Common use of Lapse of Options Clause in Contracts

Lapse of Options. Unless otherwise determined by the Committee in its sole discretion, the Option shall lapse at (and shall not be exercisable after) the time specified below: (a) If the Participant's service as a director of the Company terminates by (A) Retirement, (B) Total Disability of the Participant, or (C) death of the Participant while a director of the Company, the Option shall lapse at 3:00 p.m. Lake Forest, Illinois, time on the third anniversary of the date of such termination of employment (subject to earlier termination pursuant to Paragraph 2 hereof or as otherwise provided in the Plan); and (b) If the Participant's service as a director of the Company terminates for any reason not specified in Paragraph 6(a), the Option shall lapse immediately upon such termination unless the Committee determines otherwise.