Term of Options Clause Example from Business Contracts

Term of Options. To the extent vested, and except as otherwise provided in this Agreement, the Option shall be exercisable for ten (10) years from the date of this Agreement; provided, however, that in the event Director ceases to be either a member of the Board (for any reason or no reason, and regardless of whether ceasing to be a member of the Board is voluntary or involuntary on the part of Director) or employed by or engaged as a consultant to the Company, Director or his/her legal representative shall have... one (1) year from the date of such termination, or, if earlier, upon the expiration date of the Option as set forth above, to exercise any part of the Option vested pursuant to Section 3 of this Agreement. Upon the expiration of such one (1) year period, or, if earlier, upon the expiration date of the Option as set forth above, the Option shall terminate and become null and void. View More