Common use of Term of Options Exercisability Clause in Contracts

Term of Options Exercisability. (a) The Option shall expire not more than ten (10) years from the date of the granting thereof, but shall be subject to earlier termination as herein provided. (b) The Option shall cease to vest as of the last day the Employee ceases to be an employee of the Company for any reason whatsoever. (c) Except as otherwise provided in this Section 4, if the Employee ceases to be an employee of the Company, the Employee’s ability to exercise the Option shall terminate as of the day the Employee ceases to be an employee of the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. However, in the event the Employee is terminated for Cause (as hereinafter defined), the Employee’s ability to exercise the Option shall terminate on the day the Employee ceases to be an employee of the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. (d) As used herein, “Cause” shall mean the Employee’s commission of a felony or a crime involving moral turpitude, the Employee’s breach of any provision of an agreement with the Company, the Employee shall have repeatedly been absent from work without satisfactory explanation therefor, or the Employee shall have committed an improper act with respect to, or act of dishonesty against, the Company.

Term of Options Exercisability. (a) The Option shall expire not more than ten (10) years from the date of the granting thereof, but shall be subject to earlier termination as herein provided. (b) The Option shall cease to vest as of the last day the Employee Optionee ceases to be an employee of the Company have, for any reason whatsoever, the same relationship with the Company which was in existence on the date the Option was granted. (c) Except as otherwise provided in this Section 4, if the Employee Optionee ceases to be an employee of have the Companysame relationship with the Company which was in existence on the date the Option was granted, the EmployeeOptionee’s ability to exercise the Option shall terminate as of the day date the Employee Optionee ceases to be an employee of have such relationship with the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. However, in the event the Employee Optionee is an employee of the Company and is terminated for Cause (as hereinafter defined), the EmployeeOptionee’s ability to exercise the Option shall terminate on the day the Employee Optionee ceases to be an employee of the Company, or on the date on which the Option expires by its terms, whichever occurs first, and the Option shall not be exercisable after such date. (d) As used herein, “Cause” shall mean the EmployeeOptionee’s commission of a felony or a crime involving moral turpitude, the Employee’s breach of Optionee breaches any provision of an agreement with the Company, the Employee Optionee shall have repeatedly been absent from work without satisfactory explanation therefor, or the Employee Optionee shall have committed an improper act with respect to, or act of dishonesty against, the Company.