Common use of Option Expiration Clause in Contracts

Option Expiration. The Option shall automatically terminate upon the happening of the first of the following events: (a) The expiration of the three-month period after the Grantee ceases to be employed by, or in the service of, the Company if the termination is for any reason other than disability, death or cause; (b) The expiration of the one-year period after the Grantee ceases to be employed by, or in the service of, the Company on account of the Grantee's disability; (c) The expiration of the one-year period after the Grantee ceases to be employed by, or in the service of, the Company, if the Grantee dies while employed by the Company or within three months after the Grantee ceases to be so employed or provide such services on account of a termination described in subparagraph (a) above; or (d) The date on which the Grantee ceases to be employed by the Company for cause. For purposes of this Option, cause shall mean, except to the extent otherwise specified by the Committee, a finding by the Committee that the Grantee has breached his employment or service contract, non-competition agreement or other obligation with the Company, or has been engaged in disloyalty to the Company, including without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his employment of service, or has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the Term of Option specified herein. Any portion of the Option that is not vested at the time the Grantee ceases to be employed by, or in the service of, the Company shall immediately terminate. In the event a Grantee ceases to be employed by the Company for cause, the Grantee shall automatically forfeit all shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates upon refund by the Company of the exercise price paid by the Grantee for such shares.

Option Expiration. The Option Option, to the extent that it has not theretofore been exercised, shall automatically terminate upon expire on the happening of the first earliest to occur of the following events: (a) The expiration seven years from the Date of ▇▇▇▇▇; (b) if the three-month period after the Grantee ceases to be employed by, or in the service of, Grantee's employment with the Company if the termination is terminates voluntarily or involuntarily for any reason other than disability, death or cause; Disability (b) The expiration as defined below), the Option may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period of three months from the date of such termination of employment or until the occurrence of the one-year date specified in Section 3(a), whichever period after is shorter; provided, however, that if the Grantee ceases to be employed by, or in the service ofdies within such three-month period, the Company on account unexercised portion of the Grantee's disabilityOption shall thereafter be exercisable to the extent to which it was exercisable at the time of termination of employment, for a period of twelve months from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter; (c) The expiration if the Grantee's employment with the Company terminates by reason of death, the Option may be thereafter exercised, to the extent then exercisable, by the legal representative of the one-year period after estate or by the legatee of the Grantee ceases to be employed byunder the will of the Grantee, for a period of one year from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter; (d) if the service ofGrantee's employment with the Company terminates by reason of "Disability" (which for purposes of this Agreement shall mean permanent and total disability within the meaning of Section 22(e)(3) of the Code), the CompanyOption may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period of one year from the date of such termination of employment or until the occurrence of the date specified in Section 3(a), whichever period is shorter; provided, however, that if the Grantee dies while employed within such one-year period, any unexercised portion of the Option held by the Company Grantee shall thereafter be exercisable to the extent it was exercisable at the time of termination of employment for a period of twelve months from the date of death or within three months after until the Grantee ceases to be so employed or provide such services on account occurrence of a termination described the date specified in subparagraph (a) above; orSection 3(a), whichever period is shorter; (de) The Notwithstanding the foregoing and unless otherwise determined by the committee of the Board of Directors designated to administer the Company's stock options and stock option plans (hereinafter the "Committee"), if ▇▇▇▇▇▇▇'s employment is terminated for Cause, the Option granted hereby shall terminate as of the date on which the Grantee ceases to be employed by the Company for cause. For purposes of this Option, cause shall mean, except to the extent otherwise specified by the Committee, a finding by the Committee that the Grantee has breached his employment or service contract, non-competition agreement or other obligation with the Company, or has been engaged in disloyalty to the Company, including without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his employment of service, or has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the Term of Option specified herein. Any portion of the Option that is not vested at the time the Grantee ceases to be employed by, or in the service of, the Company shall immediately terminate. In the event a Grantee ceases to be employed by the Company for cause, and the Grantee shall automatically forfeit all shares Shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates upon refund by the Company of the exercise price paid by the Grantee for such sharesShares. For purposes of this Agreement, "Termination for Cause" shall have the meaning set forth in ▇▇▇▇▇▇▇'s employment letter.

