Common use of Term of Options and Limitations on Right to Exercise Clause in Contracts

Term of Options and Limitations on Right to Exercise. The term of the Options will be for a period of ten (10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the "Expiration Date"). To the extent not previously exercised, the vested Options will lapse prior to the Expiration Date upon the earliest to occur of the following circumstances: (a) Three (3) months after the termination of the Participant's Continuous Status as a Participant for any reason other than by reason of the Participant's death or Disability. (b) Twelve (12) months after termination of the Participant's Continuous Status as a Participant by reason of Disability. (c) Twelve (12) months after the date of the Participant's death, if Participant dies while employed, or during the three-month period described in subsection (a) above or during the twelve-month period described in subsection (b) above and before the Options otherwise lapse. Upon the Participant's death, the Options may be exercised by Participant's beneficiary designated pursuant to the Plan. (d) At the end of the remaining original term of the Option if the Participant's employment is involuntarily or constructively terminated within twelve (12) months of a Change in Control. Options exercised after three (3) months from the Participant's termination of employment will be treated as Non-Statutory Stock Options for tax purposes. The Committee may, prior to the lapse of the Options under the circumstances described in paragraphs (a), (b), (c) or (d) above, extend the time to exercise the Options as determined by the Committee in writing. If the Participant returns to employment with the Company during the designated post-termination exercise period, then the Participant shall be restored to the status the Participant held prior to such termination but no vesting credit will be earned for any period the Participant was not in Continuous Status as a Participant. If the Participant or his or her beneficiary exercises an Option after termination of service, the Options may be exercised only with respect to the Shares that were otherwise vested on the Participant's termination of service.