Common use of Option Null and Void Clause in Contracts

Option Null and Void. In the event that (a) the Employee's employment is terminated by the Company for cause, or (b) after the term of Employee's employment with the Company, Employee engages in activity that violates Section 6.4 of the Employment Agreement (to the extent such section is applicable), the Board of Directors, in its sole discretion, may annul any award granted hereunder and require the Employee to return to the Company the economic benefit of any Option Shares purchased hereunder by the Employee within the 12 month period prior to the date of termination. In such event, the Employee hereby agrees to remit to the Company, in cash, an amount equal to the difference between the Fair Market Value of the Option Shares on the date of termination (or the sales price of such Shares if the Option Shares were sold during such 12 month period) and the Exercise Price of such Shares.