Extended Option Exercises Sample Clauses

Extended Option Exercises. (a) Pursuant to Section 11 of the Plan, the Board hereby consents to the Optionee’s Qualifying Retirement if, at the time that the Optionee terminates service with STERIS, the Optionee satisfies the requirements of Section 11(b)(iii) of the Plan other than the requirement of the Board having consented thereto (which consent is hereby given). Notwithstanding Section 11(b)(i) of the Plan, for purposes of this Agreement and for purposes of the Option and the Plan provisions relating to this Agreement and the Option that use the term “Extended Exercise Period”, “Extended Exercise Period” means the period that begins on the date of retirement and ends on the expiration date of the Option; provided, however, (i) if at any time during the Extended Exercise Period, the Optionee fails to remain in Good Standing, any portion of this Option then outstanding and held by the Optionee shall be forfeited and of no force or effect; and (ii) if the Optionee dies during the Extended Exercise Period and while in Good Standing, this Option will thereafter be exercisable, to the extent exercisable by the Optionee on the date of his death, at the same times (for so long and only so long after the Optionee’s death) as if the Optionee had continued in the service of the Company through the date of the Optionee’s death. The foregoing provisions of this Section 16(a) and the provisions of Section 11(b) of the Plan shall not apply to this Option, and the Optionee shall not be deemed to have terminated employment in a Qualifying Retirement at such time as his or her employment terminates, if at the time of the grant of this Option the Optionee is a resident of the United Kingdom (other than a US expatriate then residing in the United Kingdom) or the application of such provisions would otherwise violate applicable law because of the age requirement included in the Qualifying Retirement definition.