Common use of Disqualifying Termination Clause in Contracts

Disqualifying Termination. Notwithstanding any other provision of this Option Agreement to the contrary, if without having fully exercised this stock option, the Optionee’s employment with the Company (or a subsidiary of the Company if the Optionee is then in the employ of such subsidiary) is terminated for Cause, then the Optionee’s rights to exercise this stock option shall terminate immediately. For purposes of this Option Agreement, “Cause” shall mean: (a) any act or acts of dishonesty committed by the Optionee; or (b) any violation of the policies or procedures of the Company applicable to the Optionee’s employment or job category which is either: (i) grossly negligent; or (ii) willful and deliberate. The determination of whether the Optionee’s employment has been terminated for Cause shall be within the discretion of the Compensation Committee of the Board of Directors or its designee.