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

Termination of Status as an Employee. If Optionee's employment is terminated by the Company for Cause at any time, Options granted hereunder (both unvested Options and vested but unexercised Options) shall immediately terminate. If Optionee's employment is terminated by the Company at any time for a reason other than for Cause, Options granted herewith (both invested Options and vested, but unexercised Options) shall be immediately exercisable for a period of three (3) months from the date of termination of employment. If Optionee voluntarily terminates his employment with the Company at any time, unvested Options shall immediately terminate and vested Options shall be immediately exercisable for a period of three (3) months from the date of termination of employment. For purposes of this Agreement, a termination shall be for Cause only if the Board of Directors of the Company shall determine that any one or more of the following has occurred: (i) the commission by the Optionee of a felony, fraud, embezzlement or an act of serious criminal moral turpitude; or (ii) the Optionee shall have committed a material breach of any one or more of the management policies and directives of the Company and such breach shall have continued in effect for a period of thirty (30) days after written notice to the Optionee specifying such breach in reasonable detail.