Common use of Option Termination Clause in Contracts

Option Termination. Unless otherwise determined by the Committee and set forth in a Grant Letter, Options shall terminate on the earliest of: (a) the 91st day following the date the Grantee ceases to be an Employee for any reason (except if such cessation is on account of death or Disability, the 181st day following such cessation); provided, however, that (i) in all cases the portion of any Option that did not vest prior to or upon the date of termination of employment or engagement for any reason shall terminate immediately upon such termination, and (ii) if such termination is for Cause, the vested portion shall terminate as well; (b) the seventh anniversary of the date of grant as set forth in the Grant Letter; and (c) cancellation, termination or expiration of the Options pursuant to action taken by the Committee in accordance with Section 7.