Common use of Termination of Service on the Board Clause in Contracts

Termination of Service on the Board. Upon the date your service on the Company's Board is terminated for any reason, you, or in the event of your death your beneficiary, will be entitled to receive the number of Options determined by multiplying the sum of your Director fees actually earned and waived up to the date of your termination by the Leverage Factor and dividing the product by the Common Stock Price (and rounding up the resulting quotient); provided, however, that only the total Director fees earned and waived by you up to the date of termination will be considered. To the extent your Options are fully vested and exercisable as of the date of your termination, they will remain exercisable at any time prior to the Expiration Date. The portion of your Option that is not fully vested and exercisable as of the date of your termination, if any, shall continue to vest in accordance with the schedule set forth above and will become exercisable at the time it becomes fully vested prior to its Expiration Date. UNDER NO CIRCUMSTANCES WILL YOU BE ENTITLED TO RECEIVE CASH EQUAL TO ALL OR ANY PORTION OF THE DIRECTOR FEES YOU ELECTED TO WAIVE UNDER THE DIRECTOR'S FEE WAIVER.