Common use of Continuous Service Requirement Clause in Contracts

Continuous Service Requirement. Except as otherwise provided in this Section 7, the Option may be exercised only if you have continuously provided Service to the Company or an Affiliate since the Date of Grant and continue to provide Service on the exercise date. However, the Option may be exercised after termination of your Service (but in no event after the expiration of the Option) in the following situations: (a) The Option may be exercised for six months after termination of your Service because of death or Disability, but only to the extent that it was exercisable immediately prior to the termination of Service. (b) The Option may be exercised for three months after termination of your Service for any reason other than death, Disability or Cause, but only to the extent that it was exercisable immediately prior to the termination of Service. (c) If your Service terminates after a declaration made pursuant to Section 14 of the Plan in connection with a Corporate Transaction, the Option may be exercised at any time permitted by such declaration.