Common use of Option Termination Clause in Contracts

Option Termination. If Optionee’s employment with the Company (or a subsidiary of Company, as applicable) is terminated for any reason other than death, Optionee shall have ninety (90) days from the date of such termination of his position as an employee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. If termination of employment is effected by death of Optionee, any vested but unexercised portion of the Option may be exercised by the personal representative of Optionee or other person entitled by law to Optionee’s rights under the Option, and such person shall have ninety (90) days from the date of death of the Optionee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. Upon termination for any reason, any unvested portion of the Options shall not vest and Optionee’s rights to and under such non-vested part of the Options shall terminate and be null and void.

Option Termination. If Optionee’s employment with the Company (or a subsidiary of Company, as applicable) is terminated for any reason other than death, Optionee shall have ninety (90) days from the date of such termination of his position as an employee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. If termination of employment is effected by death of Optionee, any vested but unexercised portion of the Option may be exercised by the personal representative of Optionee or other person entitled by law to Optionee’s rights under the Option, and such person shall have ninety (90) days from the date of death of the Optionee to exercise any part of the Options vested pursuant to Section 1 of this Agreement. Upon the expiration of such ninety (90) day period or, if earlier, upon the expiration date of the Options as set forth above, the Option shall terminate and become null and void. Upon termination for any reason, any unvested portion of the Options shall not vest and Optionee’s rights to and under such non-vested part of the Options shall terminate and be null and void.