Common use of Expiration of the Employment Period Clause in Contracts

Expiration of the Employment Period. In the event of Employee’s Termination of Employment as a result of the expiration of the Employment Period (as defined below), the portion of the then-outstanding Options not vested at the date of such termination shall continue to vest in accordance with the provisions of the Plan and the schedule set forth in the Stock Option Agreement and the portion of the then-outstanding Options vested at the date of such termination will remain exercisable until the applicable expiration date set forth in the Stock Option Agreement, on condition that Employee agrees to remain a member of the Board of Directors of the Company in good standing and to meet all obligations of a Board member.