Common use of Termination of Status as Director Clause in Contracts

Termination of Status as Director. If Director's services as a member of the Board of Directors terminate by reason of death, disability or voluntary resignation from the Board, the Option granted hereby shall immediately become exercisable and shall remain exercisable for two years after the date of such termination. If Director's services as a member of the Board of Directors terminate for any other reason, any portion of an Option granted pursuant to this Plan which is not then exercisable, shall terminate and any portion of such Option which is then exercisable may be exercised within a period of one year after the date of such termination.