Option Expiration. The Option Option, to the extent that it has not theretofore been exercised, shall automatically terminate upon expire on the happening of the first earliest to occur of the following events: (a) The expiration the close of business on (b) if the three-month period after the Grantee ceases to be employed by, or in the service of, Grantee's employment with the Company if the termination is terminates voluntarily or involuntarily for any reason other than disability, death or cause; Disability (b) The expiration as defined in Section 1 of the one-year Plan), the Option may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period after of three months from the date of such termination of employment or until the occurrence of the date specified in Section 3(a), whichever period is shorter; provided, however, that if the Grantee ceases to be employed by, or in the service ofdies within such three-month period, the Company on account unexercised portion of the Grantee's disability;Option shall thereafter be exercisable to the extent to which it was exercisable at the time of death, for a period of twelve months from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter. (c) The expiration if the Grantee's employment with the Company terminates by reason of death, the Option may be thereafter exercised, to the extent then exercisable, by the legal representative of the one-year period after estate or by the legatee of the Grantee ceases to be employed byunder the will of the Grantee, for a period of one year from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter. (d) if the service ofGrantee's employment with the Company terminates by reason of "Disability" (as defined in Section 1 of the Plan), the CompanyOption may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period of one year from the date of such termination of employment or until the occurrence of the date specified in Section 3(a), whichever period is shorter; provided, however, that if the Grantee dies while employed by the Company or within three months after the Grantee ceases to be so employed or provide such services on account of a termination described in subparagraph (a) above; or (d) The date on which the Grantee ceases to be employed by the Company for cause. For purposes of this Optionone-year period, cause shall mean, except to the extent otherwise specified by the Committee, a finding by the Committee that the Grantee has breached his employment or service contract, non-competition agreement or other obligation with the Company, or has been engaged in disloyalty to the Company, including without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his employment of service, or has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the Term of Option specified herein. Any any unexercised portion of the Option that is not vested held by the Grantee shall thereafter be exercisable to the extent it was exercisable at the time of death for a period of twelve months from the Grantee ceases to be employed by, date of such death or in until the service of, the Company shall immediately terminate. In the event a Grantee ceases to be employed by the Company for cause, the Grantee shall automatically forfeit all shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates upon refund by the Company occurrence of the exercise price paid by the Grantee for such sharesdate specified in Section 3(a), whichever period is shorter.

Option Expiration. The Option Option, to the extent that it has not theretofore been exercised, shall automatically terminate upon expire on the happening of the first earliest to occur of the following events: (a) The expiration seven years from the Date of ▇▇▇▇▇; (b) if the three-month period after the Grantee ceases to be employed by, or in the service of, Grantee's employment with the Company if the termination is terminates voluntarily or involuntarily for any reason other than disability, death or cause; Disability (b) The expiration as defined below), the Option may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period of three months from the date of such termination of employment or until the occurrence of the one-year date specified in Section 3(a), whichever period after is shorter; provided, however, that if the Grantee ceases to be employed by, or in the service ofdies within such three-month period, the Company on account unexercised portion of the Grantee's disabilityOption shall thereafter be exercisable to the extent to which it was exercisable at the time of termination of employment, for a period of twelve months from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter; (c) The expiration if the Grantee's employment with the Company terminates by reason of death, the Option may be thereafter exercised, to the extent then exercisable, by the legal representative of the one-year period after estate or by the legatee of the Grantee ceases to be employed byunder the will of the Grantee, for a period of one year from the date of such death or until the occurrence of the date specified in Section 3(a), whichever period is shorter; (d) if the service ofGrantee's employment with the Company terminates by reason of "Disability" (which for purposes of this Agreement shall mean permanent and total disability within the meaning of Section 22(e)(3) of the Code), the CompanyOption may thereafter be exercised by the Grantee, to the extent it was exercisable at the time of such termination, for a period of one year from the date of such termination of employment or until the occurrence of the date specified in Section 3(a), whichever period is shorter; provided, however, that if the Grantee dies while employed within such one-year period, any unexercised portion of the Option held by the Company Grantee shall thereafter be exercisable to the extent it was exercisable at the time of termination of employment for a period of twelve months from the date of death or within three months after until the Grantee ceases to be so employed or provide such services on account occurrence of a termination described the date specified in subparagraph (a) above; orSection 3(a), whichever period is shorter; (de) The Notwithstanding the foregoing and unless otherwise determined by the committee of the Board of Directors designated to administer the Company's stock options and stock option plans (hereinafter the "Committee"), if ▇▇▇▇▇▇▇'s employment is terminated for Cause, the Option granted hereby shall terminate as of the date on which the Grantee ceases to be employed by the Company for cause. For purposes of this Option, cause shall mean, except to the extent otherwise specified by the Committee, a finding by the Committee that the Grantee has breached his employment or service contract, non-competition agreement or other obligation with the Company, or has been engaged in disloyalty to the Company, including without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his employment of service, or has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the Term of Option specified herein. Any portion of the Option that is not vested at the time the Grantee ceases to be employed by, or in the service of, the Company shall immediately terminate. In the event a Grantee ceases to be employed by the Company for cause, and the Grantee shall automatically forfeit all shares Shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates upon refund by the Company of the exercise price paid by the Grantee for such sharesShares. For purposes of this Agreement, "Termination for Cause" shall mean, except to the extent specified otherwise by the Committee, a finding by the Committee that the Participant has breached his or her employment or service contract, non-competition or other obligation with the Company, or has been engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment or service, or has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information.