Common use of Time Options Clause in Contracts

Time Options. 602.90 of the Time Options (as such term is defined in the Option Agreement) held by ▇▇▇▇▇ will be forfeited upon the Retirement Date. 904.35 of the Time Options held by ▇▇▇▇▇ shall be vested as of the Retirement Date. Notwithstanding Section 4 of the Option Agreement, such vested Time Options shall expire on the earlier of (x) the Expiration Date (as such term is defined in the Option Agreement) or (y) such earlier date that ▇▇▇▇▇ (1) engages in “Competitive Activity” (as defined in the MESA) or (2) otherwise breaches any restrictive covenant in Article III of the Employment Agreement, Section 5 of the Option Agreement, Section 4.2(iv)-(v) of the MESA or Article IV herein.