Common use of Effect of Termination of Employment or Death Clause in Contracts

Effect of Termination of Employment or Death. If, prior to the date that this option shall first become exercisable, the Optionee's employment with the Company and its subsidiaries shall be terminated, with or without cause, or by the act, death, permanent disability, or retirement of the Optionee, the Optionee's right to exercise this option shall terminate and all rights hereunder shall cease. If, on or after the date that this option shall first become exercisable, the Optionee's employment with the Company and its subsidiaries shall be terminated by reason of the Optionee's retirement at or after the normal retirement date, the Optionee shall have the right, within two years after such termination of employment, to exercise this option to the extent that it shall have been exercisable and unexercised on the date of such termination of employment, subject to any other limitation on the exercise of this option in effect at the date of exercise. If termination of employment is for any reason other than death, disability or retirement, the Optionee shall have the right, for one year after such termination of employment, to exercise this option to the extent that it shall have been exercisable and unexercised on the date of such termination of employment, subject to any other limitation on the exercise in effect at the date of exercise. If this option shall have become exercisable during the Optionee's term of employment and the Optionee shall die while in the employ of the Company or terminate his employment due to disability (within the meaning of Section 22(e) of the Internal Revenue Code of 1986), the Optionee or the executor or administrator of the estate of the Optionee (as the case may be) or the person or persons to whom the option shall have been transferred by will or the laws of descent and distribution, shall have the right, for one year after the date of the Optionee's death, or the date of his termination of employment due to disability, to exercise the option to the extent that it was exercisable and unexercised on the date of death or termination of employment (as the case may be), subject to any other limitation on the exercise in effect at the date of exercise. The transfer of Optionee from one corporation to another among the Company and any of its subsidiaries, or a leave of absence with the written consent of the Company, shall not be a termination of employment for purposes of this Agreement.

Effect of Termination of Employment or Death. If, prior Pursuant to the date that this option shall first become exercisableCommittee's authority under Section 10.2 of the Plan to issue Other Share-Based Awards, the Optionee's employment with the Company and its subsidiaries Option shall be terminated, with or without cause, or by the act, death, permanent disability, or retirement subject to a modified version of Section 6.9 of the Optionee, the Optionee's right to exercise this option shall terminate and all rights hereunder shall ceasePlan as set forth herein. If, on or after the date that this option shall first become exercisable, the Optionee's If Employee ceases employment with the Company and its subsidiaries shall be terminated by reason of death or disability (in accordance with the Optionee's retirement at or after the normal retirement date, the Optionee shall have the right, within two years after such termination of employment, to exercise this option to the extent that it shall have been exercisable and unexercised on the date of such termination of employment, subject to any other limitation on the exercise of this option in effect at the date of exercise. If termination of employment is for any reason other than death, disability or retirement, the Optionee shall have the right, for one year after such termination of employment, to exercise this option to the extent that it shall have been exercisable and unexercised on the date of such termination of employment, subject to any other limitation on the exercise in effect at the date of exercise. If this option shall have become exercisable during the Optionee's term of employment and the Optionee shall die while in the employ terms of the Company or terminate his employment due to disability (within the meaning of Section 22(e) of the Internal Revenue Code of 1986Employment Agreement), the Optionee Option will become fully vested and be exercisable by the Employee or his personal representative until the executor or administrator earlier of (i) the expiration of the estate of Option in accordance with the Optionee term for which it was granted or (as the case may beii) or the person or persons to whom the option shall have been transferred by will or the laws of descent and distribution, shall have the right, for one year after the date of the Optionee's death, or the date of his termination of employment due to disability, to exercise the option to the extent that it was exercisable and unexercised on from the date of death or termination of employment by reason of disability. If Employee voluntarily resigns, is involuntarily terminated for cause (as in accordance with the case may be), subject to any other limitation terms of the Employment Agreement) or goes on the exercise in effect at the date leave of exercise. The transfer absence for a period of Optionee from one corporation to another among the Company and any of its subsidiaries, or greater than twelve months (except a leave of absence approved by the Board of Directors or the Committee), the unvested portion of the Option shall be forfeited and the vested portion shall be exercisable until the earlier of (i) the expiration of the Option in accordance with the written consent term for which it was granted or (ii) three months from the effective date of the Companyresignation or anniversary of the first day of the leave of absence. If Employee is involuntarily terminated other than for cause (in accordance with the terms of the Employment Agreement), Section 5(b) of this Agreement shall not cease to apply, Section 5(a) of this Agreement shall continue to apply and the Option shall expire on December 31, 2007; provided, however, that, if earlier, the Option shall expire at such time as Employee fails to comply with Section 7(a) of the Employment Agreement. If Employee's employment with the Company and its Subsidiaries is terminated at the end of the Term of the Employment Agreement without renewal or replacement thereof or an offer for continued employment being made for the same position with ExecuStay, the termination shall be a treated as an involuntary termination of employment other than for cause for purposes of this Agreement. If Employee terminates employment with the Company and its Subsidiaries as an Approved Retiree (as defined in the Plan), then the Option shall expire at the sooner to occur of (i) the expiration of such option in accordance with its original term or (ii) the expiration of five years from the date of retirement. In the event of the death of Employee without Approved Retiree status during the three month period following termination of employment, the Option shall be exercisable by the Employee's personal representative, heirs or legatees to the same extent and during the same period that the Employee could have exercised the Option if the Employee had not died. In the event of the death of Employee while an Approved Retiree, the Option shall be exercisable in its entirety by the Employee's personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of the Employee, but in no event after the term for which the Option was granted.