Common use of Quit Clause in Contracts

Quit. If the Optionee quits employment, whether or not he is a party to a written employment contract, the Option granted hereby shall terminate and expire as of the close of business on the day the Optionee's employment terminates; provided, however, that if the Optionee quits employment before January 1, 1996, then any portion of the Option which was vested but not exercisable by the Optionee immediately prior to the actual date of the Optionee's termination of employment may be exercised by the Optionee from January 1, 1996 through January 15, 1996.

Quit. If the Optionee quits employment, whether or not he is a party to a written employment contract, the each Option granted hereby shall terminate and expire as of the close of business on the day the Optionee's employment terminates; provided, however, that if the Optionee quits employment before January 1, 1996, then any portion of the Option which was vested but not exercisable by the Optionee immediately prior to the actual date of the Optionee's termination of employment may be exercised by the Optionee from January 1, 1996 through January 15, 1996.