the Option may be exercised during such period of time only to the extent it was exercisable as provided in Section 2 on such date of termination of Participant’s Employment. The portion of the Option not exercisable upon termination of Employment shall terminate and be of no force and effect upon the date of the Participant’s termination of Employment.
Termination of Option. (a) The Option and all rights hereunder with respect thereto, to the extent such rights shall not have been exercised, shall terminate and become null and void after the expiration of ten (10) years from the Date of Grant (the "Option term").
(b) Upon the occurrence of the Grantee's ceasing for any reason to be employed by the Employer (such occurrence being a "termination of the Grantee's employment"), the Option, to the extent not previously exercised, shall terminate and become null and void immediately upon such termination of the Grantee's employment, except as provided herein. Upon a termination of the Grantee's employment by reason of retirement, disability or death, the Option may be exercised during the following periods, but only to the extent that the Option was outstanding and exercisable on any such date of retirement, disability or death: (I) the one-year period following the date of issuance of letters testamentary or letters of administration to the executor or administrator of a deceased Grantee, in the case of the Grantee's death during his employment by the Employer, but not later than one year after the Grantee's death, and (ii) the three-month period following the date of such termination in the case of termination of employment for any reason other than the death of the Grantee. In no event, however, shall any such period extend beyond the Option Term.
(c) In the event of the death of the Grantee, the Option may be exercised by the grantee's legal representative(s), but only to the extent that the Option would otherwise have been exercisable by the Grantee.
(d) A transfer of the Grantee's employment between WGNB and any subsidiary of WGNB, or between any subsidiaries of WGNB, shall not be deemed to be a termination of the Grantee's employment.
(e) Notwithstanding any other provisions set forth herein or in the Plan, if the Grantee shall be convicted of any act or malfeasance or wrongdoing affecting WGNB or any subsidiary of WGNB, any unexercised portion of the Option shall immediately terminate and be null and void.
Termination of Option. (a) In no event may the Option be exercised after it terminates as set forth in this Section 2.4. The Option shall terminate, to the extent not exercised pursuant to Section 2.3 or earlier terminated pursuant to Section 2.2, on the Expiration Date.
(b) In the event that rights to purchase all or a portion of the shares of Common Stock subject to the Option expire or are exercised, canceled or forfeited, the Optionee shall promptly return this Agreement to the Company for full or partial cancellation, as the case may be. Such cancellation shall be effective regardless of whether the Optionee returns this Agreement. If the Optionee continues to have rights to purchase shares of Common Stock hereunder, the Company shall, within 10 days of the Optionee's delivery of this Agreement to the Company, either (i) xxxx this Agreement to indicate the extent to which the Option has expired or been exercised, canceled or forfeited or (ii) issue to the Optionee a substitute option agreement applicable to such rights, which agreement shall otherwise be identical to this Agreement in form and substance.
Termination of Option. The Option will expire ten (10) years from the date of grant of the Option (the “Term”) with respect to any then unexercised portion thereof, unless terminated earlier as set forth below:
Termination of Option. If Optionee's employment with the Company or any Subsidiary terminates, the Option shall continue to be exercisable, to the extent it is exercisable on the date such employment terminated, for three (3) months after such termination, but in no event after the date the Option otherwise terminates. However, if Optionee's employment terminates because of Optionee's death or disability, the Option shall continue to be exercisable, to the extent it is exercisable on the date such employment terminated, for twelve (12) months after such termination, but in no event after the date the Option otherwise terminates.
Termination of Option. This Option and all rights of the Optionee to purchase shares of Common Stock hereunder shall terminate on Feb. 25th, 2020 (the “Expiration Date”) unless terminated earlier in accordance with the terms hereof.
Termination of Option. Your right to exercise the Option (and to purchase the Option Shares) shall expire and terminate in all events on the earlier of (i) ten years from date of grant or (ii) the date provided in Section 10 below in the event you cease to be employed by the Company or any subsidiary or parent thereof.
Termination of Option. (a) Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of:
(i) three months after the date on which the Optionee ceases to be a Service Provider for any reason other than by reason of (A) cause, which, for purposes of this Agreement, shall be as defined in the Employment Agreement ("Cause"), (B) the Disability of the Optionee as determined by a medical doctor satisfactory to the Board or the Committee, or (C) the death of the Optionee;
(ii) immediately upon the date of the termination of the Optionee's Service for Cause;
(iii) twelve months after the date on which the Optionee's Service is terminated by reason of Disability as determined by a medical doctor satisfactory to the Board or the Committee (or, if later, three months after the date on which the Optionee dies if such death shall occur during such twelve-month period);
(iv) twelve months after the date of termination of the Optionee's Service by reason of the death of the Optionee; or
(v) the tenth anniversary of the date as of which the Option is granted.
(b) To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (1) the liquidation or dissolution of the Company, or (2) any reorganization, merger, consolidation, asset sale or other form of corporate transaction in which the Company does not survive, unless the successor corporation, or a parent or subsidiary of such successor corporation, assumes the Option or substitutes an equivalent option or right, and (ii) the Board or the Committee in its sole discretion may by written notice ("cancellation notice") cancel, effective upon the consummation of any reorganization, merger, consolidation, asset sale or other form of corporate transaction in which the Company does survive, the Option (or portion thereof) that remains unexercised on such date. The Board or the Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time as shall be determined by the Board or the Committee prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that Optionee may have a reasonable period of time as shall be determined by the Board or the Committee within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become ex...
Termination of Option. If Optionee’s Continuous Service is terminated for any reason other than (i) the Disability (as defined in the Plan) or death of Optionee or (ii) the Company’s termination of Optionee’s employment without cause, the Option shall remain exercisable, with respect to the shares of Stock that had vested under the terms of this Agreement before the date of such termination, for a period of 90 days after the date of such termination (but in no event later than the expiration date of the Option specified in Section 3 of this Agreement), following which 90-day period this Agreement and Optionee’s right to exercise the Option shall terminate. If Optionee’s Continuous Service is terminated because of (i) the Disability or death of Optionee or (ii) the Company’s termination of Optionee’s employment without cause, the Option shall remain exercisable, with respect to the shares of Stock that had vested under the terms of this Agreement before the date of such termination, for a period of one year after the date of such termination (but in no event later than the expiration date of the Option specified in Section 3 of this Agreement), following which one-year period this Agreement and Optionee’s right to exercise the Option shall terminate; provided that the Option shall not be treated as an “incentive stock option” within the meaning of the Code if the Option is exercised more than 90 days following the termination of Optionee’s Continuous Service as a result of the Company’s termination of Optionee’s employment without cause. Notwithstanding the foregoing, if the employment of Optionee by the Company is terminated for cause, this Agreement and Optionee’s right to exercise any portion of the Option, whether or not vested, shall terminate at the commencement of business on the date of such termination. For purposes of this Agreement, “cause” shall mean (x) the breach of a material obligation of Optionee under any agreement between Optionee and the Company, (y) gross negligence or willful or intentional wrongdoing or misconduct on the part of Optionee, or (z) Optionee’s conviction of a felony offense or a crime involving moral turpitude.
