Common use of Board Discretion Clause in Contracts

Board Discretion. Notwithstanding this Section 5, the Board of Directors of the Company (the “Board”) may, in its sole discretion, determine the effect on the Option of the Participant’s death, disability, termination or other cessation of employment, authorized leave of absence or other change in employment or other status of the Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Option. For the purposes of this Agreement, a “Designated Beneficiary” is (i) the beneficiary designated, in a manner determined by the Board, by the Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the absence of an effective designation by the Participant, the Participant’s estate.

Board Discretion. Notwithstanding this Section 5, the Board of Directors of the Company (the “Board”) may, in its sole discretion, determine the effect on the Option of the Participant’s death, disability, termination or other cessation of employment, authorized leave of absence or other change in employment or other status of the Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights rights, or receive any benefits, under the Option. For the purposes of this Agreement, a “Designated Beneficiary” is (i) the beneficiary designated, in a manner determined by the Board, by the Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the absence of an effective designation by the Participant, the Participant’s estate.

Board Discretion. Notwithstanding anything in this Section 54, the Board of Directors of the Company (the “Board”) maymay determine, in its sole discretioneither at the time an option is granted or thereafter, determine the effect on the Option an option of the Participant’s disability, death, disability, termination or other cessation of employment, authorized leave of absence or other change in the employment or other status of the a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Optionoption. For the purposes of this Agreementagreement, a “Designated Beneficiary” is means (i) the beneficiary designated, in a manner determined by the Board, by the a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the absence of an effective designation by the a Participant, the Participant’s estate.