Term; Forfeiture. In the event that Optionee ceases to be a director of the Company (a “Termination of Director Status”) for any reason other than Optionee’s death or disability or an Adverse Effect (as defined below), the Option outstanding on such date of Termination of Director Status, to the extent vested on such date, may be exercised by Optionee (or, in the event of Optionee’s subsequent death, by Optionee’s Heir (as defined below)) until the expiration of the Option Period, but not thereafter. In no event shall the Option be exercisable after the tenth (10th) anniversary of the Date of Grant. To the extent the Option is not vested on Optionee’s date of Termination of Director Status, the Option shall automatically lapse and be canceled unexercised as of such date.
Appears in 4 contracts
Samples: Non Statutory Stock Option Agreement (Omega Protein Corp), Non Statutory Stock Option Agreement (Omega Protein Corp), Nonstatutory Stock Option Agreement (Omega Protein Corp)
