Common use of Term and Exercise Clause in Contracts

Term and Exercise. The Option shall expire five (5) years from the date hereof. The Option is exercisable in full on the Date of Grant. If the Optionee's service with the Corporation terminates for any reason or if the Optionee ceases to be a Non-Employee Director, the Option may be exercised but only to the extent it was exercisable on the date of such termination of service until the Option expires in accordance with the first sentence of this Section 2. Notwithstanding anything to the contrary in this Section 2, if one of the events specified in Section 7.05(d)(i), (ii), (iii) or (iv) of the Plan occurs, the provisions of such Section 7.05(d) shall determine when the Option becomes exercisable, when it may be exercised and when it expires.