Common use of Termination of the Option Clause in Contracts

Termination of the Option. (a) The Option shall terminate and no longer be exercisable upon the expiration of the Exercise Period set forth above. (b) Termination in the event of death, permanent disability or termination of status as an employee. (i) If Optionee dies while an employee of the Company or within three (3) months after termination of his status as an employee because of his permanent disability (as defined below), his Option may be exercised, to the extent that the Optionee shall have been entitled to do so on the date of his death, by the person or persons to whom the Optionee's right under the Option passes by will or applicable law, or if no such person has such right, by his executors or administrators, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after the appointment or qualification of an executor of Optionee's estate, whichever is earlier. (ii) If Optionee's status as an employee of the Company shall terminate because of his permanent disability, he may exercise his Option to the extent that he shall have been entitled to do so at the date of such termination, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after termination of employment, whichever date is earlier. (iii) If Optionee's status as an employee of the Company shall terminate involuntarily other than for cause, death, or total disability, all rights to exercise his Option, to the extent that he shall have been entitled to do so at the date of such termination, shall terminate at the expiration date specified in Section 1 or three months after termination of employment, whichever date is earlier. (iv) If Optionee's status as an employee of the Company shall terminate for cause (as defined below), all rights to exercise his Options shall terminate no later than sixty (60) days after such termination.

Termination of the Option. (a) The Option shall terminate and no longer be exercisable upon the expiration of the Exercise Period set forth above. (b) Termination in the event of death, permanent disability or termination of status as an employeea director. (i) If Optionee dies while an employee prior to the termination of the Company or within three (3Option under Section 2(a) months after termination of his status as an employee because of his permanent disability (as defined below)hereof, his Option Options may be exercised, to the extent that the Optionee shall have been entitled to do so on the date of his death, by the person or persons to whom the Optionee's right under the Option Options passes by will or applicable law, or if no such person has such right, by his executors or administrators, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after the appointment or qualification of an executor of Optionee's estate, whichever is earlier. (ii) If Optionee's status as an employee a director of the Company shall terminate because of his permanent disability, he may exercise his Option to the extent that he shall have been entitled to do so at the date of such termination, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after termination of employmenthis director status, whichever date is earlier. (iii) If Optionee's status as an employee a director of the Company shall terminate involuntarily other than for cause, death, from death or total disability, all rights to exercise his Option, to the extent that he shall have been entitled to do so at the date of such termination, shall terminate at the expiration date specified in Section 1 or three months after termination of employmenthis director status, whichever date is earlier. (iv) If Optionee's status as an employee of the Company shall terminate for cause (as defined below), all rights to exercise his Options shall terminate no later than sixty (60) days after such termination.

Termination of the Option. (a) The Option shall terminate and no longer be exercisable upon the occurrence of the following: (i) In accordance with the expiration of the Exercise Period set forth above; (ii) Involuntary dissolution of the Company. (b) Termination in the event of death, permanent disability or termination of status as an employee. (i) If Optionee dies while an employee of the Company or within three (3) months after termination of his status as an employee because of his permanent disability (as defined below), his Option may be exercised, to the extent that the Optionee shall have been entitled to do so on the date of his death, by the person or persons to whom the Optionee's right under the Option passes by will or applicable law, or if no such person has such right, by his executors or administrators, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after the appointment or qualification of an executor of Optionee's estatedeath, whichever is earlier. (ii) If Optionee's status as an employee of the Company shall terminate because of his permanent total disability, he may exercise his Option to the extent that he shall have been entitled to do so at the date of such termination, at any time or from time to time, but not later than the expiration date specified in Section 1 or three (3) months after termination of employment, whichever date is earlier. (iii) If Optionee's status as an employee of the Company shall terminate (A) involuntarily other than for cause, death, or total disability, all rights to exercise his Option, to the extent that he shall have been entitled to do so at the date of such termination, shall terminate at the expiration date specified in Section 1 or three months after termination of employment, whichever date is earlier. (iv) If Optionee's status as an employee of the Company shall terminate for cause (as defined below), all rights to exercise his Options shall terminate no later than sixty (60) days after at the date of such termination.