Common use of Termination of Continuous Status as a Director Clause in Contracts

Termination of Continuous Status as a Director. In the event Optionee’s Continuous Status as a Director terminates (other than upon the Optionee’s death or permanent and total disability (as defined in Section 22(e)(3) of the Code)), the Optionee may exercise his or her Option, but only within three (3) months from the date of such termination, and only to the extent that the Optionee was entitled to exercise it at the date of such termination (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise this Option at the date of such termination, and to the extent that Optionee does not exercise this Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate.

Termination of Continuous Status as a Director. In Subject to Section ---------------------------------------------- 10 hereof, in the event an Optionee’s Continuous Status 's status as a Director terminates (other than upon the Optionee’s 's death or total and permanent and total disability ([as defined in Section 22(e)(3) of the Code)), ]) the Optionee may exercise his or her Option, but only within three (3) months from following the date of such termination, and only to the extent that the Optionee was entitled to exercise it at on the date of such termination (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise this an Option at on the date of such termination, and to the extent that the Optionee does not exercise this such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate.

Termination of Continuous Status as a Director. In the event ---------------------------------------------- Optionee’s 's Continuous Status as a Director terminates (other than upon the Optionee’s 's death or permanent and total disability (as defined in Section 22(e)(3) of the Code)), the Optionee may exercise his or her Option, but only within three (3) months 30 days from the date of such termination, and only to the extent that the Optionee was entitled to exercise it at the date of such termination (but in no event later than the expiration of its ten (10) five-year term). To the extent that the Optionee was not entitled to exercise this Option at the date of such termination, and to the extent that Optionee does not exercise this Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate.