Exercise of Option Following Termination of Employment. (a) If the Optionee's employment by the Company terminates by reason of retirement other than for Good Reason, as defined in the Severance Agreement ("Good Reason"), on or after age 65, the Option shall be exercisable only to the extent it is exercisable on the effective date of the Optionee's termination of employment and may thereafter be exercised by the Optionee or the Optionee's Legal Representative or Permitted Transferees until and including the earlier to occur of (i) the date which is six months after the effective date of the Optionee's termination of employment and (ii) the Expiration Date.
Exercise of Option Following Termination of Employment. If the Optionee’s employment with the Company (or any Parent or Subsidiary) terminates for any reason other than for Cause, death or Disability, the Option, to the extent vested as of the date of such termination of employment, may be exercised for a period of ninety (90) days following such termination of employment (but in no event later than the Expiration Date). If the Optionee’s employment with the Company (or any Parent or Subsidiary) terminates for Cause (as determined by the Administrator in accordance with the Plan), the Optionee shall have no right to exercise the Option, whether or not then vested, at any time on or after the effective date of such termination. If the Optionee’s employment with the Company (or any Parent or Subsidiary) terminates by reason of death or Disability, the Option, to the extent vested as of such termination of employment, may be exercised for a period of twelve (12) months following such termination of employment (but in no event later than the Expiration Date). Notwithstanding anything herein to the contrary, the Board of Directors of the Company may (but shall not be required to) cause the Option to become fully vested and exercisable upon the occurrence of a Change in Control (as defined in the Plan).
