Common use of Life of Option Clause in Contracts

Life of Option. The Option shall expire when exercised in full; provided, however, and subject to Section 5 of this Agreement, the Option (to the extent not exercised and not exercisable) also shall expire immediately and automatically on 10/17/2006 (such date being a date preceding the tenth anniversary of the date of this Agreement) or, if earlier, on the day the Optionee ceases to be a director of the Company, provided that the Company may, in its sole and absolute discretion, extend the exercise period for up to an additional thirty (30) consecutive days following such date (but not beyond the date of automatic expiration).

Life of Option. The Option shall expire when exercised in full; provided, however, and subject to Section 5 of this Agreement, the Option (to the extent not exercised and not exercisable) also shall expire immediately and automatically on 10/17/2006 10/30/2007 (such date being a date preceding the tenth anniversary of the date of this Agreement) or, if earlier, on the day the Optionee ceases to be a director of the Company, provided that the Company may, in its sole and absolute discretion, extend the exercise period for up to an additional thirty (30) consecutive days following such date (but not beyond the date of automatic expiration).

Life of Option. The Option shall expire when exercised in full; provided, however, and subject to Section 5 of this Agreement, the Option (to the extent not exercised and not exercisable) also shall expire immediately and automatically on 10/17/2006 02/09/2000 (such date being a date preceding the tenth second anniversary of the date of this Agreement) or, if earlier, on the day the Optionee ceases to be a director of the Company, provided that the Company may, in its sole and absolute discretion, extend the exercise period for up to an additional thirty (30) consecutive days following such date (but not beyond the date of automatic expiration).