Common use of Disability or Retirement of Optionee Clause in Contracts

Disability or Retirement of Optionee. In the event that an Optionee (other than an Optionee who is a non-employee Director of the Company) shall cease to be Employed by the Company (as defined in the Plan) due to the Optionee's Disability or Retirement (each as defined in the Plan), then each option then held by the Optionee may be exercised by the Optionee (or by his successor, in the event of the Optionee's death or legal incapacity), to the extent that such option was exercisable at the time of such termination of Employment (and subject to Section 7(c) and Section 14 hereof), at any time during a period of one (1) year following the date of such termination.