Obligations of Optionee. The Optionee will serve the Corporation as a member of the Corporation’s Board of Directors in good faith and use his or her best efforts to promote its interests. Participation on the Board of Directors shall be at such rate of compensation as the Corporation shall from time to time in its discretion determine. If the Optionee violates the provisions of this Section 9 without the express written consent of the Corporation, the Option will thereupon terminate without prejudice to any rights or remedies which the Corporation may have against the Optionee under this Agreement or otherwise.
Appears in 2 contracts
Sources: Incentive Stock Option Agreement (Wachtel William B), Incentive Stock Option Agreement (Chodock Marc)