Common use of Option Extension Clause in Contracts

Option Extension. For the consideration contemplated herein, the portion of each Option that is vested as of Employee’s cessation as a Service Provider (expected to occur upon the expiration of the Consulting Term), may be exercised through the twenty-four (24) month anniversary of the Effective Date. Notwithstanding the foregoing, in no event will any Option be exercisable or outstanding beyond the term or expiration date applicable to the Option and, further, the vested portion of the Options shall be subject to earlier termination in accordance with the change in control, merger, Company liquidation and similar provisions of the applicable Plan. The exercise of the vested portion of Employee’s Options and the shares purchased thereunder shall otherwise continue to be governed by the terms and conditions of the applicable Stock Agreements. Employee acknowledges that the extension of the Options may be deemed a modification resulting in the loss of incentive stock option status for those Options.