Common use of Earlier Termination of Option Clause in Contracts

Earlier Termination of Option. Not withstanding the provisions of subparagraph 3(b), the right to exercise the vested portion of this Option shall, except as provided in (f) below, terminate upon the earliest to occur of: (i) the expiration of the term of this Option as set forth in paragraph 2 hereof, (ii) the expiration of one (1) year after the date the Employee’s employment is terminated because of death or Total and Permanent Disability, (iii) the expiration of one (1) year after the date the Employee’s employment is terminated by the Corporation without Cause or the Employee terminates for Good Reason, or (iv) the date the Employee’s employment is terminated by the Corporation for Cause or the Employee voluntarily terminates his employment. For purposes of this Agreement, “Cause” and “Good Reason” shall have the meaning set forth in the Employment Agreement, dated as of May 1, 2005 (“Employment Agreement”), between the Corporation and the Employee, as it may be amended.