Common use of Term and Expiration of Options Clause in Contracts

Term and Expiration of Options. Subject to Section 7(q), except as otherwise specifically provided in a Participant's Award Agreement, the term of an Option shall expire on the first to occur of the following events: (i) The tenth anniversary of the date the Option was granted (substituting "fifth anniversary" for "tenth anniversary" for an Incentive Stock Option granted to a Ten Percent Stockholder); (ii) The date determined under Section 7(j)(ii) for a Participant who ceases to be an Employee, Director, advisor, or consultant of the Corporation for any reason, other than by reason of death, Total and Permanent Disability or For Cause; (iii) The date determined under Section 7(k) for a Participant who ceases to be an Employee, Director, advisor or consultant of the Corporation by reason of the Participant's death; (iv) The date determined under Section 7(l) for a Participant who ceases to be an Employee or Director of the Corporation by reason of the Participant's Total and Permanent Disability; (v) The date determined under Section 7(m) for a Participant who ceases to be an Employee, Director, advisor or consultant For Cause; (vi) On the effective date of a transaction described in Section 10(b); or (vii) The expiration date specified in the Award Agreement pertaining to the Option.