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

Effect of Termination of Employment or Death. (A) If an OPTIONEE's status as a director or as an employee of the Company terminates for any reason, other than his retirement, death or disability, before the date of expiration of any OPTIONS held by such OPTIONEE, such OPTIONS shall become null and void on the date of such termination. An OPTIONEE who terminates employment with the COMPANY, but retains his status as a Director is not considered terminated for purposes of this Section 6. The date of such termination shall be the date the OPTIONEE ceases to be both a director and an employee of the Company.

Effect of Termination of Employment or Death. (A) If an OPTIONEE's status as a director or as an employee of the Company COMPANY terminates for any reason, other than his retirementdeath, death retirement or disability, before the date of expiration of any OPTIONS held by such OPTIONEE, such OPTIONS shall become null and void on the date of such termination. An OPTIONEE who terminates employment with the COMPANY, but retains his status as a Director is not considered terminated for purposes of this Section 6. The date of such termination shall be the date the OPTIONEE ceases to be both a director and an employee of the Company.

Effect of Termination of Employment or Death. (A) If an OPTIONEEOPTIONEES's status as a director or as an employee of the Company COMPANY terminates for any reason, other than his retirementdeath, death retirement or disability, before the date of expiration of any OPTIONS held by such OPTIONEE, such OPTIONS shall become null and void on the date of such termination. An OPTIONEE who terminates employment with the COMPANY, but retains his status as a Director is not considered terminated for purposes of this Section 6. The date of such termination shall be the date the OPTIONEE ceases to be both a director and an employee of the Company.