Common use of Stock Option Term Clause in Contracts

Stock Option Term. Any and all agreements heretofore entered into between the Executive and the Company in evidence of options exercisable with respect to shares of Common Stock granted pursuant to the Plan shall be appropriately amended so that: (x) the definition of "Cause" herein shall be substituted for the definition of "cause" therein; and (y) the options granted thereunder shall terminate on the earliest of (1) the last day of the Exercise Period (as defined in such option), (2) two years after the Executive ceases to be an employee, or (3) upon termination of the Executive's employment for Cause by action of his employer or by the Executive at such time as the Company shall have grounds to terminate the Executive's employment for Cause. The Executive and the Company further agree that any subsequent grant of stock options by the Company under the Plan (which shall be subject to action by the Board, in its sole discretion) shall terminate on the earliest of (1) the last day of the Exercise Period (as defined in such option), (2) two years after the Executive ceases to be an employee, or (3) upon termination of the Executive's employment for Cause by action of his employer or by the Executive at such time as the Company shall have grounds to terminate the Executive's employment for Cause.