Common use of LAPSE OF THE OPTION Clause in Contracts

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.