Common use of Termination of Employment or Death Clause in Contracts

Termination of Employment or Death. (a) In the event of a termination of Optionee's employment or consulting services for any reason (other than a termination of an Optionee employee by his or her death or disability), (i) except as provided in clause (ii) of this sentence this Option shall terminate as of the day of notice of such termination by either party, but in no event later than the Expiration Date, and (ii) any unexercised portion of this Option which is otherwise exercisable on the date of termination may be exercised by Optionee at any time within three (3) months following the date of such termination, unless Optionee dies during such three (3) month period, but in no event later than the Expiration Date. If Optionee is an employee, whether military, government or other service by Optionee or other leave of absence granted to Optionee shall constitute such a termination shall be determined in each case by the Board