Term Clause Example from Business Contracts

Term. You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following: a. immediately upon the termination of your Continuous Service for Cause; b. three months after the termination of your Continuous Service for any reason other than Cause, Disability or death; c. 12 months after the termination of your Continuous Service due to your Disability; d. 18 months after you...r death if you die during your Continuous Service; e. immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction, f. the Expiration Date indicated in your Grant Notice; or g. the day before the 10th anniversary of the Date of Grant. Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan. If the Company provides for the extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates. View More