Common use of Exercise Following Termination of Service Clause in Contracts

Exercise Following Termination of Service. If the Optionee’s service as an employee of the Corporation terminates for any reason other than death, disability or retirement, the Option (to the extent it has not previously been exercised and is then exercisable in accordance with the provisions of paragraph 4 above) will terminate 30 days after such termination of service. The foregoing notwithstanding, the Option shall cease to be exercisable on the date of such termination if the termination is for cause or if the Optionee upon such termination becomes an employee, director or consultant of a person who is in direct competition with the Corporation. For this purpose, “cause” shall mean conviction of a felony, misappropriation of assets of the Corporation or any subsidiary, continued or repeated insobriety, continued or repeated absence from service during the usual working hours of the Optionee’s position for reason other than disability or sickness, or refusal to carry out the reasonable directions of the Corporation’s executive officers or of the Board.

Exercise Following Termination of Service. If the Optionee’s 's service as an employee of the Corporation terminates for any reason other than death, disability or retirement, the Option (to the extent it has not previously been exercised and is then exercisable in accordance with the provisions of paragraph Paragraph 4 above) will terminate 30 days after such termination of service. The foregoing notwithstanding, the Option shall cease to be exercisable on the date of such termination if the termination is for cause or if the Optionee upon such termination becomes an employee, director or consultant of a person who is in direct competition with the Corporation. For this purpose, “"cause” " shall mean conviction of a felony, misappropriation of assets of the Corporation or any subsidiary, continued or repeated insobriety, continued or repeated absence from service during the usual working hours of the Optionee’s 's position for reason reasons other than disability or sickness, or refusal to carry out the reasonable directions of the Corporation’s 's executive officers or of the Board.