Common use of Cause or Resignation Clause in Contracts

Cause or Resignation. If Grantee is terminated from his employment with the Company for Cause (as defined in the Employment Agreement) in accordance with the Employment Agreement or voluntarily leaves the employ of the Company other than for Good Reason (as defined in the Employment Agreement) prior to expiration of the Employment Agreement, then all unvested Options shall automatically terminate and be cancelled (without any action on the part of the Company) on the effective date of termination. In addition, Grantee shall have the opportunity on the date of such termination for Cause or Grantee's voluntarily leaving the employ of the Company to exercise all vested but unexercised Options. All vested Options not exercised on such date shall thereafter automatically expire (without any action on the part of the Company).

Cause or Resignation. If Grantee is terminated from his employment with the Company for Cause (as defined in the Employment Agreement) in accordance with the Employment Agreement or voluntarily leaves the employ of the Company other than for Good Reason (as defined in the Employment Agreement) prior to expiration of the Employment Agreement, then all unvested Options shall automatically terminate and be cancelled (without any action on the part of the Company) on the effective date of termination. In addition, Grantee shall have the opportunity on the date of such termination for Cause or Grantee's voluntarily leaving the employ of the Company to exercise all vested but unexercised Options. All vested Options not exercised on such date shall thereafter automatically expire (without any action on the part of the Company).