Earlier Termination of Option Clause Samples

The 'Earlier Termination of Option' clause allows for the option granted under an agreement to be ended before its originally scheduled expiration date. This clause typically outlines specific events or conditions—such as breach of contract, insolvency, or mutual agreement—that would trigger the early termination of the option. By providing a clear mechanism for ending the option ahead of time, this clause helps manage risk and ensures both parties understand under what circumstances the option may no longer be available.
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Earlier Termination of Option. Notwithstanding the provisions of subparagraph 3(b), the right to exercise the vested portion of this Option shall, except as provided in 3(f) below, terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in paragraph 2 above; (ii) the expiration of one (1) year following the Employee’s termination of employment due to death or Disability; (iii) the expiration of one (1) year following the Employee’s termination of employment without Cause or Good Reason as those terms are defined in his Employment Agreement; or (iv) the date the Employee’s employment is terminated by the Corporation for Cause (as defined in the Employee’s Employment Agreement, if applicable, or the Stockholders’ Agreement) or the Employee voluntarily terminates his employment.
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Earlier Termination of Option. Notwithstanding any other provision of this Agreement, this Option, to the extent that it has not previously been exercised, shall terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in subparagraph 2(b) hereof, (ii) the expiration of three (3) months after the earlier of the date on which the Recipient has been notified that his services no longer are needed, or he ceases to make his services available to the Corporation; or (iii) the expiration of one (1) year after the death of the Recipient or such later time as may be approved by the Compensation Committee of the Board of Directors of the Corporation (the "Committee").
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Earlier Termination of Option. Not withstanding the provisions of subparagraph 3(b), the right to exercise the vested portion of this Option shall, except as provided in (f) below, terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in paragraph 2 hereof, (ii) the expiration of one (1) year after the date the Employee’s employment is terminated because of death or Total and Permanent Disability, (iii) the expiration of one (1) year after the date the Employee’s employment is terminated by the Corporation without Cause or the Employee terminates for Good Reason, or (iv) the date the Employee’s employment is terminated by the Corporation for Cause or the Employee voluntarily terminates his employment. For purposes of this Agreement, “Cause” and “Good Reason” shall have the meaning set forth in the Employment Agreement, dated as of May 1, 2005 (“Employment Agreement”), between the Corporation and the Employee, as it may be amended.
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Earlier Termination of Option. Notwithstanding the provisions of subparagraph 3(b), this Option shall, except as provided in (f) below, terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in paragraph 2 hereof, (ii) the expiration of three months after the Employee’s Retirement, (iii) the expiration of one year after the Employee ceases to be an employee of the Corporation due to Total and Permanent Disability, (iv) the expiration of two years after the Employee ceases to be an employee of the Corporation due to the death of the Employee, or (v) the date that an Employee terminates employment with the Corporation (whether by action of the Corporation or voluntarily by the Employee) for any reason other than Retirement, Total and Permanent Disability or death; provided that in the event any portion of the Option vests as a result of a Corporate Transaction described in (f) below, the Option shall be exercisable until the expiration of three months after the Employee’s termination of employment (or such later date as may apply under (iii) or (iv) above.
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Earlier Termination of Option. Notwithstanding any other provision of this Agreement, this Option, to the extent that it has not previously been exercised, shall terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in subparagraph 2(b) hereof, (ii) the expiration of three (3) months after the earlier of the date on which the Recipient ceases to provide to the Corporation the services requested by it, or the date on which the Recipient has been notified that his services no longer are needed by the Corporation; or
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Earlier Termination of Option. As used herein, "Termination Date" is the date Optionee ceases to be an employee of the Bank or one of its Subsidiaries. Notwithstanding the provisions of paragraph 4 hereof, this Option, to the extent that it is exercisable on the Termination Date, shall terminate on the date on which the Optionee ceases to be an employee of the Bank or of one of its Subsidiaries for any other reason other than disability or retirement. This Option, to the extent that it is exercisable on the Termination Date, shall terminate upon the expiration of ninety (90) days after the date on which the Optionee ceases to be an employee of the Bank or of one of its Subsidiaries for reasons of disability or retirement. The Option granted herein may be exercised by Optionee's legal representative, appointed by reason of the death of Optionee, or by a person who acquired the right to exercise such Option by bequest or inheritance, or by reason of the death of Optionee, within twelve (12) months after Optionee's death; and, further provided, that in no event shall the Option be exercisable after ten (10) years from the date of this Agreement.
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Related to Earlier Termination of Option

