This Option shall terminate, and Optionee shall have no further rights under this Option, upon the first to occur of (a) The last day of the Exercise Period as set forth in Section 2 of this Instrument of Grant, or (b) seven (7) months from the date Optionee ceases to be a director if Optionee ceases to be a director other than as a result of his death or Disability or (c) twelve (12) months after the date of death or Disability. In no event may this Option be exercised subsequent to the 5:00 P.M. on the last day of the Exercise Period.