Common use of Term and Exercise Clause in Contracts

Term and Exercise. The Option shall expire five (5) years from the date hereof. The Option shall become exercisable in installments as set forth on the attached Face Sheet of this Agreement; provided, however, that, if the Optionee is removed for Cause, the Option shall cease to continue to become exercisable on or after the date of such removal. If the Optionee's service with the Corporation terminates for any reason or if the Optionee ceases to be a Non-Employee Director, the Option shall continue to become exercisable in accordance with the preceding sentence and may be exercised until the Option expires in accordance with the first sentence of this Section 2. Accordingly, if the Optionee is removed for Cause, he or she may continue to exercise the Option until the Option expires in accordance with the first sentence of this Section 2, but only to the extent that (a) the Option became exercisable prior to the date of such removal and (b) it was not previously exercised. Notwithstanding anything to the contrary in this Section 2, in the event one of the events specified in Section 8.05(d)(i), (ii), (iii) or (iv) of the Plan occurs, the provisions of such Section 8.05(d) shall determine when the Option becomes exercisable, when it may be exercised and when it expires.

Term and Exercise. The Option shall expire five (5) years from the date hereof. The Option shall become exercisable in installments as set forth on the attached Face Sheet of this Agreement; providedPROVIDED, howeverHOWEVER, that, if the Optionee is removed for Cause, the Option shall cease to continue to become exercisable on or after the date of such removal. If the Optionee's service with the Corporation terminates for any reason or if the Optionee ceases to be a Non-Employee Director, the Option shall continue to become exercisable in accordance with the preceding sentence and may be exercised until the Option expires in accordance with the first sentence of this Section 2. Accordingly, if the Optionee is removed for Cause, he or she may continue to exercise the Option until the Option expires in accordance with the first sentence of this Section 2, but only to the extent that (a) the Option became exercisable prior to the date of such removal and (b) it was not previously exercised. Notwithstanding anything to the contrary in this Section 2, in the event one of the events specified in Section 8.05(d)(i), (ii), (iii) or (iv) of the Plan occurs, the provisions of such Section 8.05(d) shall determine when the Option becomes exercisable, when it may be exercised and when it expires.