Termination of Option Clause Example with 16 Variations from Business Contracts

This page contains Termination of Option clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Termination of Option. (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and voidat the time of the earliest of the following to occur: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical doctor satisfactory to t...he Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; or (v) the tenth (10th) anniversary of the date as of which the Option is granted. (b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. View More
Found in TRANSENTERIX INC. contract

Variations of a "Termination of Option" Clause from Business Contracts

Termination of Option. (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determ...ined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; or Optionee; 2 (v) the tenth (10th) [tenth] anniversary of the date as of which the Option is granted. granted[. ][; or] (vi) [immediately in the event that the Optionee shall file any lawsuit or arbitration claim against the Company or any Subsidiary, or any of their respective officers, directors or shareholders.] (b) Cancellation. [Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") (a "Cancellation Notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 6(b).] View More
Found in Modern Round Entertainment Corp contract
Termination of Option. (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determ...ined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; or Optionee; 2 (v) the tenth (10th) [tenth] anniversary of the date as of which the Option is granted. (b) granted[.] [; or] (vi) [immediately in the event that the Optionee shall file any lawsuit or arbitration claim against the Company or any Subsidiary, or any of their respective officers, directors or shareholders.] [(b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") (a "Cancellation Notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 6(b).] View More
Found in Modern Round Entertainment Corp contract
Termination of Option. (a) General. Any unexercised portion of the Option Option, whether vested or unvested, shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a ...Disability of the Optionee as determined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; or Optionee; (v) the tenth (10th) [must be no more than fifth (5th) if optionee if 10% owner] anniversary of the date as of which the Option is granted. (b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. View More
Found in RTI SURGICAL, INC. contract
Termination of Option. (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Optionee' s Continuous Service terminates other than by reason of (A) is terminated by the Company or a Related Entity for (a) Cause, (B) (b) a Disability of th...e Optionee as determined by a medical doctor satisfactory to the Committee, or (C) (c) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Optionee' s Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Optionee' s Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Optionee' s Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; Optionee; or (v) the tenth (10th) fifth anniversary of the date as of which the Option is granted. granted (or, if a different date is shown on Schedule I hereof beside the caption "Termination Date", such date). (b) Cancellation. To the extent not previously exercised, exercised: (i) the Option shall terminate immediately in the event of (A) (a) the liquidation or dissolution of the Company, or (B) (b) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate Affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, right; and 7 (ii) the Committee in its sole discretion may by written notice cancel ("cancellation notice") cancel, notice"), effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his their exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. View More
Found in 8 Contracts from SPARTA COMMERCIAL SERVICES, INC.
Termination of Option. (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determ...ined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; Optionee; or (v) the tenth (10th) anniversary of the date as of which the Option is granted. granted (or, if a different date is shown on Schedule I hereof beside the caption "Termination Date", such date). (b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. View More
Found in AUDIOEYE INC contract
Termination of Option. (a) General. Any unexercised portion of the Option Option, whether vested or unvested, shall automatically and without notice terminate and become null and voidat void at the time of the earliest to occur of the following to occur: following: (i) unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a ...Disability of the Optionee as determined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee; (ii) immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; (iii) twelve months after the date on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; (iv) (A) twelve months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii) hereof; or Optionee; (v) the tenth (10th) anniversary of the date as of which the Option is granted. (b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 2 7. Transferability. Unless otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. View More
Found in RTI SURGICAL, INC. contract