Common use of Exercise Conditions Clause in Contracts

Exercise Conditions. A Stock Option expires and ceases to be exercisable on the 90th day after you cease to be an employee of the Company, except as otherwise provided in this Agreement. If your employment with the Company is terminated (voluntarily or involuntarily), you may exercise your Stock Option, to the extent it was exercisable on the date of termination, within 90 calendar days following the date of termination. If you die or cease to be an employee of the Company because of a Disability at a time when you are entitled to exercise a Stock Option, the Stock Option will continue to be exercisable, to the extent it was exercisable on the date of your death or Disability, for one year after your death or Disability by you or your guardian (in the case of Disability) or your heir or personal representative (in the case of death). Notwithstanding the foregoing, the Stock Option is never exercisable after the Expiration Date stated in the heading of this Agreement. The Stock Option will be exercisable after your death, Disability, or termination of employment only to the extent that it was exercisable on the date when you ceased to be an employee of the Company. The Board of Directors shall decide to what extent bona fide leaves of absence for illness, temporary disability, military or governmental service, or other reasons will constitute an interruption of continuous employment that results in your ceasing to be an employee of the Company. The award of the Stock Option to you does not create or extend any right for you to continue to serve as an officer or employee of the Company, to participate in any other stock option or employee benefit plan of the Company, or to receive the same benefits as any other employee; nor does it restrict in any way the right of the Company to terminate at any time your employment with it either at will or as provided in any written employment agreement between you and the Company.

Exercise Conditions. A Stock Option expires and ceases to be exercisable on the 90th day after you cease to be an employee of the Companyor non-employee Director, except as otherwise provided in this Plan and in the Option Agreement. If your employment with the Company or a subsidiary is terminated (voluntarily or involuntarily), you may exercise your Stock Option, to the extent it was exercisable on the date of termination, Option within 90 calendar days following the date of termination. If you die or cease to be an employee of the Company or non-employee Director because of a Disability disability at a time when you are entitled to exercise a Stock Option, the Stock Option will continue to be exercisable, to the extent it was exercisable on the date of your death or Disability, for one year after your death or Disability disability by you or your guardian (in the case of Disabilitydisability) or your heir or personal representative (in the case of death). Notwithstanding the foregoing, the Stock Option is never exercisable after the Expiration Date stated in the heading of this Agreement. The Stock Option will be exercisable after your death, Disabilitydisability, or termination of employment only to the extent that it was exercisable on the date when you ceased to be an employee of the CompanyCompany or any of its subsidiaries. The Board of Directors Administrative Committee shall decide to what extent bona fide leaves of absence for illness, temporary disability, military or governmental service, or other reasons will constitute an interruption of continuous employment that results in your ceasing to be an employee of the CompanyCompany or any of its subsidiaries. The award of the Stock Option to you does not create or extend any right for you to continue to serve as an officer or employee of the CompanyCompany or any of its subsidiaries, to participate in any other stock option or employee benefit plan of the Company, or to receive the same benefits as any other employee; nor does it restrict in any way the right of the Company or any of its subsidiaries to terminate at any time your employment with it either at will or as provided in any written employment agreement between you and the Company.