Common use of Exercise After Termination of Employment Clause in Contracts

Exercise After Termination of Employment. Except as ---------------------------------------- provided in paragraphs 2.2(d) and 2.2(e), if the Optionee's employment by Resorts or the Company is terminated by Resorts or the Company for "Cause" or the Optionee's employment by Resorts or the Company is terminated by Optionee without "Good Reason", the Optionee may exercise this Option only to the extent that it is exercisable on the effective date of his termination of employment. Such exercise may be made at any time within three months of the date of such termination (but in any event prior to the Expiration Date). The portion of the Option that is not exercisable on the effective date of the termination of employment shall expire immediately on such date.

Exercise After Termination of Employment. Except as provided ---------------------------------------- provided in paragraphs 2.2(d) and 2.2(e), if the Optionee's employment by Resorts or the Company is terminated by Resorts or the Company for "Cause" or the Optionee's employment by Resorts or the Company is terminated by Optionee without "Good Reason", the Optionee may exercise this Option only to the extent that it is exercisable on the effective date of his termination of employment. Such exercise may be made at any time within three months of the date of such termination (but in any event prior to the Expiration Date). The portion of the Option that is not exercisable on the effective date of the termination of employment shall expire immediately on such date.

Exercise After Termination of Employment. Except as provided ---------------------------------------- provided in paragraphs 2.2(d) and 2.2(e), if the Optionee's employment by Resorts or the Company is terminated by Resorts or the Company for "Cause" or the Optionee's employment by Resorts or the Company is terminated by Optionee without in circumstances other than a "Good Reason", Constructive Termination," the Optionee may exercise this Option only to the extent that it is exercisable on the effective date of his termination of employment. Such exercise may be made at any time within three months of the date of such termination (but in any event prior to the Expiration Date). The portion of the Option that is not exercisable on the effective date of the termination of employment shall expire immediately on such date.