Common use of Maximum Exercise Period Clause in Contracts

Maximum Exercise Period. The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Incentive Option shall be exercisable after the expiration of ten years, or after the expiration of five years in the case of Incentive Options granted to a Ten Percent Stockholder, from the date that the Incentive Option was granted. An Option shall terminate and cease to be outstanding upon the termination, for any reason, of the Participant’s services to the Company or its specified Affiliate as a director, officer, employee, consultant, advisor, agent, independent contractor or independent sales or service organization, except as follows: (a) where a Participant’s services to the Company or an Affiliate are terminated due to the death of a Participant, an Option may be exercised after a Participant’s death by a Participant’s designated beneficiary, a Participant’s heir, the legal representative of a Participant’s estate or by the legatee of a Participant under his last will for a period of 12 months from the date of a Participant’s death, but only to the extent that the Option is exercisable as of the date of the Participant’s death and has not otherwise expired or been terminated; (b) where a Participant’s services to the Company or an Affiliate are terminated due to a Disability of a Participant, an Option may be exercised after such termination of services for a period of 12 months from the date of such termination of services, but only to the extent that the Option is exercisable as of the date of such termination of services and has not otherwise expired or been terminated; and (c) where a Participant’s services to the Company or an Affiliate are terminated for any reason other than by reason of death, Disability or Misconduct, an Option may thereafter be exercised for a period of three months from the date of such termination of services, but only to the extent that the Option is exercisable as of the date of such termination of services and has not otherwise expired or been terminated.