Common use of Termination of Employment, Etc Clause in Contracts

Termination of Employment, Etc. (a) Upon the occurrence of Grantee's ceasing for any reason to be employed by the Company (such occurrence being a "termination of the Grantee's employment"), the Option (i) to the extent not previously vested, shall terminate and become null and void immediately upon such termination of the Grantee's employment, and (ii) to the extent already vested, shall be exercisable for a period of up to sixty (60) days following the termination of Grantee's employment. As determined by the Committee, upon a termination of the Grantee's employment by reason of disability or death, the Option may be exercised, but only to the extent that the Option was outstanding and exercisable on such date of disability or death, up to a one-year period following the date of such termination of the Grantee's employment.