Common use of Period of Option and Limitations on Right to Exercise Clause in Contracts

Period of Option and Limitations on Right to Exercise. The Option will, to the extent not previously exercised, lapse under the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the Option under the circumstances described in paragraph below, provide in writing that the Option will extend until a later date: (a) The Option shall lapse as of 5:00 p.m., Eastern Time, on the tenth anniversary of the date of grant (the "Expiration Date"). (b) The Option shall lapse three months after the Optionee's termination of service as a director for any reason. If the Optionee or his beneficiary exercises an Option after termination of service as a director, the Option may be exercised only with respect to the shares that were otherwise vested on the Optionee's termination of service (including vesting by acceleration in accordance with Article 13 of the Plan).