Term of Options Clause Example with 20 Variations from Business Contracts

Term of Options. (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. Notwithstanding the foregoing, in the event that on the last business day of the term of the Option, the exercise of the Option is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the Company's insider trading policy, the term... of the Option shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee determines otherwise. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other than Disability, death or Cause (as defined in the Plan). Cause. (ii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer on account of the Grantee's Participant's Disability. (iii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the Grantee Participant dies while employed by, or providing service to, the Employer or the Participant dies within 90 days after the Grantee Participant ceases to be so employed or to provide services on account of a termination described in subparagraph (i) above. to the Employer for any reason other than Disability, death or Cause. -2- (iv) The date on which the Grantee Participant ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee Participant engages in conduct that constitutes Cause after the Grantee's Participant's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Grant, except as provided under Section 3(a) above. Any portion of the Option that is not exercisable at the time the Grantee Participant ceases to be employed by, or provide service to, the Employer shall immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. Notwithstanding the foregoing, in the event that on the last business day of the term of the Option, the exercise of the Option is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the Company's insider trading policy, the term... of the Option shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee determines otherwise. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other than Disability, death or Cause (as defined in the Plan). Cause. (ii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer on account of the Grantee's Participant's Disability. (iii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the Grantee Participant dies while employed by, or providing service to, the Employer or the Participant dies within 90 days after the Grantee Participant ceases to be so employed or to provide services on account of a termination described in subparagraph (i) above. to the Employer for any reason other than Disability, death or Cause. (iv) The date on which the Grantee Participant ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee Participant engages in conduct that constitutes Cause after the Grantee's Participant's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. 2 Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Grant, except as provided under Section 3(a) above. Any portion of the Option that is not exercisable at the time the Grantee Participant ceases to be employed by, or provide service to, the Employer shall immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten (10) years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Unless a later termination date is provided for in a Company-sponsored plan, policy or arrangement, or any agreement to which the Employer is a party, the Option shall automatically terminate upon the happening of the first of the following events: - 1 - (i) The ...expiration of the 90-day ninety (90) day period after the Grantee ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other than Disability, Disability (as defined in the Plan), death or Cause (as defined in the Plan). (ii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, the Employer on account of the Grantee's Disability. (iii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, the Employer, if the Grantee dies (x) while employed by, or providing service to, the Employer or (y) within 90 ninety (90) days after the Grantee ceases to be so employed or provide such services on account of a termination described in subparagraph (i) above. (iv) The date on which the Grantee ceases to be employed by, or provide service to, the Employer on account of a termination by the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Board determines that the Grantee engages has engaged in conduct that constitutes Cause at any time while the Grantee is employed by, or providing service to, the Employer or after the Grantee's termination of employment or service terminates, service, any Option held by the Option Grantee shall immediately terminate, and the Grantee shall automatically forfeit all Shares shares underlying any exercised portion of the an Option for which the Company has not yet delivered the Share share certificates, upon refund by the Company of the exercise price Exercise Price paid by the Grantee for such Shares. shares. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Any portion of the Option that is not vested and exercisable at the time the Grantee ceases to be employed by, or provide service to, the Employer shall immediately terminate. The Grantee shall pay the Exercise Price (i) in cash, (ii) by delivering shares of Company Stock owned by the Grantee (including Company Stock acquired in connection with the exercise of an Option, subject to such restrictions as the Committee deems appropriate) and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation (on a form prescribed by the Committee) to ownership of shares of Company Stock having a Fair Market Value on the date of exercise equal to the Exercise Price; (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board; or (iv) by such other method as the Committee may approve. In addition, the Grantee may elect to settle the Option on a "net basis" by taking delivery of the number of Company Stock equal to Fair Market Value of the shares subject to any Option less the exercise price, any tax (or governmental obligation) or other administration fees due. The Company may impose from time to time such limitations as it deems appropriate on the use of shares of Company Stock to exercise the Option. - 2 - (b) The obligation of the Company to deliver shares of Company Stock upon exercise of the Option shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Company, including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may require that the Grantee (or other person exercising the Option after the Grantee's death) represent that the Grantee is purchasing shares of Company Stock for the Grantee's own account and not with a view to or for sale in connection with any distribution of the shares of Company Stock, or such other representation as the Company deems appropriate. (c) All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. The Grantee may elect to satisfy any tax withholding obligation of the Company with respect to the Option by having shares of Company Stock withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities. View More

