Term of Option and Termination of Employment Sample Clauses

Term of Option and Termination of Employment. Unless the Option earlier expires upon the Expiration Date set forth in the Notice, upon the termination of the Participant’s employment with the Company the Participant’s right to exercise the Option shall be as follows: (a) Upon the Participant’s termination of employment as a result of death, all of the Option shall be exercisable by the Participant’s estate, heir or beneficiary at any time during the one (1) year period commencing on the date of death. Any portion of the Option not exercised during the one (1) year period commencing on the date of death shall terminate as of the end of such one (1) year period. If the Participant should die within thirty (30) days of the Participant’s termination of employment with the Company, the Option shall be exercisable by the Participant’s estate, heir or beneficiary at any time during the one (1) year period commencing on the date of termination, but only to the extent of the number of Shares as to which the Option was exercisable as of the date of such termination. Any portion of the Option not exercised during the one (1) year period commencing on the date of termination shall terminate as of the end of such one (1) year period. (b) Upon the Participant’s termination of employment as a result of Disability, all of the Option shall be exercisable during the one (1) year period commencing on the date of termination. The portion of the Option not exercised during the one (1) year period commencing on the date of termination shall terminate as of the end of such one (1) year period. (c) Upon the Participant’s termination of employment for any reason other than those stated above in Sections 4(a) and (b) or as described in Section 15 of the Plan, (i) to the extent that the Option is not exercisable as of such termination date, such portion of the Option shall remain unexercisable and shall terminate as of such date, and (ii) to the extent that the Option is exercisable as of such termination date, such portion of the Option shall expire on the earlier of (x) ninety (90) days following such date and (y) the Expiration Date.