Termination of the Options Clause Samples
The 'Termination of the Options' clause defines the conditions under which any granted options, such as stock options or purchase rights, will cease to be valid. Typically, this clause outlines specific events that trigger termination, such as the expiration of a set period, the employee leaving the company, or the occurrence of a corporate transaction. By clearly stating when and how options end, this clause ensures both parties understand the limits of the rights granted and helps prevent disputes over unexercised or outstanding options.
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Termination of the Options. Optionee irrevocably agrees that effective as of the Closing, Optionee hereby cancels, forfeits and surrenders all right, title or interest in or to the Options or any equity of the Company purportedly purchasable upon exercise of the Options (but excluding any Common Stock previously purchased upon exercise of all or part of the Options), and the Options will thereupon be cancelled and terminated and treated as described in this Section 1. Effective as of the Closing, (i) each Option then held by Optionee (whether or not vested) that has a per share exercise price less than the amount to be paid per share of Common Stock to holders thereof (“Per Share Amount”) as a result of the Closing (“In the Money Options”) will be cancelled in exchange for a cash payment to be made on or as soon as practicable after the Closing Date in an amount equal to the product of (A) the excess of the Per Share Amount over such per share exercise price times (B) the number of shares of Common Stock subject to such In the Money Options (whether or not vested) immediately prior to such cancellation, and (ii) each Option then held by Optionee that has a per share exercise price that equals or exceeds the Per Share Amount will be cancelled in exchange for no consideration. Amounts payable under this Section 1 will be subject to the deductions and withholdings for taxes set forth in the Transaction Agreement.
Termination of the Options a. Termination of Options in General. Subject to subsections (b) --------------------------------- - (c) of this Section, the Option granted hereby shall terminate and the Option shall no longer be exercisable after of December 31, 2003.
Termination of the Options. Notwithstanding anything else to -------------------------- the contrary in this Agreement, the Options will expire and terminate immediately upon the Option Termination Date and thereafter will be void and of no force and effect.
Termination of the Options a. Termination of Options in General. Subject to subsections (b)- --------------------------------- (c) of this Section, the Option granted hereby shall terminate and the Option shall no longer be exercisable after the earlier of December 31, 2006, except in the case of death or disability.
Termination of the Options. 6.1 Except as otherwise stated in this Agreement, the Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in Appendix B; or (ii) the expiration of any extended period in any of the events set forth in Section 3.4 above (and such earlier date shall be hereinafter referred to as the "Expiration Date").
6.2 Without derogating from the above, the Committee may, with the prior written consent of the Optionee, from time to time cancel all or any portion of the Options then subject to exercise, and the Company's obligation in respect of such Options may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the fair market value of the Option Shares pertaining to such cancelled Options, at the date of such cancellation, over the aggregate purchase price of such Option Shares, (ii) the issuance or transfer to the Optionee of Shares, or other securities of the Company, with a fair market value at the date of such transfer equal to any such excess, or (iii) a combination of cash and Shares (or other securities) with a combined value equal to any such excess, all determined by the Committee in its sole discretion.
Termination of the Options. 6.1 Except as otherwise stated in this Agreement and subject to Section 6.3, the Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in Appendix B; or (ii) the expiration of any extended period in any of the events set forth in Section 3.4 above (and such earlier date shall be hereinafter referred to as the "Expiration Date").
6.2 Without derogating from the above and subject to Section 6.3, the Committee may, with the prior written consent of the Optionee, from time to time cancel all or any portion of the Options then subject to exercise, and the Company's obligation in respect of such Options may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the fair market value of the Option Shares pertaining to such cancelled Options, at the date of such cancellation, over the aggregate purchase price of such Option Shares, (ii) the issuance or transfer to the Optionee of Shares, or other securities of the Company, with a fair market value at the date of such transfer equal to any such excess, or (iii) a combination of cash and Shares (or other securities) with a combined value equal to any such excess, all determined by the Committee at its sole discretion.
6.3 An Option may not in any event be exercised later then the tenth anniversary of the Date of Grant.
Termination of the Options. The Options shall terminate pursuant to the provisions of Section 5 of the Plan; provided, however, that: (i) the Performance Option shall terminate no later than the date of a Change of Control to the extent the Target Stock Price is not achieved at such time, or was not previously achieved, (ii) the Investment Option shall terminate on the later of (x) April 30, 2016, or (y) if you earn a bonus under the Claire’s Stores, Inc. Annual Incentive Plan in respect of fiscal year 2015, ten business days after the day on which such bonus is paid, and (iii) the BOGO Option shall terminate at the time set forth in clause (ii) to the extent it is not then vested and exercisable. 3 see footnote 1 4 see footnote 1
Termination of the Options. The Options shall terminate pursuant to the provisions of Section 5 of the Plan, provided that Performance Options shall terminate no later than the date of a Claire's Investors Liquidity Event to the extent the Target Performance Goal or the Stretch Performance Goal, as applicable, is not achieved at such time, or was not previously achieved.
Termination of the Options. The Board may, at any time, in its absolute discretion, without amendment to this Agreement, terminate the Options then outstanding, whether or not exercisable, provided, however, that the Company, in full consideration of such termination, pays to the Executive an amount in cash for each such Option equal to either (i) if the date of termination occurs prior to a Public Offering, the excess of (x) the Fair Value of the shares of Common Stock subject to the Options as of the Valuation Date either (1) immediately preceding the date of termination if such date is on or before June 30, or (2) immediately succeeding the date of termination if such date is after June 30 but before January 1 of the following calendar year, over (y) the exercise price of the Options, or (ii) if the date of termination occurs coincident with or following a Public Offering, the excess of (x) the fair market value of each share of Common Stock as of the date of termination over (y) the exercise price of the Options.
Termination of the Options. The Options shall terminate pursuant to the provisions of Section 5 of the Plan; provided, however, that the Performance Option shall terminate no later than the date of a Change of Control to the extent the Target Stock Price is not achieved at such time, or was not previously achieved; provided further that the Investment Option, as it relates to 10,000 Shares, shall terminate on September 2, 2012 if prior to such date, you have not completed the Second Stock Purchase, as defined in Section 3.6 of the employment agreement by and between you and Claire’s Stores, Inc., dated May , 2012 (the “Employment Agreement”), and shall terminate as to an additional 10,000 Shares on January 1, 2013, if prior to such date you have not completed the Second stock Purchase.