Example ContractsClausesExpiration of Option
Expiration of Option
Expiration of Option contract clause examples

This Option, once vested, may not be exercised to any extent by any one after the first to occur of the following events:

Expiration of Option. The Option shall expire on the date set forth in [Schedule 1] (the “Expiration Date”), unless terminated earlier as set forth in [section 5] hereof, and may not be exercised after the earlier of # the Expiration Date and # the earlier termination date established in accordance with [section 5] hereof.

Except as otherwise may be provided by the Committee consistent with the terms of the Plan, the Option shall expire and cease to be exercisable as of the earlier of # the Expiration Date set forth in the Grant Notice or # the date specified below in [Sections 4A]. through [[Unknown Identifier]]., as applicable.

Option Expiration Date. Unless otherwise provided by the Option Grant Certificate , the “Expiration Date” with respect to an Incentive Stock Option or any portion thereof awarded to a Participant under the Plan means the earliest of:

Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of # the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and # the date that is five Business Days prior to the Revolving Maturity Date; provided that any Letter of Credit may contain customary automatic renewal provisions agreed upon by the Borrower and the applicable Issuing Bank pursuant to which the expiration date of such Letter of Credit shall automatically be extended for a period of up to 12 months (but not to a date later than the date set forth in [clause (ii) above]), subject to a right on the part of such Issuing Bank to prevent any such renewal from occurring by giving notice to the beneficiary in advance of any such renewal; and provided further that if there exist any Extended Revolving Commitments having a maturity date later than the Revolving Maturity Date (the “Subsequent Maturity Date”), then, so long as the aggregate LC Exposure in respect of Letters of Credit expiring after the Revolving Maturity Date will not exceed the lesser of $20,000,000 and the aggregate amount of such Extended Revolving Commitments, the Borrower may request the issuance of a Letter of Credit that shall expire at or prior to the close of business on the earlier of # the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and # the date that is five Business Days prior to the Subsequent Maturity Date.

Tolling Expiration. A Participant’s Award Agreement may also provide that:

Each Option will terminate not later than the expiration date specified in the Award Agreement pertaining to such Option, provided that the expiration date with respect to an Option shall not be later than the 10th anniversary of its Award Date.

Section # Expiration of Option

the last day of the maximum term of the Option (the “Option Expiration Date”).

if the Fixed Term expiration date falls within two business days after the end of a blackout period imposed on the Optionee by the Company, then the Fixed Term expiration date will be that date which is the Blackout Expiration Term reduced by that number of business days between the Fixed Term expiration date and the end of such blackout period (i.e. Options whose Fixed Term expires two business days after the end of the blackout period will only have an additional eight business days to exercise.)

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