When Option lapses Clause Samples

When Option lapses. An Option will lapse to the extent that it has not been exercised (whether or not it became exercisable) on the earliest of: 6.1.1. normal lapse time: the tenth anniversary of the Date of ▇▇▇▇▇; 6.1.2. injury, disability, Redundancy, retirement etc: if the Participant ceases Employment for any of the reasons referred to in Rule 5.2.1, 5.2.2, 5.2.3 or 5.2.4, the date which is twenty four months from the date he so ceases Employment; 6.1.3. cessation of Employment under Rule 5.3: if a Participant ceases Employment under Rule 5.3, the date of cessation of Employment and if the Remuneration Committee exercises its discretion under Rule 5.3.2, the date specified by the Remuneration Committee; 6.1.4. general offers, schemes of arrangement or voluntary winding-up of Company: without prejudice to the operation of Rule 10, the expiry of the applicable period referred to in Rule 7.1, Rule 7.3, Rule 7.4 (subject to the proviso in Rule 7.4)or Rule 7.5; and 6.1.5. insolvency: the date on which a Participant enters into a composition with his creditors in satisfaction of his debts or a bankruptcy order is made against him.