Cancellation
The Issuer shall have the authority to cancel Options in the cases specified in these Terms.
Cancellation means that the affected Options lapse and no longer confer any rights or entitlements.
Where applicable, the Issuer may repurchase Underlying Rights already issued to the Option Holder under the terms set out below.
If the Option Holder’s employment or engagement with the Issuer or any of its affiliated entities ends other than as a Bad Leaver, all unvested Options shall lapse as of the termination date.
Vested Options shall remain exercisable for a reasonable period to be determined by the Issuer after termination, unless otherwise agreed in writing.
The Option Holder shall cooperate with any administrative formalities, including the execution of required documentation.
If the Option Holder’s employment or engagement is terminated due to misconduct, gross negligence, fraud, dishonesty, serious breach of duty, or material breach of obligations toward the Issuer, all Options (vested and unvested) shall immediately lapse without any compensation.
In such case, the Issuer shall have the right to repurchase any Underlying Rights already issued to the Option Holder at a purchase price per right equal to the Exercise Price originally paid.
The Option Holder shall fully cooperate with the repurchase or transfer, including timely signing of all necessary documents and delivering the Underlying Rights free of any encumbrances.
If the Option Holder breaches any obligation or policy of the Issuer such as confidentiality, integrity, anti-corruption, sanctions, or non-competition policies or fails to meet the requirements for valid exercise, including timely payment of the Exercise Price or submission of required documentation, the Issuer may cancel the relevant Options without compensation. The Issuer may, at its discretion, allow rectification within a reasonable period; failure to do so results in final lapse of the Options.
Any transfer, pledge, or other disposition of Options in violation of applicable restrictions shall be void and entitles the Issuer to cancel the affected Options.
If, due to an obvious mistake or administrative error, more or different Options than intended have been granted or recorded, the Issuer may cancel or correct such Options to restore the intended situation.
The Option Holder shall be notified of such correction in writing.
If the retention or exercise of Options would conflict or risk conflicting with applicable laws, regulatory requirements, licence conditions, or sanctions regimes, the Issuer may cancel the affected Options, in whole or in part, to the extent reasonably necessary or desirable to ensure compliance.
Cancellation shall take effect by written notice to the Option Holder specifying the reason, the number of Options, and the effective date.
The Issuer shall update the option register accordingly and provide confirmation to the Option Holder upon request.
As of the effective date of cancellation, the Option Holder irrevocably loses all rights attached to the cancelled Options, without any entitlement to compensation or damages, except for a repurchase amount for Underlying Rights expressly provided for in this Article.