Common use of Unvested Options Clause in Contracts

Unvested Options. The Option shall expire, and shall not be exercisable, with respect to any unvested Units hereunder and with respect to any Units as to which the Exercise Price exceeds the Fair Market Value (determined as of the date of such termination), immediately upon (i) the termination of the Participant’s employment with the Company if Participant was awarded the Option for his services as an employee, or (ii) when the Participant ceases to be a member of the management committee of the Company if Participant was awarded the Option for his services as a member of the management committee of the Company, or (iii) when Participant’s engagement as a consultant terminates if Participant was awarded the Option for his services as a consultant of the Company.