Common use of Termination of Status as an Employee Clause in Contracts

Termination of Status as an Employee. In the event of termination of Optionee’s “Continuous Status as an Employee” for any reason other than death or disability as provided in Sections 5 or 6 of this Agreement, Optionee may exercise this Option to the extent exercisable at the date of such termination until the earlier of (i) the date three (3) months after the date of such termination or (ii) the date of expiration of the term of this Option as set forth in Section 8 below. To the extent that Optionee was not entitled to exercise this Option at the date of such termination, or if Optionee does not exercise this Option within the time specified herein, this Option shall terminate.

Termination of Status as an Employee. In the event of termination of Optionee’s “Continuous Status as an Employee” for any reason other than death death, disability or disability retirement as provided in Sections 5 5, 6 or 6 7 of this Agreement, Optionee may exercise this Option to the extent exercisable at the date of such termination until the earlier of (i) the date three (3) months after the date of such termination or (ii) the date of expiration of the term of this Option as set forth in Section 8 9 below. To the extent that Optionee was not entitled to exercise this Option at the date of such termination, or if Optionee does not exercise this Option within the time specified herein, this Option shall terminate.