Common use of Effect of Termination of Directorship Clause in Contracts

Effect of Termination of Directorship. If the Optionee’s services as a director terminate, the Option and all other rights and benefits under this Agreement terminate except that the Optionee may, at any time within the following periods after the date of termination of service (the “Termination Date”), and provided that the Optionee was not terminated for Cause, exercise the Option but only to the extent the Option was vested and exercisable on the Termination Date and has not otherwise expired: • If the Optionee has served on the Board for three years or more and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is three years after the Termination Date to exercise his or her Option; • If the Optionee has served on the Board for less than three years and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is two years after the Termination Date to exercise his or her Option; • If the Optionee’s services are terminated for Cause, the Option, to the extent vested and unvested shall immediately terminate on the Termination Date. Options vesting by acceleration as of the Termination Date are deemed vested.