Lapse of Option. This Agreement shall be null and void in the event Optionee shall fail to sign and return a counterpart hereof to the Company within thirty (30) days of its delivery to Optionee.
Lapse of Option. In the event that the Option is not exercised within the Option Period then the Option will lapse and the parties shall use their best endeavours to enter a production joint venture operating agreement in respect of such Production Licence under which:
Lapse of Option. This Agreement shall be null and void in the event Employee shall fail to sign and return a counterpart hereof to the Company within thirty (30) days of its delivery to Employee.
Lapse of Option. In the event Grantee does not deliver a Notice of Exercise to Owner during the Option Period, then subject to the cure provisions set forth in Section 8.1 of this Option Agreement, the Owner shall have the right to terminate this Option Agreement, and the rights granted by Owner to Grantee in this Option Agreement shall be of no further force or effect.
Lapse of Option. In the event that Newco has decided not to exercise its option to the purchase the Premises under the Option Agreement and Newco has not received an offer to purchase all of Newco's rights and obligations under the Option Agreement within thirty (30) days prior to the last day for giving notice of exercise of the expiration of the option, then Newco shall give EQR OP thirty (30) days written notice of such expiration of the option. Upon timely giving such notice, EQR OP shall have the right to require Newco to immediately assign all of its rights and obligations under the Option Agreement to ERQ OP for One Hundred and 00/100 Dollars ($100.00).
Lapse of Option. 5.1 Regardless of any other term of this Agreement, the Option shall lapse and cease to be exercisable (or lapse and cease to become capable of becoming exercisable as relevant) forthwith on the earliest to occur of:-
Lapse of Option. An Option shall lapse automatically (to the extent not already exercised) on the earliest of:
Lapse of Option. An Incentive Stock Option shall lapse in the following circumstances:
Lapse of Option. An Option, (i) if vested but not exercised, shall automatically lapse in each case on the earliest of this Clause 7(a), (c), (f), (h), (i) and (j); or (ii) if unvested, shall automatically be cancelled and cease vesting in each case on the earliest of this Clause 7(b), (c), (d), (e), (f), (g), (h), (i) and (j).
Lapse of Option. 6.1 The whole Option (whether Vested or Unvested) shall lapse upon the first to occur of the following:
