Termination of Service; Expiration of Option Clause Samples
The 'Termination of Service; Expiration of Option' clause defines what happens to an individual's stock options or similar rights when their employment or service with a company ends. Typically, this clause specifies that unexercised options may expire immediately or after a set period following termination, and may distinguish between voluntary resignation, termination for cause, or other scenarios. Its core function is to clarify the fate of outstanding options upon service termination, ensuring both parties understand their rights and obligations and preventing disputes over unexercised options.
Termination of Service; Expiration of Option. If Optionee terminates Service with the Company and its Affiliates prior to the Expiration Date, the following shall apply:
Termination of Service; Expiration of Option. If Optionee terminates Service with the Company and its Affiliates prior to the tenth anniversary of the Grant Date, the following shall apply: