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

Effect of Termination of Employment or Death. (a) If the Company terminates Optionee's employment for Cause (as defined in Section 4(a) of the Employment Agreement), or Optionee resigns for other than Good Reason or Special Resignation pursuant to Section 4(e) or 4(f) of the Employment Agreement, Optionee's right to exercise any outstanding Options shall terminate immediately upon his termination of employment. (b) If Optionee's employment terminates during the term of the Employment Agreement pursuant to Section 4(b), (c), (d), (e), or (f), Optionee (or, Optionee's estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) the first anniversary of his termination of employment or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment. (c) If Optionee's employment terminates for a reason other than as provided in Subsection (a) or (b) above, Optionee (or his estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) 90 days after his termination of employment date or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment.

Effect of Termination of Employment or Death. (a) If the Company terminates Optionee's ’s employment for Cause (as defined in Section 4(a) of the Employment Agreement), or Optionee resigns for other than Good Reason or Special Resignation pursuant to Section 4(e) or 4(f) of the Employment Agreement, Optionee's ’s right to exercise any outstanding Options shall terminate immediately upon his termination of employment. (b) If Optionee's ’s employment terminates during the term of the Employment Agreement pursuant to Section 4(b), (c), (d), (e), or (f), Optionee (or, Optionee's ’s estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) the first anniversary of his termination of employment or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment. (c) If Optionee's ’s employment terminates for a reason other than as provided in Subsection (a) or (b) above, Optionee (or his estate, in case of his death) may exercise any or all of his outstanding vested Options at any time before the earlier of (i) 90 days after his termination of employment date or (ii) the date on which his right to exercise such vested Options would have terminated if he had not terminated employment.