Common use of Termination of Service of Optionee Clause in Contracts

Termination of Service of Optionee. In the event that the Optionee ceases to be an employee of the Company by reason other than death before the expiration date of this option ("Expiration Date"), this option shall terminate and the Optionee shall have the right, prior to three months after the date of termination and prior to the Expiration Date, to exercise any vested or exercisable portion of this option. In the event of death, Optionee's executors, administrators or any person or persons to whom this option may be transferred by will or by the laws of descent and distribution, shall have the right, prior to twelve months after the date of death and prior to the Expiration Date, to exercise this option in whole or in part to the extent to which the Optionee was entitled to exercise this option immediately prior to the death of Optionee.

Termination of Service of Optionee. In the event that the Optionee ceases to be an employee a director of the Company by reason other than death before the expiration date of this option ("Expiration Date"), this option shall terminate and the Optionee shall have the right, prior to three months after the date of termination and prior to the Expiration Date, to exercise any vested or exercisable portion of this option. In the event of death, Optionee's executors, administrators or any person or persons to whom this option may be transferred by will or by the laws of descent and distribution, shall have the right, prior to twelve months after the date of death and prior to the Expiration Date, to exercise this option in whole or in part to the extent to which the Optionee was entitled to exercise this option immediately prior to the death of Optionee.