Common use of Options Granted Nine Months or More Prior to Termination Clause in Contracts

Options Granted Nine Months or More Prior to Termination. Subject to Section 6 below, an Option granted nine months or more prior to a Termination for any reason other than Retirement, Disability or death, will continue to vest and shall be exercisable to the extent permitted by Section 3 for a three-month period after the Employee’s effective date of Termination, but in no event shall such Option be exercised on or after the Expiration Date. In the event of the death of the Employee during the three-month period after the Employee’s effective date of Termination, the Option shall continue to vest and be exercisable for a three-month period measured from the date of death, but in no event shall such Option be exercised on or after the Expiration Date.

Options Granted Nine Months or More Prior to Termination. Subject to Section 6 below, an Option granted nine months or more prior to a Termination for any reason other than Retirementthose set forth in subsections 5(a), Disability (b) or death(c) or Section 6, will continue to vest and shall be exercisable to the extent permitted by Section 3 for a three-month period after the Employee’s effective date of Termination, but in no event shall such Option be exercised on or after the Expiration Date. In the event of the death of the Employee during the three-month period after the Employee’s effective date of Termination, the Option shall continue to vest and be exercisable for a three-month period measured from the date of death, but in no event shall such Option be exercised on or after the Expiration Date.

Options Granted Nine Months or More Prior to Termination. Subject to Section 6 7 below, an Option granted nine months or more prior to a Termination for any reason other than Retirementthose set forth in subsections 5(a), Disability (b) or death, (c) or Section 6 will continue to vest and shall be exercisable to the extent permitted by Section 3 for a three-month period after the Employee’s effective date of Termination, but in no event shall such Option be exercised on or after the Expiration Date. In the event of the death of the Employee during the three-month period after the Employee’s effective date of Termination, the Option shall continue to vest and be exercisable for a three-month period measured from the date of death, but in no event shall such Option be exercised on or after the Expiration Date.