Common use of Effect of Termination of Directorship Clause in Contracts

Effect of Termination of Directorship. If Director's status as a Director of the Company terminates for any reason, the Option may thereafter be exercised by the Director or by the legal representative of the estate or by the legatee of the Director under the will of the Director until the expiration of the Exercise Period.

Effect of Termination of Directorship. If Director's ’s status as a Director of the Company terminates for any reason, the portion of the Option that was exercisable as of the date of termination may thereafter be exercised by the Director or by the legal representative of the estate or by the legatee of the Director under the will of the Director until the expiration of the Exercise Period. The portion of the Option, if any, that was not exercisable as of the date of termination shall immediately expire.