Common use of Exercise After Termination of Employment Clause in Contracts

Exercise After Termination of Employment. If the Optionee ceases to be employed by the Corporation or any parent or subsidiary (including termination by reason of the fact that an entity is no longer a subsidiary), no further installments of the Option will become exercisable except as provided below. It is not a termination of employment for purposes of this section if the Optionee transfers employment from the Corporation to any subsidiary or vice versa, or from one subsidiary to another, without an intervening period, if the Optionee is absent on sick leave or is granted a leave of absence (not to exceed one year), or if the Optionee changes status to become a consultant to the Corporation or a subsidiary.

Exercise After Termination of Employment. If Except as explicitly provided below, no part of an Option may be exercised by an Optionee unless the Optionee ceases to be employed by is then in the employ of the Corporation or any parent or subsidiary (including termination by reason and was continuously so employed since the date of the fact that an entity is no longer a subsidiary), no further installments of the Option will become exercisable except as provided belowgrant. It is not a termination of employment for purposes of this section if the Optionee transfers employment from the Corporation to any subsidiary or vice versa, or from one subsidiary to another, without an intervening period, if the Optionee is absent on sick leave or is granted a leave of absence (not to exceed one year), or if the Optionee changes status to become a consultant to the Corporation or a subsidiary. Termination will include termination by reason of the fact that an entity employing Optionee is no longer a subsidiary of the Company.