Common use of Expiration of the Option Clause in Contracts

Expiration of the Option. The Option shall terminate and cease to be exercisable on the first to occur of the following events: (a) the date which is the tenth (10th) anniversary of the Annual Grant Date unless earlier terminated pursuant to clause (iii) below; (b) the expiration of one (1) month from the date of a person’s Termination of Service for any reason other than death, Disability or Retirement; or (c) the expiration of five (5) years from the date of a person’s death, whether before or after a Termination of Service.

Expiration of the Option. The Option shall terminate and cease to be exercisable on the first to occur of the following events: (a) the date which is the tenth (10th) anniversary of the Annual Grant Date unless earlier terminated pursuant to clause (iiic) below; (b) the expiration of one (1) month from the date of a person’s Termination of Service for any reason other than death, Disability or Retirement; or (c) the expiration of five (5) years from the date of a person’s death, whether before or after a Termination of Service.