Common use of TERMINATION OF EMPLOYMENT OR DIRECTORSHIP Clause in Contracts

TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. If for any reason other than permanent and total disability (as defined below) or death an Optionee ceases to be employed by or to be a director of the Company Options held at the date of such termination (to the extent then exercisable) may be exercised, in whole or in part, at any time within three (3) months after the date of such termination or such lesser period specified in the Option Agreement (but in no event after the expiration date of the Option).

TERMINATION OF EMPLOYMENT OR DIRECTORSHIP. If for any reason other than permanent and total disability (as defined below) or death an Optionee ceases ceased to be employed by or to be a director of the Company Options held at the date of such termination (to the extent then exercisable) may be exercised, in whole or in part, at any time within three (3) months after the date of such termination or such lesser period specified in the Option Agreement (but in no event after the expiration date of the Option).