Common use of Termination of Service as a Director Clause in Contracts

Termination of Service as a Director. If the Optionee shall cease to be a director of the Corporation for whatever reason other than by death or disability, the Optionee shall have the right to exercise the Option (except to the extent the Option shall have been exercised or shall have expired) until the later to occur of (i) ninety (90) days after the date of termination of service as a director, or (ii) six (6) months and ten (10) days after the Optionee's last purchase or sale of shares of Common Stock prior to the termination of Optionee's service as a director. Any portion of the Option not exercised within said period shall lapse. Shares of Common Stock issued upon such exercise shall be subject to the Corporation's right to repurchase the Common Stock as provided in Section 5 hereof.