Term of Options. (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. Notwithstanding the foregoing, in the event that on the last business day of the term of the Option, the exercise of the Option is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the Company's insider trading policy, the term... of the Option shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee determines otherwise. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other than Disability, death or Cause (as defined in the Plan). Cause. (ii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer on account of the Grantee's Participant's Disability. (iii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the Grantee Participant dies while employed by, or providing service to, the Employer or the Participant dies within 90 days after the Grantee Participant ceases to be so employed or to provide services on account of a termination described in subparagraph (i) above. to the Employer for any reason other than Disability, death or Cause. (iv) The date on which the Grantee Participant ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee Participant engages in conduct that constitutes Cause after the Grantee's Participant's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Grant, except as provided under Section 3(a) above. Any portion of the Option that is not exercisable at the time the Grantee Participant ceases to be employed by, or provide service to, the Employer shall immediately terminate. View More

Term of Options. (a) The Option shall will have a term of ten years from the Date of Grant and shall will terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Option shall will automatically terminate upon the happening of the first of the following events: 3 (i) The expiration of the 90-day period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the termination is fo...r any reason other than Disability, death or Cause (as defined in the Plan). Cause. (ii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer on account of the Grantee's Participant's Disability. (iii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the Grantee Participant dies while employed by, or providing service to, the Employer or within 90 days after the Grantee Participant ceases to be so employed or provide such services on account of a termination described in subparagraph subsection (i) above. (iv) The date on which the Grantee Participant ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee Participant engages in conduct that constitutes Cause after the Grantee's Participant's employment or service terminates, the Option shall will immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Any portion of the Option that is not exercisable at the time the Grantee Participant ceases to be employed by, or provide service to, the Employer shall will immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day 90‐day period after the Grantee ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other tha...n Disability, Disability (as defined in the Plan), death or Cause (as defined in the Plan). (ii) The expiration of the one-year one‐year period after the Grantee ceases to be employed by, or provide service to, the Employer on account of the Grantee's Disability. (iii) The expiration of the one-year one‐year period after the Grantee ceases to be employed by, or provide service to, the Employer, if the Grantee dies while employed by, or providing service to, the Employer or if the Grantee dies within 90 days after the Grantee ceases to be so employed or provide such services on account of a termination described in subparagraph (i) above. (iv) The date on which the Grantee ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Grantee engages in conduct that constitutes Cause after the Grantee's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Any Except as otherwise provided in a written employment agreement entered into by and between the Grantee and the Employer, if any, or as set forth in subparagraph 2(b) above, any portion of the Option that is not exercisable in accordance with this Agreement at the time the Grantee ceases to be employed Employed by, or provide service to, the Employer shall immediately terminate. terminate as of the date on which the Grantee ceases to be Employed by, or provide service to, the Employer. 4. Exercise Procedures. (a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or all of the exercisable Option by giving the Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the Option is to be exercised and the method of payment. Payment of the exercise price shall be made in accordance with procedures established by the Board from time to time based on type of payment being made but, in any event, prior to issuance of the Shares. The Grantee shall pay the exercise price (i) in cash, (ii) unless the Board determines otherwise, by delivering Shares owned by the Grantee and having a Fair Market Value (as defined in the Plan) on the date of exercise at least equal to the exercise price or by attestation (on a form prescribed by the Board) to ownership of Shares having a Fair Market Value on the date of exercise at least equal to the exercise price, (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, (iv) through a net exercise of the Option whereby the Grantee instructs the Employer to withhold that number of Shares having a Fair Market Value on the date of exercise equal to the aggregate exercise price of the Option being exercised and deliver to the Grantee the remainder of the Shares subject to such exercise, or (v) by such other method as the Board may approve. The Board may impose from time to time such limitations as it deems appropriate on the use of Shares to exercise the Option. (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. (c) All obligations of the Company under this Agreement shall be subject to the rights of the Employer as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. Subject to Board approval, the Grantee may elect to satisfy any tax withholding obligation of the Employer with respect to the Option by having Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities. View More

