Term Clause Example from Business Contracts

This example Term clause appears in 3 contracts from 3 companies

Term. You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following: (a) immediately upon the termination of your Continuous Service for Cause; (b) three months after the termination of your Continuous Service for any reason other than Cause, Disability or death; (c) 12 months after the termination of your Continuous Service due to your Disability; (d) 18 months after... your death if you die during your Continuous Service; (e) immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction, (f) the Expiration Date indicated in your Grant Notice; or (g) the day before the 10th anniversary of the Date of Grant. Standard Stock Option Grant Package Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan. To obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option and ending on the day three months before the date of your Option's exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates. View More
Found in Design Therapeutics, Inc. contract
Design Therapeutics, Inc. Contracts

Design Therapeutics, Inc. 2021 Equity Incentive Plan, and Forms of Option Grant Notice, Option Agreement and Notice of Exercise thereunder (Filed With SEC on March 22, 2021)

Janux Therapeutics, Inc. Contracts

Janux Therapeutics, Inc. 2021 Equity Incentive Plan, and Forms of Option Grant Notice, Option Agreement and Notice of Exercise thereunder (Filed With SEC on June 7, 2021)

Intrinsic Medicine, Inc. Contracts

Intrinsic Medicine, Inc. 2022 Equity Incentive Plan and Forms of Stock Option Grant Notice, Option Agreement and Notice of Exercise thereunder (Filed With SEC on May 4, 2022)