Effect of Termination of Directorship. If the Optionee’s services as a director terminate, the Option and all other rights and benefits under this Agreement terminate except that the Optionee may, at any time within the following periods after the date of termination of service (the “Termination Date”), and provided that the Optionee was not terminated for Cause, exercise the Option but only to the extent the Option was vested and exercisable on the Termination Date and has not otherwise expired: • If the Optionee has served on the Board for three years or more and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is three years after the Termination Date to exercise his or her Option; • If the Optionee has served on the Board for less than three years and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is two years after the Termination Date to exercise his or her Option; • If the Optionee’s services are terminated for Cause, the Option, to the extent vested and unvested shall immediately terminate on the Termination Date. Options vesting by acceleration as of the Termination Date are deemed vested.
Effect of Termination of Directorship. If Director's status as a Director of the Company terminates for any reason, the Option may thereafter be exercised by the Director or by the legal representative of the estate or by the legatee of the Director under the will of the Director until the expiration of the Exercise Period.
Effect of Termination of Directorship. A. Death, Disability or Otherwise Ceasing to be a Director. ------------------------------------------------------- Except as otherwise provided herein, upon Termination of Directorship, other than for Cause, all outstanding Options then exercisable and not exercised by the Participant prior to such Termination of Directorship shall remain exercisable by the Participant or, in the case of death, by the Participant's estate or by the person given authority to exercise such Options by his or her will or by operation of law, until the expiration of the Option in accordance with the terms of the Plan and grant.
Effect of Termination of Directorship. When the Optionee ceases to be a director of the Company, whether because of death, resignation, removal, expiration of his or her term of office or any other reason, the Option shall terminate ninety (90) days after the date the Optionee ceases to be a director of the Company and may thereafter no longer be exercised; except that (i) upon the Optionee's death his or her legal representative(s) or the person(s) entitled to do so under the Optionee's last will and testament or under applicable intestate laws shall have the right to exercise the Option within one (1) year after the date of death (but not beyond the Option Period), but only for the number of shares as to which the Optionee was entitled to exercise the Option on the date of his or her death and (ii) upon the Optionee's ceasing to be a director by reason of disability he or she (or his or her guardian) shall have the right to exercise the Option within one (1) year after the date the Optionee ceased to be a director (but not beyond the Option Period), but only for the number of shares as to which the Optionee was entitled to exercise the Option on the date of his or her ceasing to be a director.
Effect of Termination of Directorship. If the Optionee’s services as a director terminate for any reason other than Cause as determined under Section 304 of the California Corporations Code or any successor thereof, then the Option shall remain exercisable for the period of time set forth on the face of this Agreement.
Effect of Termination of Directorship. (a) The Option shall terminate and may no longer be exercised if Optionee ceases to be a director of the Company, except that:
Effect of Termination of Directorship. The Corporation shall issue Shares to Director for each calendar quarter during which Director has a Participation Agreement in effect. Shares shall be issued on the date of each quarterly meeting of the Board. The number of Shares so issued shall be equal to: (i) the dollar amount of Fees that Director has elected to receive as Shares for the calendar quarter pursuant to his or her Participation Agreement divided by (ii) the Fair Market Value per Share on the date on which Director would have been paid such Fees in cash but for the Participation Agreement. Shares shall be deemed earned during the calendar quarter in which Fees subject to the election to receive such Shares would otherwise be payable by the Corporation if paid in cash. If the foregoing formula would result in the issuance of fractional Shares, any such fractional Shares shall be disregarded, and the remaining amount of Fees shall be paid in cash. The Corporation shall pay any and all fees and commissions incurred in connection with the payment of Shares to Director.
Effect of Termination of Directorship
