Common use of Termination and Forfeiture Clause in Contracts

Termination and Forfeiture. The Stock Option, whether or not vested, automatically expires at 5:00 p.m. United States Central Time on the Grant Expiration Date, unless terminated on an earlier date as described in this Agreement or the Plan. No vesting of the Stock Option shall occur after the date of Termination of Participant’s Service and all such unvested Option Shares will be forfeited as of 5:01 p.m. United States Central on the date of Termination of Participant’s Service. The unexercised portion of the Stock Option that is vested will automatically terminate and be forfeited at the first of the following to occur:

Appears in 3 contracts

Samples: Stock Option Agreement (Lawson Software, Inc.), Manifesto Stock Option Agreement (Lawson Software Inc), Stock Option Agreement (Lawson Software Inc)

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Termination and Forfeiture. The Stock Option, whether or not vested, automatically expires at 5:00 p.m. United States Central Time on the Grant Expiration Date, unless terminated on an earlier date as described in this Agreement or the Plan. No vesting All or any portion of the Stock Option shall occur after that is not vested on the date of Termination of Participant’s Service and all such unvested Option Shares will be forfeited as of 5:01 p.m. United States Central on the that date of Termination of Participant’s Service(unless termination is due to death, Disability or Retirement). The unexercised portion of the Stock Option that is vested will automatically terminate and be forfeited at the first of the following to occur:

Appears in 1 contract

Samples: Stock Option Agreement (Lawson Software Inc)

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