This excerpt taken from the KOG 8-K filed Mar 19, 2008.
(d) Notwithstanding the above, in no case may the Stock Options be exercised to any extent by anyone after the termination date of the Stock Options.
(e) Cause shall mean (i) the willful and continued failure by Employee substantially to perform his or her duties and obligations (other than any such failure resulting from his or her incapacity due to physical or mental illness), (ii) Employees conviction or plea bargain of any felony or gross misdemeanor involving moral turpitude, fraud or misappropriation of funds or (iii) the willful engaging by Employee in misconduct which causes substantial injury to the Company or its affiliates, its other employees or the employees of its affiliates or its clients or the clients of its affiliates, whether monetarily or otherwise. For purposes of this paragraph, no action or failure to act on Employees part shall be considered willful unless done or omitted to be done, by Employee in bad faith and without reasonable belief that his or her action or omission was in the best interests of the Company.
4. Method of Exercise of Stock Options. Subject to the foregoing, the Stock Options may be exercised in whole or in part from time to time by serving written notice of exercise on the Company at its principal office within the Stock Options period. The notice shall state the number of Shares as to which the Stock Options are being exercised and shall be accompanied by payment of the exercise price. Payment of the exercise price shall be made in cash (including bank check, personal check or money order payable to the Company).