Common use of Ceasing to be a Director Clause in Contracts

Ceasing to be a Director. If the Participant ceases to be a Director (and, if the Participant is a director of any of the subsidiaries of the Company, the Participant also ceases to be a director of any such subsidiary) of the Company for any reason other than those specified in s. 1.10 hereof, the Participant shall have the right for a period of one (1) year (or until the normal expiry date of the Option if earlier) from the date of ceasing to be a director to exercise the Option with respect to such of the Shares that were, in accordance with s. 1.03 hereof, exercisable on the date of ceasing to be a director of the Company and its subsidiaries. Upon the expiration of such one (1) year period all unexercised option rights of the Participant shall immediately become terminated and shall lapse notwithstanding the original term of the Option. This s. 1.11 shall not apply to any director of the Company or any of its subsidiaries that is an officer or employee after the time such person ceases to be a director of the Company and of its subsidiaries.