Common use of Stock Option Term Clause in Contracts

Stock Option Term. (a) Subject to Section 10 of the Plan, the Stock Option shall expire on the earliest to occur of: i. the first anniversary of the termination of the Participant's membership on the Company's Board by reason of death, Disability or Retirement; ii. the removal of the participant from the Company's Board for Cause; iii. the expiration of three years after the termination of the Participant's membership on the Company's Board for any reason other than death, Disability, Retirement or a termination by the Company for Cause, other than in the event that the Participant has served as a member of the Company's board for less than three consecutive years, in which case on the expiration of one year after such termination; and iv. the tenth anniversary of the Grant Date. b. Notwithstanding clauses (i) or (iii) of Section 5(a) of this Agreement, in the event of the termination of the Participant's membership on the Company's Board but before the scheduled expiration date of the Stock Option (as set forth in the above clauses (i) and (iii), as applicable), the Stock Option shall expire on the earlier of (1) the first anniversary of the date of the Participant's death and (2) the tenth anniversary of the Grant Date.