Termination of Option Clause Example from Business Contracts
This example Termination of Option clause appears in
11 contracts
from
1 company
Termination of Option. Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the fifth anniversary of the date as of which the Option is 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, consolid...ation 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; and (ii) the Committee in its sole discretion may by written notice cancel ("cancellation 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 their exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 6 7. Transferability. Unless (i) transfers are expressly permitted in the language appearing beside the caption "Expanded Rights to Transfer Option" on Schedule I hereof or (ii) otherwise determined by the Company or Committee, the Option granted hereby 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
