Common use of Merger, Reorganization Clause in Contracts

Merger, Reorganization. If the Participant’s service relationship is terminated by the Company as a result of any corporate reorganization, merger or consolidation of the Company or because of a reduction in the size of the Board of Directors, then the Option shall fully vest and become immediately exercisable, and shall remain exercisable for three (3) years following the Participant’s date of termination and shall not be exercisable after the end of such three-year period; provided that if at the time the Participant ceases to be a director of the Company under this Paragraph 5(f), the Participant satisfies the age and service requirements described in Paragraph 5(b), then the provisions of Paragraph 5(b) shall be controlling.

Merger, Reorganization. If the Participant’s Optionee's service relationship is terminated by the Company as a result of any corporate reorganization, merger or consolidation of the Company or because of a reduction in the size of the Board of Directors, then the Option shall fully vest and become immediately exercisable, and shall remain exercisable for three (3) years following the Participant’s Optionee's date of termination and shall not be exercisable after the end of such three-year period; provided that if at the time the Participant Optionee ceases to be a director of the Company under this Paragraph 5(f), the Participant Optionee satisfies the age and service requirements described in Paragraph 5(b), then the provisions of Paragraph 5(b) shall be controlling.