Lapse of Options Sample Clauses
The "Lapse of Options" clause defines the conditions under which granted options become invalid or expire. Typically, this clause specifies time limits for exercising options, such as expiration dates or events like termination of employment, after which the holder loses the right to exercise them. By clearly outlining when options lapse, the clause ensures both parties understand the timeframe and circumstances affecting the validity of the options, thereby preventing disputes and providing certainty regarding the rights associated with the options.
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Lapse of Options. If the option specified in Section 8.6(c) ---------------- hereof shall expire without exercise thereof, the Transferring Party shall be entitled to make the proposed sale of its ▇▇▇.▇▇▇ common stock to the Third Party for the consideration and in accordance with any other material terms or conditions described in the Transfer Notice, provided that the Third Party agrees, in form and substance reasonably satisfactory to the Other Party, to be bound by the provisions of this Agreement to the same extent as if such Third Party were originally a party hereto. If the sale of the Transferring Party=s ▇▇▇.▇▇▇ common stock is not completed within 90 days of the date of the expiration of the option set forth in Section 8.6(c) above, then such ▇▇▇.▇▇▇ common stock shall again become subject to the options of this Section 8.6.
Lapse of Options. Unless otherwise determined by the Committee, in respect of every vesting period, where the Committee determines, in its absolute discretion, that the performance condition and/or any other condition applicable to an Option (including the Participant’s active Employment until the completion of that vesting period) has not been satisfied (whether fully or partially), such Option shall lapse and be of no value. For the purposes of this Section 4.15, a Participant shall be deemed to have ceased to be so actively Employed as of the date the notice of termination of Employment is tendered by or is given to him or her, unless such notice shall be withdrawn prior to its effective date.
Lapse of Options. Unless otherwise determined by the Committee in its sole discretion, the Option shall lapse at (and shall not be exercisable after) the time specified below:
(a) If the Participant's employment with the Company and its Subsidiaries terminates by (A) Retirement, (B) Total Disability of the Participant, or (C) death of the Participant while employed by the Company or one of its Subsidiaries, the Option shall lapse at 3:00 p.m. Lake Forest, Illinois, time on the third anniversary of the date of such termination of employment (subject to earlier termination pursuant to Paragraph 2 hereof or as otherwise provided in the Plan); and
(b) If the Participant's employment with the Company and its Subsidiaries terminates for any reason not specified in Paragraph 6(a), or if the Participant's employing Tenneco Company ceases to be a Tenneco Company, the Option shall lapse immediately upon such termination or cessation unless the Committee determines otherwise.
Lapse of Options. All unexercised options under this Section 5.09 shall be deemed to lapse at the end of the applicable option periods.
Lapse of Options. Unless otherwise determined by the Committee in its sole discretion, the Option shall lapse at (and shall not be exercisable after) the time specified below:
(a) If the Participant's service as a director of the Company terminates by (A) Retirement, (B) Total Disability of the Participant, or (C) death of the Participant while a director of the Company, the Option shall lapse at 3:00 p.m. Lake Forest, Illinois, time on the third anniversary of the date of such termination of employment (subject to earlier termination pursuant to Paragraph 2 hereof or as otherwise provided in the Plan); and
(b) If the Participant's service as a director of the Company terminates for any reason not specified in Paragraph 6(a), the Option shall lapse immediately upon such termination unless the Committee determines otherwise.
Lapse of Options. If none of the options provided for in this Section 4 have been timely exercised, then such options shall expire, but all of the provisions of this Agreement shall apply to any future Disposition or Proposed Disposition of Stock owned or held by the Selling Shareholder.
Lapse of Options. Lessee acknowledges and agrees that (1) all of Lessee's rights (a) to extend the Term pursuant to Lease Rider No. 1 and (b) to lease additional space pursuant to Lease Rider No. 3 have terminated; (2) Lessee has no right to extend the term of the Lease; and (3) Lessor has no obligation to lease additional space to Lessee.
Lapse of Options. An Option shall lapse automatically (to the extent not already exercised) on the earliest of:
(a) the date of expiry of the period during which an Option may be exercise under the New Scheme;
(b) the date of lapse as provided in sections (11), (13) or (15) above;
(c) the passing of the resolution for the voluntary winding-up of the Company referred to in section 14 above; and
(d) the date on which the Option holder commits a breach of section (9) above.
Lapse of Options. If the option specified in Section 10.6(c) shall expire without exercise thereof, the Transferring Shareholder shall be entitled to make the proposed sale of its Shares to the Third Party at the price (which shall be payable in full in cash at the closing of such transfer) and in accordance with any other material terms or conditions described in the Transfer Notice, provided that the Third Party agrees, in form and substance reasonably satisfactory to the other Shareholder, to be bound by the provisions of this Agreement to the same extent as if such Third Party were originally a party hereto. If the sale of the Transferring Shareholder's Shares is not completed within sixty (60) days of the date of the expiration of the options set out in Section 10.6(c) above, then such Shares shall again become subject to the restrictions of this Agreement.
Lapse of Options. 8.1 Notwithstanding anything contained elsewhere in this Plan, the Options vested in, but not exercised by, an Optionee as well as unvested Options, will lapse, in case of termination of his/her employment for any reason, which in the opinion of the Compensation Committee is an appropriate case for lapse of the Option, including but not limited to the following:
8.1.1 Misconduct,
8.1.2 Fraud,
8.1.3 Unauthorised disclosure of confidential data.