Common use of Termination of Business Relationship Clause in Contracts

Termination of Business Relationship. (a) The option hereby granted shall terminate and be of no force or effect in the event the Optionee ceases to serve as an employee, consultant, officer or director of the Corporation or any subsidiary of the Corporation (such service is described herein as maintaining or being involved in a "Business Relationship with the Corporation") for any reason, provided however, that in the event of the termination of the Optionee's employment such option may be exercised (to the extent exercisable by the Optionee at the date of such termination) at any time within three (3) months after the date of such termination, but in any event not later than five (5) years from the date hereof and provided further, however, that if the termination of the Optionee's Business Relationship with the Corporation shall result from the Optionee's death, such option may be exercised (to the extent exercisable by the Optionee at the date of his death) by the Optionee's personal representative or by the person or persons to whom such option shall have been transferred by will or by the laws of descent and distribution, at any time within three (3) months after the date of the Optionee's death but in any event not later than five (5) years from the date hereof. (b) As used herein, the term "subsidiary" shall mean any present or future corporation which would be a "subsidiary corporation" of the Corporation, as the term is defined in Section 424 of the Internal Revenue Code of 1986.

Termination of Business Relationship. (a) The option hereby granted shall terminate and be of no force or effect in the event the Optionee ceases to serve as an employee, consultant, officer or director of the Corporation or any subsidiary of the Corporation (such service is described herein as maintaining or being involved in a "Business Relationship with the Corporation") for any reason, provided however, that in the event of the termination of the Optionee's employment such option may be exercised (to the extent exercisable by the Optionee at the date of such termination) at any time within three (3) months after the date of such termination, but in any event not later than five (5) years from the date hereof and provided further, however, that if the termination of the Optionee's Business Relationship with the Corporation shall result from the Optionee's death, such option may be exercised (to the extent exercisable by the Optionee at the date of his her death) by the Optionee's personal representative or by the person or persons to whom such option shall have been transferred by will or by the laws of descent and distribution, at any time within three (3) months after the date of the Optionee's death but in any event not later than five (5) years from the date hereof. (b) As used herein, the term "subsidiary" shall mean any present or future corporation which would be a "subsidiary corporation" of the Corporation, as the term is defined in Section 424 of the Internal Revenue Code of 1986.

Termination of Business Relationship. (a) The option hereby granted shall terminate and be of no force or effect in the event the Optionee ceases to serve as an employee, consultant, officer or director of the Corporation or any subsidiary of the Corporation (such service is described herein as maintaining or being involved in a "“Business Relationship with the Corporation"”) for any reason, provided however, that in the event of the termination of the Optionee's ’s employment such option may be exercised (to the extent exercisable by the Optionee at the date of such termination) at any time within three (3) months after the date of such termination, but in any event not later than five (5) years from the date hereof and provided further, however, that if the termination of the Optionee's ’s Business Relationship with the Corporation shall result from the Optionee's ’s death, such option may be exercised (to the extent exercisable by the Optionee at the date of his death) by the Optionee's ’s personal representative or by the person or persons to whom such option shall have been transferred by will or by the laws of descent and distribution, at any time within three (3) months after the date of the Optionee's ’s death but in any event not later than five (5) years from the date hereof. (b) As used herein, the term "“subsidiary" ” shall mean any present or future corporation which would be a "“subsidiary corporation" ” of the Corporation, as the term is defined in Section 424 of the Internal Revenue Code of 1986. (c) Whenever the word “Optionee” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the estate, personal representative, or beneficiary to whom this option may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person.