Common use of LAPSE OF THE OPTION Clause in Contracts

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.