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EYE » Topics » 6. Term of Options Granted to Independent Directors . This Section 6 shall apply solely to Options granted to Independent Directors.These excerpts taken from the EYE 10-K filed Mar 3, 2008. 6. Term of Options Granted to Independent Directors. This Section 6 shall apply solely to Options granted to Independent Directors. (a) Except as otherwise provided in a written agreement between you and the Company, no Option granted to an Independent Director may be exercised to any extent by anyone after the first to occur of the following events: (i) The expiration of one calendar year from the date of the Independent Directors termination of directorship by reason of his or her death or Total Disability; (ii) The expiration of three calendar months from the date of the Independent Directors termination of directorship for any reason other than such Independent Directors death or his or her Total Disability, unless the Independent Director dies within said three calendar month period, in which case the Option shall expire one year from the date of the Independent Directors death; or (iii) The expiration of 10 years from the date the Option was granted. (b) In the event your service as a Director terminates, the Option shall be exercisable by you (or your successor in interest in the event of your death
after your service terminates) following your termination of service only to the extent that installments thereof had become exercisable on or prior to the date of such termination and had not expired and become unexercisable on or prior to such date. 7. Term of Options Granted to Consultants. This Section 7 shall apply solely to Options granted to Consultants. (a) Except as otherwise provided in a written agreement between you and the Company, no Option granted to a Consultant may be exercised to any extent by anyone after the first to occur of the following events: (i) The expiration of one calendar year from the date of the Consultants termination of consultancy by reason of his or her death or Total Disability; (ii) The expiration of three calendar months from the date of the Consultants termination of consultancy for any reason other than such Consultants death or his or her Total Disability, unless the Consultant dies within said three calendar month period, in which case the Option shall expire one calendar year from the date of the Consultants death; or (iii) The expiration of 10 years from the date the Option was granted. (b) In the event your service as a Consultant terminates, the Option shall be exercisable by you (or your successor in interest in the event of your death after your service terminates) following your termination of service only to the extent that installments thereof had become exercisable on or prior to the date of such termination and had not expired and become unexercisable on or prior to such date. 8. Definitions. As used herein, calendar month means 30 days, and calendar year means 365 days. 9. Grant Subject to Plan. The grant of the Option evidenced hereby is made pursuant to all of the provisions of the Plan, and this Grant is intended, and shall be interpreted in a manner to comply therewith. Any provision of this Grant which is inconsistent with Plan shall be superseded by and governed by the Plan. 10. Disputes and Disagreements. Any dispute or disagreement which may arise under or as a result of or pursuant to this Grant shall be determined by the Committee in its sole discretion, and any interpretation by the Committee (or with respect to an Option granted to an Independent Director, the Board in its sole discretion) of the terms of this Grant shall be final, binding and conclusive.
11. Notices. All notices or other communications required or permitted hereunder shall be in writing, and shall be sufficient in all respects only if delivered in person or sent via certified mail or overnight delivery service such as Federal Express, postage prepaid, addressed as follows:
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