Common use of Exercise After Termination of Service Clause in Contracts

Exercise After Termination of Service. After the Optionee ceases to be an Employee of the Corporation or any Subsidiary of the Corporation, as the case may be, whether as a result of voluntary termination, termination by the Corporation or such Subsidiary or by the normal retirement, early retirement or disability (excluding Permanent Disability as defined in Section 5 below) of the Optionee, only such Options that have vested and become exercisable on or before the Date of Termination (as defined in the Employment Agreement) may be exercised by the Optionee, his attorney-in-fact, or his guardian, as appropriate, at any time after the date on which the Optionee ceases to be an Employee but no later than the earlier of ninety (90) days after the Optionee ceases to be employed by the Corporation or such Subsidiary or the last day of the fixed term of the Option; provided, however, that, in the event that the employment of Optionee is terminated for Cause (as defined in the Employment Agreement), any then outstanding Options held by Optionee, whether or not vested and exercisable by Optionee as of the date of such termination of employment for Cause, shall thereupon be canceled and terminated in their entirety and be of no further force or effect and Optionee shall have no further rights thereto or thereunder or under this Agreement.

Exercise After Termination of Service. After the Optionee ceases to be an Employee of the Corporation or any Subsidiary of the Corporation, as the case may be, whether as a result of voluntary termination, termination by the Corporation or such Subsidiary or by the normal retirement, early retirement or disability (excluding Permanent Disability as defined in Section 5 below) of the Optionee, only such Options that have vested and become exercisable on or before the Date of Termination (as defined in the Employment Agreement) may be exercised by the Optionee, his attorney-in-fact, or his guardian, as appropriate, at any time after the date on which the Optionee ceases to be an Employee but no later than the earlier of ninety (90) days after the Optionee ceases to be employed by the Corporation or such Subsidiary or the last day of the fixed term of the Option; providedPROVIDED, howeverHOWEVER, that, in the event that the employment of Optionee is terminated for Cause (as defined in the Employment Agreement), any then outstanding Options held by Optionee, whether or not vested and exercisable by Optionee as of the date of such termination of employment for Cause, shall thereupon be canceled and terminated in their entirety and be of no further force or effect and Optionee shall have no further rights thereto or thereunder or under this Agreement.