If the Optionee’s service with the Corporation ceases by reason of the Optionee’s death, Disability or Board Retirement (as defined below), any outstanding Options shall automatically become fully vested and exercisable as of the date of the Optionee’s termination of service with the Corporation and the Option shall, subject to Section 5 above, be exercisable for three (3) years after the date of cessation or until the expiration of the stated term of the Option, whichever period is shorter.