Common use of TERM OF GRANT Clause in Contracts

TERM OF GRANT. The Options granted in this Agreement shall expire 10 years from the Closing Date. In the event that the employment of the Grantee terminates, unless a Notice of Exercise has been given to the Company from the Grantee, all vested Options shall expire on the first anniversary after termination of employment, except in the case of (i) termination of the Grantee’s employment with the Company or any of its Subsidiaries for Cause, or resignation by the Grantee without Good Reason, in which case the vested Options would terminate upon such termination or resignation, or (ii) death or Disability, in which case the vested Options would terminate on the first anniversary of the date of death or Disability. Any Options which are unvested at the date of termination of employment will expire on the date of termination, and shall be forfeited. Further, any part of an Option that is vested (but not exercised) as of the Termination Date, if the Termination Event was a termination by the Company or any of its Subsidiaries for Cause at any time or a resignation by the Grantee without Good Reason will be forfeited and there shall be no settlement with respect thereto.