Common use of LAPSE OF THE OPTION Clause in Contracts

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 of the Optionholder’s employment within the Group other than by reason of his death or a reason specified in Clause 6.2 7.2 (Cessation of employment as a good leaver); (c) the expiry of the period in Clause 6.1 7.1 (Death of the Optionholder); (d) the expiry of the period in Clause 6.2 7.2 (Cessation of employment as a good leaver) ; (e) save as provided in Clause 8 9 (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 8 (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.