Termination of Service Other Than Due to Death or Disability. Unless the Option has earlier terminated, the Option shall terminate in its entirety, regardless of whether the Option is vested, three (3) years after the date the Participant ceases to be in the continuous service of the Company or an Affiliate as any of a Director, an Employee or a Consultant, for any reason other than the Participant’s death or Disability or, if earlier, at the end of the term of the Option pursuant to Section 3 or Section 7. Except as provided below in Section 6(b) or (c), any portion of the Option that is not vested at the time the Participant ceases to be in the continuous service of the Company or an Affiliate as any of a Director, an Employee or a Consultant, shall immediately terminate. The Company shall have the sole authority to determine when the Participant ceases to be in the continuous service of the Company or an Affiliate for purposes of the Option, in accordance with the terms of the Plan, and such determination shall be final, conclusive and binding.
Appears in 7 contracts
Samples: Nonqualified Stock Option Grant Agreement for Non Employee Directors (Arena Pharmaceuticals Inc), Nonqualified Stock Option Grant Agreement for Non Employee Directors (Arena Pharmaceuticals Inc), Nonqualified Stock Option Grant Agreement for Non Employee Directors (Arena Pharmaceuticals Inc)
