Common use of TERMINATION EXERCISE RIGHTS Clause in Contracts

TERMINATION EXERCISE RIGHTS. Notwithstanding any of the foregoing, Executive shall have the right to exercise options to purchase any stock warrants or other stock grants given by the Company in accordance with the following: (a) if Executive's employment is terminated for Cause (as defined in Article 4(A)(ii), hereunder), or in the event that Executive voluntarily resigns his employment with the Company, vesting of all options shall cease immediately upon the effective date of termination or resignation; (b) if Executive's employment is terminated by reason of Death or Disability (as defined in Article 4(B) hereunder), Executive's legal representatives, conservators, heirs or assigns shall have the right to exercise all such options until such options expire in accordance with the option plan under which such options were granted. The rights granted under this Sub-paragraph (iii)(b) shall apply whether or not the option was vested at the time of Death or Disability; provided, however, that Executive was employed by the Company for at least twelve (12) months after the grant of any option; or (c) if Executive's employment is terminated for any reason other than Death or Disability, or in the event that Executive voluntarily resigns, then Executive shall have the right to exercise all options that have already vested as of the effective date of termination or resignation (or that become vested by reason of termination or resignation) during a period of ninety (90) days following the effective date of termination or resignation.

TERMINATION EXERCISE RIGHTS. Notwithstanding any of the foregoing, Executive shall have the right to exercise options to purchase any stock warrants or other stock grants given by the Company in accordance with the following: (a) if Executive's employment is terminated for Cause (as defined in Article 4(A)(ii), hereunder), or in the event that Executive voluntarily resigns his employment with the Company, vesting of all options shall cease immediately upon the effective date of termination or resignation; (b) if Executive's employment is terminated by reason of Death or Disability (as defined in Article 4(B) hereunder), Executive's legal representatives, conservators, heirs or assigns shall have the right to exercise all such options until such options expire in accordance with the option plan under which such options were granted. The rights granted under this Sub-paragraph (iii)(b) shall apply whether or not the option was vested at the time of Death or Disability; provided, however, that tha Executive was employed by the Company for at least twelve (12) months after the grant of any option; or (c) if Executive's employment is terminated for any reason other than Death or Disability, or in the event that Executive voluntarily resigns, then Executive shall have the right to exercise all options that have already vested as of the effective date of termination or resignation (or that become vested by reason of termination or resignation) during a period of ninety (90) days following the effective date of termination or resignation.