Common use of Exercise After Termination Clause in Contracts

Exercise After Termination. This Option may be exercised only while you are serving on the Board of Directors, except as described in Sections 2 or 3, or as follows: (a) Except as provided in Section 3, you are removed from the Board by the Company for any reason other than for Cause including, but not limited to, the Company's decision not to slate you for reelection, you may exercise this Option to the extent the Option is vested immediately prior to such termination, at any time during the first 12 months after your Termination of Affiliation. This Section 5(a) does not apply if you are slated for reelection but not elected. (b) If you have a Termination of Affiliation for any reason not described in Sections 2, 3, 4 or 5(a), including your failure to be reelected to the Board or voluntary resignation, you may exercise this Option to the extent vested immediately prior to such termination, at any time during the first 6 months after your Termination of Affiliation. Under no circumstances can this Option be exercised on or after the Expiration Date.

Exercise After Termination. This Option may be exercised only while you are serving on the Board of Directors, except as described in Sections 2 or 3, or as follows: (a) Except as provided in Section 3, you are removed from the Board by the Company for any reason other than for Cause including, but not limited to, the Company's ’s decision not to slate you for reelection, you may exercise this Option to the extent the Option is vested immediately prior to such termination, at any time during the first 12 months after your Termination of Affiliation. This Section 5(a) does not apply if you are slated for reelection but not elected. (b) If you have a Termination of Affiliation for any reason not described in Sections 2, 3, 4 or 5(a), including your failure to be reelected to the Board or voluntary resignation, you may exercise this Option to the extent vested immediately prior to such termination, at any time during the first 6 months after your Termination of Affiliation. Under no circumstances can this Option be exercised on or after the Expiration Date.