Common use of Exercise of Option after Termination Clause in Contracts

Exercise of Option after Termination. This Option is exercisable by the Optionee only while he is a Director of the Company, subject to the following exceptions and Section 5.2 below: (a) If the Optionee dies while the Option is exercisable under the terms of this Agreement, the Optionee’s Beneficiary or a Transferee, as applicable, may exercise such rights, subject to the limitation in Subsection 3.1(b). The Option must be exercised within twelve (12) months after the Optionee’s death, but not later than the Option’s Expiration Date. (b) If the Optionee ceases to be a Director due to his Retirement, the Optionee or a Transferee, as applicable, may exercise the Option, subject to the limitation in Subsection 3.1(b), within sixty (60) months after Termination, but not later than the Option’s Expiration Date. (c) If the Optionee ceases to be a Director other than for the reasons set forth in Subsections (a) or (b) above, the Optionee or a Transferee, as applicable, may exercise the Option, subject to the limitations of Subsection 3.1(b), within three (3) months after Termination, but not later than the Option’s Expiration Date.