Common use of TERM AND EXERCISE OF OPTIONS Clause in Contracts

TERM AND EXERCISE OF OPTIONS. (a) The term of the Option shall be for a period which begins on the Grant Date and ends on the Expiration Date (set forth on the top of the first page of this Option Agreement under the caption “Expiration Date”), subject to earlier termination as provided below. Notwithstanding the foregoing, in no event shall the Option be exercisable after the expiration of ten (10) years from the Grant Date. Except as otherwise provided herein, during the term, the Optionee shall have the right to exercise the Option on and after the corresponding vesting dates set forth in Section 3 hereof. (b) The Option shall be exercisable for three (3) months after Optionee ceases to be a Service Provider, unless such termination is due to Optionee’s death or Permanent Disability, which case the Option shall be exercisable for twelve (12) months after Optionee ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may the Option be exercised after the Expiration Date and the Option may be subject to earlier termination as provided in Section 7(c) of the Plan. For purposes hereof, “Permanent Disability” means the condition of being “disabled” within the meaning of Section 422(c)(6) of the Code.