Lonis / Gavin options terminated From the Management Information Circular, options do expire after a director resigns, quits, or is terminated. They have a grace period to exercise them. "following termination of an optionee's employment, directorship, consulting agreement or other qualified position, the optionee's option shall terminate upon the expiry of such period of time following termination, not to exceed 90 days (30 days if the optionee is engaged in providing investor relations services), as has been determined by the directors"