Term and Termination of Option Sample Clauses

Term and Termination of Option. Except as otherwise provided herein, ------------------------------ the period in which the Option may be exercised as to any Vested Shares (the "Option Period") shall commence on the date such shares become Vested Shares and terminate at 5:00 p.m. Eastern Time on the date of the first to occur of the following events: (a) the 10th anniversary of the Grant Date; (b) If the employment of Optionee by the Corporation terminates for any reason other than as provided in paragraph (c) or (d) below, the Option shall lapse, unless it is previously exercised, three months after Optionee's Termination of Employment; provided, however, that if Optionee's employment is terminated by the Corporation for Cause or by Optionee without the consent of the Corporation, the Option shall (to the extent not previously exercised) lapse immediately. (c) If the employment of Optionee by the Corporation terminates by reason of his Disability, the Option shall lapse, unless it is previously exercised, within one year after Optionee's Termination of Employment. (d) If Optionee dies while employed by the Corporation, or during the three-month period described in paragraph (b) or during the one-year period described in paragraph (c) and before the Option otherwise lapses, the Option shall lapse one year after Optionee's death. Upon Optionee's death, any exercisable Options may be exercised by Optionee's beneficiary. Unless the exercisability of the Option is accelerated as provided in Article 13 of the Plan, if Optionee exercises the Option after Termination of Employment, the Option may be exercised only with respect to the shares that were otherwise vested on Optionee's Termination of Employment. Upon the expiration of any Option Period, this Option, and all unexercised rights granted to Optionee hereunder shall terminate as to all Vested Shares to which such Option Period relates, and thereafter be null and void.

Term and Termination of Option. Except as otherwise provided herein, the term of the option (the "Option Period") shall commence upon the Grant Date, and shall terminate on the fifth anniversary of the Grant Date. Upon expiration of the Option Period this Option, and all unexercised rights granted to Optionee hereunder, shall terminate and thereafter be null and void.

Term and Termination of Option. Except as otherwise provided herein, the term of the Option ("Option Period") shall commence on the Grant Date and terminate on June 25, 2006. Subject to paragraph 1.6 below, this Option shall become exercisable as to one-fourth (1/4) of the total number of Option Shares at such time as the Fair Market Value (as defined below) of the Common Stock of the Company Is equal to or greater than Five Dollars ($5.00) per share, for twenty

Term and Termination of Option. Except as otherwise provided herein, the period in which the Option may be exercised as to any Vested Shares (the "Option Period") shall commence on the date such shares become Vested Shares and terminate at 5:00 p.m. Eastern Time on the date of the first to occur of the following events: (a) the 10th anniversary of the Grant Date; (b) if Grantee ceases to be a director of the Company for any reason other than as provided in paragraph (c) or (d) below, the Option shall lapse, unless it is previously exercised, ninety (90) days after Grantee's Termination of Directorship (as defined in Section 6.11); provided, however, that if Grantee's directorship is terminated by the Company for Cause or by Grantee without the consent of the Company, the Option shall (to the extent not previously exercised) lapse immediately; (c) if Grantee ceases to be a director of the Company by reason of his Disability, the Option shall lapse, unless it is previously exercised, one year after Grantee's Termination of Directorship; or (d) if Grantee dies while serving as a director, or during the 90-day period described in paragraph (b) or during the one-year period described in paragraph (c) and before the Option otherwise lapses, the Option shall lapse one year after the date of the Grantee's death. Upon Grantee's death, any exercisable Options may be exercised by Grantee's legal representative or representatives, by the person or persons entitled to do so under Grantee's last will and testament, or, if Grantee shall fail to make testamentary disposition of such Option or shall die intestate, by the person or persons entitled to receive such Option under the applicable laws of descent and distribution.

Term and Termination of Option. The term of the Option shall commence on the Grant Date and end ten years from the Grant Date (the “Option Period”). Upon the expiration of the Option Period, the Option and all unexercised rights granted to Optionee hereunder shall terminate, and thereafter be null and void.

Term and Termination of Option. Except as otherwise provided herein, the term of the Option ("Option Period") shall commence on the Grant Date and terminate on January 27, 2005. Subject to paragraph 1.5 below, this Option shall become exercisable (vest) based on the passage of services to the Company in accordance with the following vesting schedule: 20,000 options shares shall vest on June 30, 2000 25,000 options shares shall vest on September 30, 2000 30,000 options shares shall vest on December 31, 2000 22,500 options shares shall vest on March 31, 2001 22,500 options shares shall vest on June 30, 2001 22,500 options shares shall vest on September 30, 2001 22,500 options shares shall vest on December 31, 2001 22,500 options shares shall vest on March 31, 2002 22,500 options shares shall vest on June 30, 2002 22,500 options shares shall vest on September 30, 2002 22,500 options shares shall vest on December 31, 2002 22,500 options shares shall vest on March 31, 2003 22,500 options shares shall vest on June 30, 2003 22,500 options shares shall vest on September 30, 2003 22,500 options shares shall vest on December 31, 2003 Once the right to purchase shares has accrued and vested, such shares may thereafter be purchased at any time, or in part from time to time, until the termination date of this Option, subject to the provisions of Paragraph 1.7 below. In no case may this Option be exercised for a fraction of a share. No shares shall vest after termination of services to the Company unless otherwise agreed in writing. Upon the expiration of the Option Period as set forth above, this Option, and all unexercised rights granted to the Optionee hereunder shall terminate, and thereafter be null and void.

Term and Termination of Option. (a) The Committee has determined that this Option Will expire, and the rights hereunder to purchase Stock will terminate, ten years following the grant date (the “Option Period’). The expiration date of this Option shall be February 23, 2014. (b) To the extent not previously exercised, this Option will terminate upon the expiration of the Option Period specified in 2.5(a); provided, however, that, subject to the provisions of Section 2.5(a), this ISO will terminate upon the earlier of (i) ninety (90) days after the date that the Optionee ceases to be an Eligible Employee for any reason, other than by reason of Death., Disability, or a Just Cause Termination (ii) twelve (12) months after the date that the Optionee ceases to be an Eligible Employee by reason of Death or Disability; or (iii) immediately as of the date that the Optionee ceases to be an Eligible Employee by reason of a Just Cause Termination.

Term and Termination of Option. The term of the Option (the "Term") shall commence as of the effective date hereof and shall expire upon the earlier of (a) the expiration of the five-year period commencing as of the effective date hereof or (b) that date which is ninety (90) days after the date Optionee ceases to serve as a member of the Board of Directors of the Corporation or a consultant under the terms of the Consulting Agreement.

Term and Termination of Option. Except as otherwise provided herein, the term of the Option (the "Option Period") shall expire on the date of the first to occur of the following events: (a) March 18, 2008; or (b) the ninetieth (90th) day following the date the Optionee no longer serves upon the Board of Directors of the Company. Upon the expiration of the Option Period, this Option, and all unexercised rights granted to Optionee hereunder shall terminate, and thereafter be null and void.