LAPSE OF THE OPTION Sample Clauses
The "Lapse of the Option" clause defines the circumstances under which an option granted under a contract will expire or become void. Typically, this clause outlines specific events or timeframes—such as the passing of a set expiration date, the occurrence of a triggering event, or the failure of the option holder to meet certain conditions—that result in the option no longer being exercisable. For example, if an employee does not exercise their stock options within a specified period after leaving the company, the options may lapse. The core function of this clause is to provide clear boundaries for the validity of the option, preventing indefinite rights and ensuring both parties understand when the option is no longer available.
LAPSE OF THE OPTION. The Option shall immediately lapse and cease to be exercisable on the earliest of the following events:-
8.1 at the end of the day before the tenth anniversary of the Date of Grant;
8.2 if it is transferred or assigned, mortgaged, charged or otherwise disposed of by the Option Holder, except as otherwise expressly permitted by Clause 9.4 or the Remuneration Committee;
8.3 if the Option Holder is adjudged bankrupt or an interim order is made because the Option Holder intends to propose a voluntary arrangement to creditors under the Insolvency ▇▇▇ ▇▇▇▇ or Title 11 of the U.S. Code;
8.4 if the Option Holder makes or proposes a voluntary arrangement under the Insolvency ▇▇▇ ▇▇▇▇ or Title 11 of the U.S. Code, or any other scheme or arrangement in relation to outstanding debts, with creditors or any section of them;
8.5 if the Option Holder is otherwise deprived of the legal or beneficial ownership of the Option by operation of law or doing or omitting to do anything which causes the Option Holder to be so deprived;
8.6 where the Directors have given to the Option Holder notice of a likely Trade Sale under Clause 5.1, to the extent that it is not exercised by completion of that Trade Sale;
8.7 where the Directors have not given to the Option Holder notice of a likely Trade Sale under Clause 5.1, to the extent it is not exercised within such period after completion of a Trade Sale (of no less than fourteen days) as they may specify;
8.8 the expiry of twelve months following the earlier of the Option Holder giving or being given notice of termination of employment or ceasing to hold employment under Clause 7.1 (but so that during such period no unvested part of the Option shall become Vested);
8.9 a court ordered liquidation of the Company; and
8.10 twenty eight days following an Assets Sale.
LAPSE OF THE OPTION. 12.1. If the Option lapses in accordance with the terms of the Agreement it cannot subsequently Vest and/or be exercised and the Executive has no rights in respect of it.
12.2. The Option will lapse to the extent that it has not been exercised by November 15, 2027 unless it lapses earlier in accordance with the Agreement.
12.3. The Option shall lapse if:
(a) the Executive becomes bankrupt or the Option is subject to distraint; or
(b) the Executive commits a material breach of the Agreement.
12.4. If the Option is due to lapse under more than one provision of the Agreement, the Option will lapse on the earliest date of lapse.
LAPSE OF THE OPTION. 10.1. If the Option lapses in accordance with the terms of the Agreement it cannot subsequently be exercised and the Executive has no rights in respect of it.
10.2. The Option will lapse to the extent that it has not been exercised on the day after the Final Exercise Date unless it lapses earlier in accordance with the Agreement.
10.3. If the Option is due to lapse under more than one provision of the Agreement, the Option will lapse on the earliest date of lapse.
LAPSE OF THE OPTION. The Option (or any unexercised part) shall lapse on the first to occur of the following:
(a) the Optionholder failing to comply with his obligations under Clause 3 (Non-Assignability);
(b) the Cessation Date of the Optionholder’s employment within the Group other than by reason of his death or a reason specified in Clause 6.2 (Cessation of employment as a good leaver);
(c) the expiry of the period in Clause 6.1 (Death of the Optionholder);
(d) the expiry of the period in Clause 6.2 (Cessation of employment as a good leaver) ;
(e) save as provided in Clause 8 (Option Rollover) in the case of a Change of Control, Compromise or Arrangement or Compulsory Share Purchase, the expiry of the applicable period in Clause 7 (Company Events) to the extent the Option has not then been exercised;
(f) the date on which the Optionholder becomes bankrupt or does or omits to do anything as a result of which he is deprived of the legal or beneficial ownership of the Option; and
(g) the tenth anniversary of the Date of Grant.
LAPSE OF THE OPTION. The Option (or any unexercised part) shall lapse on the first to occur of the following:
(a) the Optionholder failing to comply with his obligations under Clause 3 (Non-Assignability);
(b) the Cessation Date if: (i) the Optionholder’s employment is terminated by reason of his misconduct; or (ii) the Option is Unvested on such Cessation Date, as provided in Clause 5.2 (Cessation of employment);
(c) the expiry of the period in Clause 5.1 (Death of the Optionholder);
(d) save as provided in Clause 7 (Option Rollover) in the case of a Change of Control, Compromise or Arrangement or Compulsory Share Purchase, the expiry of the applicable period in Clause 6 (Company Events) to the extent the Option has not then been exercised;
(e) the date on which the Optionholder becomes bankrupt or an interim order is made because he intends to propose a voluntary arrangement to his creditors under the Insolvency ▇▇▇ ▇▇▇▇;
(f) the date on which the Optionholder does or omits to do anything as a result of which he is deprived of the legal or beneficial ownership of the Option;
(g) the date on which the Optionholder makes or proposes a voluntary arrangement under the Insolvency ▇▇▇ ▇▇▇▇, or any other scheme, or arrangement in relation to his debts, with his creditors or any section of them; and
(h) the tenth anniversary of the Date of ▇▇▇▇▇.
LAPSE OF THE OPTION. In the event Optionee fails to exercise the Option during the Term, the Option shall lapse and terminate and Optionee shall have no further interest in the Properties under this Agreement.