Expiration of the Options. The options granted under this plan in the ordinary do expire after 7 years after grant- ing . 1. N.V. or its subsidiary can cancel the Agreement without notice if the Director violates important duties under the law or the articles of association, his employment contract, the Agreement or this Plan. The termination notice has to be in writing. Upon receipt of the declaration of termina- tion all options under this plan expire. § 4 Para. 3 Sentence 3 applies.
Appears in 2 contracts
Sources: Board of Directors Stock Option Plan, Board of Directors Stock Option Plan