  • Termination of Option (a) The Optionee’s right to exercise any options that have vested and are exercisable shall terminate on the earliest of the following dates: (i) The Expiration Date; (ii) Subject to subsections (c) and (d) below, the date which is six (6) months from the date on which the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (iii) In the event of the termination of the Optionee as an officer of the Company or any subsidiary of the Company as a result of a breach of the Optionee’s obligations to the Company or any subsidiary of the Company, or as a result of any dishonesty, fraud, misconduct, the unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations) (each of which being a termination for “Cause”), the earliest date on which the Optionee is notified by the Company of such termination; and (iv) The date which is six (6) months from the date of the Optionee’s death or the date the Optionee is determined by the Company to be unable to perform his or her duties as an officer of the Company or any subsidiary of the Company as a result of any mental or physical disability that is expected to result in death or that is expected to last for a continuous period of twelve (12) months or more (the “Disability Determination Date”). (b) The Optionee’s right to exercise any options that have not vested and are not exercisable shall terminate on the earliest of the following dates: (i) The date the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (ii) In the case of the termination of the Optionee as an officer of the Company or any subsidiary of the Company for Cause, on the earliest date on which the Optionee is notified by the Company of such termination; and (iii) The date of the Optionee’s death or the Disability Determination Date, as applicable. (c) For purposes of this Section 7, the Optionee will be deemed not to have ceased to act as an officer of the Company or any subsidiary of the Company (the “Original Position”) if the Optionee continues to act as an employee, officer, director or consultant of the Company or a subsidiary of the Company in some other capacity immediately upon ceasing to act in the Original Position. (d) Also notwithstanding the forgoing, if the Optionee dies after he or she ceases to be an officer of the Company or any subsidiary of the Company for reasons other than a termination for Cause or for disability in accordance with the above, the Optionee’s right to exercise any options that have vested and are exercisable on the date the Optionee ceases to be an officer of the Company or any subsidiary of the Company shall terminate on the earliest of the Expiration Date and the date which is six (6) months after the date of death.

  • Earlier Termination This Agreement may be terminated earlier as hereinafter provided.

  • Termination of Options The Options will terminate at the time specified below: (a) If a Change in Control occurs after the Grant Date but prior to the Grantee’s Separation, all Options that are exercisable at the time of (or become exercisable after) such Change in Control will terminate at the expiration of the Term. (b) If, in the absence of a Change in Control after the Grant Date, the Grantee’s Separation occurs prior to the Close of Business on December 31, 2020 on account of a termination of the Grantee’s employment or service for Cause, all Options that are not vested and exercisable as of the Close of Business on the date of Separation will terminate at the Close of Business on the date of Separation. (c) If (i) the Grantee’s Separation occurs after the Close of Business on December 31, 2020, or (ii) the Grantee’s Separation occurs (A) on account of a termination of the Grantee’s employment or service without Cause, (B) on account of a termination of the Grantee’s employment or service by the Grantee with or without Good Reason, or (C) by reason of the death or Disability of the Grantee, all Options that are vested and exercisable as of the Close of Business on the date of Separation after giving effect to the provisions of Sections 3 and 7 above will terminate at the expiration of the Term. In any event in which Options remain exercisable for a period of time following the date of the Grantee’s Separation as provided above, the Options may be exercised during such period of time only to the extent the same were vested and exercisable as provided in Section 3 above on such date of Separation (after giving effect to the application of Section 7 above). Notwithstanding any period of time referenced in this Section 8 or any other provision of this Agreement or any other agreement that may be construed to the contrary, the Options will in any event terminate not later than upon the expiration of the Term.

  • Early Termination of Option The Option, to the extent not previously exercised, and all other rights in respect thereof, whether vested and exercisable or not, shall terminate and become null and void prior to the Expiration Date in the event of: • the termination of the Participant’s employment or services as provided in Section 5.6 of the Plan, or • the termination of the Option pursuant to Section 7.3 of the Plan.

  • EFFECT OF OPTIONAL TERMINATION Upon the exercise of the option to terminate, this Agreement shall terminate and be of no further force or effect; provided, however, that: A. the Parties respective rights and obligations under this Agreement with respect to the Tax Year or Tax Years (as the case may be) through and including the Tax Year during which such notification is delivered to the District, shall not be impaired or modified as a result of such termination and shall survive such termination unless and until satisfied and discharged; and B. the provisions of this Agreement regarding payments (including liquidated damages and tax payments), records and dispute resolution shall survive the termination or expiration of this Agreement.