Voluntary Termination or Retirement. If Optionee’s Employment is voluntarily terminated by Optionee or terminated for Retirement, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not previously exercised before the one (1) year anniversary of the date of such termination of Employment. In no event may the Option be exercised after the earlier of (i) the expiration of the Option Period or (ii) the one (1) year anniversary of the date of termination of Employment due to voluntary termination or Retirement.
Appears in 10 contracts
Samples: Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.), Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.), Nonqualified Stock Option Agreement (Resaca Exploitation, Inc.)
Voluntary Termination or Retirement. If Optionee’s Employment is terminated voluntarily terminated by Optionee or terminated for Retirement, then (i) the non-vested portion of the Option shall immediately expire on the termination date and (ii) the vested portion of the Option shall expire to the extent not previously exercised before the one three (13) year month anniversary of the date of such termination of Employmentdate. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) three (3) months from the one (1) year anniversary of the date of termination of Employment due to voluntary termination or Retirementdate.
Appears in 2 contracts
Samples: Incentive Stock Option Agreement (Resaca Exploitation, Inc.), Incentive Stock Option Agreement (Resaca Exploitation, Inc.)
