Common use of Exercise of Option after Termination Clause in Contracts

Exercise of Option after Termination. of Employment -------------------------------------------------- This Option is exercisable by the Employee only while he is employed by the Company or a Subsidiary, subject to the following exceptions: (a) If the Employee dies while the Option, or any portion thereof, is exercisable under the terms of this Agreement, the Employee's Beneficiary may exercise such rights, subject to the limitation in Subsection 3.1(b). The Option must be exercised within twelve (12) months after the Employee's death, and the Committee may in its discretion extend the Expiration Date of the Option to accommodate such exercise. (b) If the Employee's employment is terminated due to his permanent and total disability, as defined in Section 22(c)(3) of the Code, the Employee may exercise the Option, subject to the limitation in Subsection 3.1(b), within thirty-six (36) months after Termination of Employment, but not later than the Option's Expiration Date. (c) If the Employee's employment is terminated due to his retirement, the Employee may exercise the Option, subject to the limitation of Subsection 3.1(b), to the full term of the Option, but not later than the Option's Expiration Date. (d) If the Employee's employment is terminated other than for good cause or the reasons set forth in Subsections (a) through (c) above, the Employee may exercise the Option, subject to the limitations of Subsection 3.1(b), within six (6) months after Termination of Employment, but not later than the Option's Expiration Date.

Exercise of Option after Termination. of Employment -------------------------------------------------- This Option is exercisable by the Employee only while he is employed by the Company or a Subsidiary, subject to the following exceptions: (a) If the Employee dies while the Option, or any portion thereof, Option is exercisable under the terms of this Agreement, the Employee's Beneficiary may exercise such rights, subject to the limitation in Subsection 3.1(b). The Option must be exercised within twelve (12) months after the Employee's death, and the Committee may in its discretion extend the Expiration Date of the Option to accommodate such exercise. (b) If the Employee's employment is terminated due to his permanent and total disability, as defined in Section 22(c)(3) of the Code, the Employee may exercise the Option, subject to the limitation in Subsection 3.1(b), within thirty-six twelve (3612) months after Termination of Employment, but not later than the Option's Expiration Date. (c) If the Employee's employment is terminated due to his retirement, the Employee may exercise the Option, subject to the limitation limitations of Subsection 3.1(b), to the full term within sixty (60) months after Termination of the OptionEmployment, but not later than the Option's Expiration Date. (d) If the Employee's employment is terminated due to his retirement at or after age fifty-five (55) and such Employee continues as a director of the Company, the Employee may exercise the Option to the same extent as he would be able to exercise it if he continued to be employed, until the earlier of two (2) years after he ceases to be a director of the Company or the Option's Expiration Date. (e) If the Employee's employment is terminated other than for good cause or the reasons set forth in Subsections (a) through (cd) above, the Employee may exercise the Option, subject to the limitations of Subsection 3.1(b), within six three (63) months after Termination of Employment, but not later than the Option's Expiration Date.

Exercise of Option after Termination. of Employment -------------------------------------------------- This Option is exercisable by the Employee only while he is employed by the Company or a Subsidiary, subject to the following exceptions: (a) If the Employee dies while the Option, or any portion thereof, is exercisable under the terms of this Agreement, the Employee's Beneficiary may exercise such rights, subject to the limitation in Subsection 3.1(b). The Option must be exercised within twelve (12) months after the Employee's death, and the Committee may in its discretion extend the Expiration Date of the Option to accommodate such exercise. (b) If the Employee's employment is terminated due to his permanent and total disability, as defined in Section 22(c)(3) of the Code, the Employee may exercise the Option, subject to the limitation in Subsection 3.1(b), within thirty-six (36) months after Termination of Employment, but not later than the Option's Expiration Date. (c) If the Employee's employment is terminated due to his retirement, the Employee may exercise the Option, subject to the limitation of Subsection 3.1(b), to the full term within sixty (60) months after Termination of the OptionEmployment, but not later than the Option's Expiration Date. (d) If the Employee's employment is terminated other than for good cause or the reasons set forth in Subsections (a) through (c) above, the Employee may exercise the Option, subject to the limitations of Subsection 3.1(b), within six (6) months after Termination of Employment, but not later than the Option's Expiration Date.