Common use of Latest Date of Exercise Clause in Contracts

Latest Date of Exercise. The Option shall expire, and in no event shall any shares be available for purchase hereunder, upon the earliest to occur of (i) the tenth anniversary of the Grant Date, (ii) the date that is three (3) months following the Participant’s termination of employment for any reason other than due to death, Disability (as defined below) or Retirement (as defined below), (iii) the second anniversary of the date of termination of the Participant’s employment due to death or (iv) the fifth anniversary of the date of termination of the Participant’s employment due to Retirement or Disability; provided, that any exercise under (iii) or (iv) above that is made after the first anniversary of the date of the Participant’s death, Disability or Retirement will disqualify the Option from Incentive Stock Option treatment and for any exercise after such anniversary, the Option shall be treated as a Non-Qualified Stock Option.