Common use of Exercise Following Termination of Employment Clause in Contracts

Exercise Following Termination of Employment. In the event the Optionee's Termination of Employment is for Cause, the Option, whether exercisable or nonexercisable, at such time, shall be deemed to have terminated as of the day preceding such Termination of Employment. If such Termination of Employment is for any reason other than cause, any outstanding portion of the Option that has not become exercisable shall terminate on the date of such Termination of Employment, unless provided otherwise by the Board, in its sole discretion. Any outstanding exercisable portion shall be exercisable for the following periods: (A) If the Optionee's Termination of Employment is due to death, Permanent Disability, or Retirement, the Option shall be exercisable by the Optionee (or his personal representative or beneficiary) for the shorter of twelve (12) months following the date of such Termination of Employment or the remainder of its original term. (B) In all other cases, the Option shall be exercisable for the shorter of three months following such Termination of Employment, or the remainder of its original term.

Exercise Following Termination of Employment. In the event the -------------------------------------------- Optionee's Termination termination of Employment employment is for Cause, the Option, whether exercisable or nonexercisable, at such time, shall be deemed to have terminated as of the day preceding such Termination termination of Employmentemployment. If such Termination termination of Employment employment is for any reason other than causeCause, any outstanding portion of the Option that has not become exercisable shall terminate on the date of such Termination termination of Employmentemployment, unless provided otherwise by the Board, in its sole discretion. Any outstanding exercisable portion of an Option shall be exercisable for the following periods: (A) If the Optionee's Termination termination of Employment employment is due to death, Permanent retirement on or after age 65, or Disability, or Retirement, the such exercisable portion of such Option shall remain exercisable for its term, and shall thereafter terminate and be of no further force or effect. Any Options that are not exercisable by the Optionee (at such time shall be of no further force or his personal representative or beneficiary) for the shorter of twelve (12) months following the date of such Termination of Employment or the remainder of its original termeffect. (B) In all other cases, the Option shall be exercisable for the shorter of three months [ ] days following such Termination termination of Employment, or the remainder of its original termemployment.