Termination of Option Rights Sample Clauses
Termination of Option Rights. In the event that this Agreement is terminated by PERMATEC pursuant to Section 9.2 above prior to the expiration of any of the rights contained in this Section 10, then all such rights shall terminate and fall away as per the effective date of such termination without any liability on the side of PERMATEC.
Termination of Option Rights. (a) In the event an Optionee ceases to be a member of the Board for any reason other than death or permanent disability, any then unexercised portion of options granted to such Optionee shall, to the extent not then vested, immediately terminate and become void; any portion of an option which is then vested but has not been exercised at the time the Optionee so ceases to be a member of the Board may be exercised, to the extent it is then vested, by the Optionee within 180 days of the date the Optionee ceased to be a member of the Board; and all options shall terminate after such 180 days have expired.
(b) In the event that an Optionee ceases to be a member of the Board by reason of his or her death or permanent disability, any option granted to such Optionee shall be immediately and automatically accelerated and become fully vested and all unexercised options shall be exercisable by the Optionee (or by the Optionee’s personal representative, conservator, guardian or designated beneficiary) until the scheduled expiration date of the option.
(c) No portion of an option may be exercised if the Optionee is removed from the Board of Directors for any one of the following reasons: (i) disloyalty, gross negligence, dishonesty or breach of fiduciary duty to the Company; or (ii) the commission of an act of embezzlement, fraud or deliberate disregard of the rules or policies of the Company which results in loss, damage or injury to the Company, whether directly or indirectly; or (iii) the unauthorized disclosure of any trade secret or confidential information of the Company; or (iv) the commission of an act which constitutes unfair competition with the Company or which induces any customer of the Company to break a contract with the Company; or (v) the conduct of any activity on behalf of any organization or entity which is a competitor of the Company (unless such conduct is approved by a majority of the members of the Board of Directors).
Termination of Option Rights. In the event the employment of the Grantee with the Company or a Subsidiary shall terminate under any circumstance other than those specified in Section 6(b), (c) or (d) below, all rights to purchase Shares pursuant to the Option Rights (including rights to purchase Shares thereunder which have accrued but which then remain unexercised) shall forthwith cease and terminate.
(a) In the event of the termination of the Grantee’s employment because of Disability, the Option Rights may be exercised by the Grantee, to the extent he or she was entitled to do so on the date of termination, but not later than ten years from the Date of Grant.
(b) If, with the consent of the Committee, the Grantee’s employment shall terminate by reason of Retirement, the Option Rights shall become immediately exercisable by the Grantee on the date of his or her Retirement and shall remain exercisable until ten years from the Date of Grant.
(c) If the Grantee shall die during his or her employment with the Company or a Subsidiary or during a period of Disability, the Option Rights shall become immediately exercisable if the Grantee was otherwise Retirement eligible and may be exercised by the legal representative of the Grantee, to the extent the Grantee was entitled to exercise the Option Rights at the time of his or her death for a one-year period from the date of death, but not later than ten years from the Date of Grant.
(d) To the extent that the Option Rights shall not have been exercised within any applicable period specified in Section 6(b), (c) or (d) above, all further rights to purchase Shares pursuant to such Option Rights shall cease and terminate at the expiration of such period.
Termination of Option Rights. In the event the employment of the Grantee with the Company or a Subsidiary shall terminate under any circumstance other than those specified in Section 6(b), (c) or (d) below, all rights to purchase Shares pursuant to the Option Rights (including rights to purchase Shares thereunder which have accrued but which then remain unexercised) shall forthwith cease and terminate.
Termination of Option Rights. (a) In the event the Optionee ceases to be a member of the Board of Directors of the Company for any reason other than death or permanent disability, the then unexercised portion of this Option shall, to the extent not then vested, immediately terminate and become void; the portion of this Option then vested but which has not been exercised at the time the Optionee so ceases to be a member of the Board of Directors may be exercised, to the extent then vested, by the Optionee within ten (10) days of the date of the Optionee ceases to be a member of the Board of Directors of the Company, but in no event later than the expiration date of the option.
(b) In the event that the Optionee ceases to be a member of the Board of Directors of the Company by reason of his permanent disability or death, any option granted to the Optionee may be exercised, to the extent of the number of shares with respect to which the Optionee could have exercised it on the date of such disability or death (by the Optionee's personal representative, heir or legatee, in the event of death) during the period ending one hundred eighty (180) days after the date the Optionee so ceases to be a member of the Board of Directors, but in no event later than the expiration date of the option.
