Term Clause Example from Business Contracts

Term. The term of your option expires upon the earliest of the following: (a) immediately upon notification to you of a termination of your Continuous Service for Cause; (b) three months after the termination of your Continuous Service for any reason other than Cause, your Disability or your death, except as otherwise provided in Section 6(d) below; provided, however, that if during any part of such three month period your option is not exercisable solely because doing so would violate the registratio...n requirements under the Securities Act, your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three months (which need not be consecutive) after the termination of your Continuous Service; provided further, if during any part of such three month period, the sale of any Common Stock 2. received upon exercise of your option would violate the Company's insider trading policy, then your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three months (which need not be consecutive) after the termination of your Continuous Service during which the sale of the Common Stock received upon exercise of your option would not be in violation of the Company's insider trading policy; (c) twelve months after the termination of your Continuous Service due to your Disability, except as otherwise provided in Section 6(d) below; (d) eighteen months after your death if you die either (i) during your Continuous Service, (ii) within three months after the termination of your Continuous Service for any reason other than Cause or your Disability, or (iii) within twelve months after the termination of your Continuous Service due to your Disability; or (e) the Expiration Date indicated in your Grant Notice. View More