Term of Options. (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the termination is for any reason othe...r than Disability, death or Cause (as defined in the Plan). Cause. 3 (ii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer on account of the Grantee's Participant's Disability. (iii) The expiration of the one-year period after the Grantee Participant ceases to be employed by, or provide service to, the Employer, if the Grantee Participant dies while employed by, or providing service to, the Employer or within 90 days after the Grantee Participant ceases to be so employed or provide such services on account of a termination described in subparagraph subsection (i) above. (iv) The date on which the Grantee Participant ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee Participant engages in conduct that constitutes Cause after the Grantee's Participant's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Grant; provided, however, that if the term of the Option is extended pursuant to Section 2(a) above, in no event may the Option be exercised after the date that is immediately before the expiration of the extended term of the Option. Any portion of the Option that is not exercisable at the time the Grantee Participant ceases to be employed by, or provide service to, the Employer shall immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten (10) years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. Agreement. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day period after the Grantee ceases to be employed by, or provide service to, Employed by the Employer, if the termination is for... any reason other than Disability, Disability (as defined in Paragraph 9), death or Cause (as defined in the Plan). Paragraph 9). (ii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, Employed by the Employer on account of the Grantee's Disability. (iii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, Employed by the Employer, if the Grantee dies while employed by, or providing service to, Employed by the Employer or within 90 days after the Grantee ceases to be so employed or provide services on account of a termination described in subparagraph (i) above. Employer. (iv) The date on which the Grantee ceases to be employed by, or provide service to, Employed by the Employer on account of a termination by the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Company determines that the Grantee engages has engaged in conduct misconduct that constitutes Cause at any time while the Grantee is Employed by the Employer or after the Grantee's termination of employment or service terminates, service, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion terminate as of the Option for date on which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. misconduct constituting Cause first occurred. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before following the tenth 10th anniversary of the Date of Grant. Any If the Option, or any portion of the Option that thereof, is not exercisable at the time the Grantee ceases to be employed by, or provide service to, Employed by the Employer it shall immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten five (5) years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) Unless otherwise specified by the Board, the Option shall automatically terminate on the date on which the Grantee ceases to be employed or provide service to the Company for any reason, except for the happening of any of the events described in Paragraph 3(c). (...c) The Option shall automatically terminate upon the happening of the first of the following events: (i) The date on which the Board determines that the Grantee has engaged in conduct that constitutes Cause at any time while the Grantee is employed by or providing service to the Company. In addition, notwithstanding the other provisions of this Paragraph 3, if the Board determines that the Grantee has engaged in conduct that constitutes Cause after the Grantee's termination of employment or service for any reason, the Option shall immediately terminate. (ii) The expiration of the 90-day period after the Grantee ceases to be employed by, provide services to the Company, as a result of a termination of service without Cause or provide service to, the Employer, if the Grantee voluntarily terminated employment or service and provided the Company with at least 90 days advance written notice of the effective date of such termination is for any reason other than Disability, death of employment or Cause (as defined in service with the Plan). (ii) Company. (iii) The expiration of the one-year period after the Grantee ceases to provide services to the Company on account of the Grantee's Disability. (iv) The expiration of the one-year period after the Grantee ceases to be employed by, by or provide service to, services to the Employer on account of the Grantee's Disability. (iii) The expiration of the one-year period after the Grantee ceases to be employed by, or provide service to, the Employer, Company, if the Grantee dies while employed by, by or providing in the service to, the Employer or within 90 days after the Grantee ceases to be so employed or provide services on account of a termination described in subparagraph (i) above. (iv) The date on which the Grantee ceases to be employed by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Grantee engages in conduct that constitutes Cause after the Grantee's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. Company. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of five (5) years from the Date of Grant. Any portion of the Option that is not exercisable at the time the Grantee ceases to be employed by, by or provide service to, to the Employer Company shall immediately terminate. View More

Term of Options. (a) The Option shall have a term of ten (10) years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Option shall automatically terminate upon the happening of the first of the following events: (i) The expiration of the 90-day three (3) month period after the Grantee ceases to be employed by, or provide service to, the Employer, Company, if the termination is f...or any reason other than Disability, death or Cause (as defined in the Plan). Cause. (ii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, the Employer Company on account of the Grantee's Disability. (iii) The expiration of the one-year one (1) year period after the Grantee ceases to be employed by, or provide service to, the Employer, Company, if the Grantee dies while employed by, or providing service to, the Employer or within 90 days after the Grantee ceases to be so employed or provide services on account of a termination described in subparagraph (i) above. Company. (iv) The date on which the Grantee ceases to be employed by, or provide service to, the Employer Company, if the termination is for Cause. In addition, notwithstanding the prior provisions of this Paragraph Section 3, if the Grantee engages in conduct that constitutes Cause after the Grantee's employment or service terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all Shares underlying any exercised portion of the Option for which the Company has not yet delivered the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for such Shares. terminate. Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Any Except as otherwise provided in Section 2(b), any portion of the Option that is not exercisable at the time the Grantee ceases to be employed by, or provide service to, has a termination of employment with the Employer Company shall immediately terminate. View More