Common use of Early Termination of Option Clause in Contracts

Early Termination of Option. If an Optionee's term as a director of the Company shall terminate for any reason other than the Optionee's death or disability, the Option, to the extent then exercisable under the terms of this Agreement shall remain exercisable after the termination of the Optionee's director status for a period of three months. If the Optionee's director status is terminated because the Optionee dies or becomes disabled within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), the Option shall become immediately exercisable in full and shall remain exercisable after the termination of his directorship for a period of twelve months. If the Option is not exercised during the applicable period, it shall be deemed to have been forfeited and of no further force or effect.