Common use of TERM OF GRANT Clause in Contracts

TERM OF GRANT. Subject to the provisions of Section 2(a), the Options subject to in this Agreement shall expire on the tenth anniversary following the date of this Agreement, except in (a) the case of death or Disability, in which case the Options subject to this Agreement terminate on the first anniversary of the date of death or Disability, and (b) the case of Grantees who have not been employed at least five years as of the date of a Termination Event, as defined below, in which case the Options subject to this Agreement terminate on the Termination Date, also defined below.