Common use of Lapse of Option Clause in Contracts

Lapse of Option. 3.1 If the Optionholder ceases to be an Employee for any reason whatsoever (but excluding death) then immediately upon such cessation the Option (to the extent it remains unexercised) shall lapse. 3.2 In addition to lapse in any other circumstances provided for elsewhere in this Agreement, the Option shall lapse on the earliest to occur of any of the following events: 3.2.1 at the close of the trading day in the United States on the day before the tenth anniversary of the Date of Grant; 3.2.2 the moment on which the Optionholder has breached any of the provisions of this Agreement; 3.2.3 the moment on which the Optionholder has in the opinion of the Board an affiliation with a competitor of the Company or any Group Company; 3.2.4 the moment the Board determine that the Optionholder has breached the confidentiality and/or non-disclosure provisions contained in the Optionholder’s contract of employment; and 3.2.5 upon the Optionholder becoming bankrupt or being otherwise deprived of the legal or beneficial ownership of the Option by operation of law (otherwise than on death). 3.3 Subject to clause 3.4 in the event the Optionholder ceases to be an Employee by reason of his death, his legal personal representative(s) may exercise his Option to the extent vested as at the date of death at any time within six months after the date of his death after which date the Option shall lapse. 3.4 The personal representatives’ rights to exercise the Option in accordance with clause 3.3 are on condition that if the Board in its absolute discretion so determines, such personal representatives will be deemed to have served a Transfer Notice (as defined in the Articles and on such date as determined by the Board) and the Compulsory Transfer provisions set out in Article 10 of the Articles shall apply to the Option Shares acquired by such personal representatives on the exercise of the Option.

Lapse of Option. 3.1 If the Optionholder ceases to be an Employee or Provider of Services for any reason whatsoever (but excluding death) then (a) immediately upon such cessation the Option (to the extent it remains unexercisedunvested) shall lapse, and (b) the Option may be exercised to the extent (and only to the extent) that it would have been exercisable upon the date of termination of the Optionholder’s employment, within three (3) months after the date of termination, but in any event no later than the date referred to in sub-clause 3.2.1 below. 3.2 In addition to lapse in any other circumstances provided for elsewhere in this Agreement, the Option shall lapse on the earliest to occur of any of the following events: 3.2.1 at the close of the trading day in the United States on the day before the tenth anniversary of the Date of Grant; 3.2.2 the moment on which the Optionholder has breached any of the provisions of this Agreement; 3.2.3 the moment on which the Optionholder has in the opinion of the Board an affiliation with a competitor of the Company or any Group Company; 3.2.4 the moment the Board determine that the Optionholder has breached the confidentiality and/or non-disclosure provisions contained in the Optionholder’s contract of employment; and; 3.2.5 upon the Optionholder becoming bankrupt or being otherwise deprived of the legal or beneficial ownership of the Option by operation of law (otherwise than on death); and 3.2.6 upon the Optionholder who is a Provider of Services not completing the minimum monthly service requirement. 3.3 Subject to clause 3.4 in the event the Optionholder ceases to be an Employee or Provider of Services by reason of his death, his legal personal representative(s) may exercise his Option to the extent vested as at the date of death at any time within six months after the date of his death after which date the Option shall lapse. 3.4 The personal representatives’ rights to exercise the Option in accordance with clause 3.3 are on condition that if the Board in its absolute discretion so determines, such personal representatives will be deemed to have served a Transfer Notice (as defined in the Articles and on such date as determined by the Board) and the Compulsory Transfer provisions set out in Article 10 of the Articles shall apply to the Option Shares acquired by such personal representatives on the exercise of the Option.