Termination of Option Rights. (a) If Optionee's employment with the Corporation shall terminate voluntarily by Optionee, or by the Company for Cause, and immediately after such termination Optionee shall not then be employed by the Corporation, the option granted hereunder, to the extent not exercised prior to the date of termination of employment, shall expire forthwith. In the event of Optionee's voluntary termination of employment, the Corporation, in its sole discretion, may consent to Optionee's exercise within three (3) months after termination of the option granted hereunder, if the Corporation determines that it is in the interest of the Corporation to permit such exercise, subject, however, to the limitations of subparagraph (d), below.
(b) If the employment of Optionee with the Corporation shall terminate other than (i) by reason of death, (ii) voluntarily by Optionee, or (iii) by the Corporation for Cause, and immediately after such termination Optionee shall not then be employed by the Corporation, the option granted hereunder may be exercised at any time within three (3) months after such termination, subject to the provisions of subparagraph (d)
Termination of Option Rights. In addition to the expiration of the Option Right upon expiration of the Option Period, the Option Right, and LESSEE's entitlement to purchase the Premises, shall be subject to immediate termination, without further notice or demand, upon the occurrence of any of the following events:
(a) in the event that LESSEE commits any Breach or Material Default under the Lease, including, without limitation, at any time from the date of the Lease through the date of Close of Escrow under the Sale Contract. The phrase "Material Default " means and includes (i) any failure by LESSEE to take possession of the Premises upon the Commencement Date or any repudiation by LESSEE of its obligations under the Lease, (ii) the occurrence of three (3) or more Defaults in failing to timely pay Rent or other charges payable by LESSEE under the Lease within any twenty four (24) month period, (iii) any Default under Paragraphs 13.1(a),(c),(e) or (f) of the Lease, and (iv) any Default under sections 5.3 or 5.4 of this Addendum in failing to timely pay amounts due LESSOR;
(b) in the event LESSEE timely gives a Notice of Election and exercises the Option Right, but thereafter LESSEE (i) commits a default under the terms of the Sale Contract by failing to purchase the Premises, or (ii) LESSEE decides not to purchase the Premises and terminates the Sale Contract in accordance with an express right of termination granted LESSEE;
(c) in the event of any assignment, or attempted assignment, of all or any part of the Option Right; or
(d) LESSEE's Option Right is terminated as a result of the operation of section 23.7 of this Addendum
Termination of Option Rights. (a) In the event an optionee ceases to be a member of the Board for any reason other than death or permanent disability, any then unexercised portion of options granted to such optionee shall, to the extent not then vested, immediately terminate and become void; any portion of an option which is then vested but has not been exercised at the time the optionee so ceases to be a member of the Board may be exercised, to the extent it is then vested, by the optionee within 180 days of the date the optionee ceased to be a member of the Board, and all options shall terminate after the 180-day period has expired.
(b) In the event that an optionee ceases to be a member of the Board by reason of his or her death or permanent disability, any option granted to such optionee shall be immediately and automatically accelerated and become fully vested and all unexercised options shall be exercisable by the optionee (or by the optionee's personal representative, heir or legatee, in the event of death) until the earlier of the scheduled expiration date of the option or 180 days after the death or disability of the optionee.
Termination of Option Rights. Executive hereby irrevocably terminates, waives and relinquishes any rights he may have under the Option Documents (as hereinafter defined) to receive future grants of options to acquire shares of the Company’s common stock; provided, however, that such termination, waiver and relinquishment shall not be applicable to Executive’s rights to receive a future grant of options to acquire 50,000 shares of common stock of the Company in accordance with the Option Documents. As used herein, the term “Option Documents” means, collectively, (i) the Offer to Exchange Outstanding Options to Purchase Common Stock Under Motive Communications, Inc. 1997 Stock Option/Stock Issuance Plan (the “Offer to Exchange”), and (ii) the Letter of Transmittal, dated September 26, 2002, executed by Executive and delivered to the Company in response to the Offer to Exchange.
Termination of Option Rights. The Option granted hereunder shall ---------------------------- terminate three (3) months after the termination of Participant's employment or directorship with the Company and all Company Subsidiaries, whether voluntarily or involuntarily, except if the cause of the termination is by reason of death, Disability or Retirement then the Option shall terminate on the earlier of the expiration of the Option or one (1) year after the date of termination due to death, Disability or Retirement.