Termination of Relationship as Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three months following the Participant’s termination.
Appears in 5 contracts
Samples: 2007 Stock Option Plan (Simulations Plus Inc), Stock Option Plan (Akorn Inc), Stock Option Plan (Akorn Inc)
Termination of Relationship as Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s 's death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s 's termination.
Appears in 1 contract
Samples: Stock Option Plan (Akorn Inc)