Common use of Death, Disability or Retirement of Recipient Clause in Contracts

Death, Disability or Retirement of Recipient. The Recipient's rights to exercise this Option upon the death, disability or retirement of the Recipient are set forth as follows: (a) If the Recipient ceases to be in Service to the Corporation for a reason other than permanent disability or death, the Recipient must, within (2) months after the date of termination of such Service, but in no event after the Option's stated expiration date, exercise some or all of the Options that the Recipient was entitled to exercise on the date the Recipient's Service terminated. All options which have not vested in accordance with Paragraph 2 will thereafter be void for all purposes. If the Recipient ceases to be in Service to the Corporation by reason of permanent disability within the meaning of section 22(e)(3) of the Internal Revenue Code (as determined by the Board of Directors), the Recipient will have two (2) months after the date of termination of Service, but in no event after the stated expiration date of the Recipient's Options, to exercise Options that the Recipient was entitled to exercise on the date the Recipient's Service terminated as a result of the disability. (b) If a Recipient dies while in the Corporation's Service, any Options that the Recipient was entitled to exercise on the date of death will be exercisable within the six-month period following the date of issuance of letters testamentary or letters of administration of a deceased Recipient, in the case of the Recipient's death during his Service to the Corporation's Board, but not later than one year after the Recipient's death or until the stated expiration date of the Recipient's Option, whichever occurs first, by the person or persons ("successors") to whom the Recipient's rights pass under a will or by the laws of descent and distribution. As soon as practicable after receipt by the Corporation of such notice and of payment in full of the Option Price, a certificate or certificates representing the Optioned Shares shall be registered in the name or names specified by the successors in the written notice of exercise and shall be delivered to the successors. (c) The term "Service" means service as an employee, as an independent contractor, or an employee of an independent contractor.

Death, Disability or Retirement of Recipient. The Recipient's rights to exercise this Option upon the death, disability or retirement of the Recipient are set forth as follows: (a) If the Recipient ceases to be in Service to the Corporation for a reason other than permanent disability or death, the Recipient must, within (2) months after the date of termination of such Service, but in no event after the Option's stated expiration date, exercise some or all of the Options that the Recipient was entitled to exercise on the date the Recipient's Service terminated. All options which have not vested in accordance with Paragraph 2 Section will thereafter be void for all purposes. If the Recipient ceases to be in Service to the Corporation by reason of permanent disability within the meaning of section 22(e)(3) of the Internal Revenue Code (as determined by the Board of Directors), the Recipient will have two (2) months after the date of termination of Service, but in no event after the stated expiration date of the Recipient's Options, to exercise Options that the Recipient was entitled to exercise on the date the Recipient's Service terminated as a result of the disability. (b) If a Recipient dies while in the Corporation's Service, any Options that the Recipient was entitled to exercise on the date of death will be exercisable within the six-month period following the date of issuance of letters testamentary or letters of administration of a deceased Recipient, in the case of the Recipient's death during his Service to the Corporation's Board, but not later than one year after the Recipient's death or until the stated expiration date of the Recipient's Option, whichever occurs first, by the person or persons ("successors") to whom the Recipient's rights pass under a will or by the laws of descent and distribution. As soon as practicable after receipt by the Corporation of such notice and of payment in full of the Option Price, a certificate or certificates representing the Optioned Shares shall be registered in the name or names specified by the successors in the written notice of exercise and shall be delivered to the successors. (c) The term "Service" means service as an employee, as an independent contractor, or an employee of an independent contractor.

Death, Disability or Retirement of Recipient. The Recipient's rights to exercise this Option upon the death, disability or retirement of the Recipient are set forth as follows: (a) If the Recipient ceases to be in Service to the Corporation for a reason other than permanent disability Disability or death, the Recipient mustOption, within (2) months after to the date of termination of such Serviceextent it has not yet been exercised, but in no event after the Option's stated expiration date, exercise some or all of the Options that the Recipient was entitled to exercise on the date the Recipient's Service terminated. All options which have not vested in accordance with Paragraph 2 will thereafter be void for all purposesshall immediately terminate. If the Recipient ceases to be in Service to the Corporation by reason of permanent disability Disability within the meaning of section 22(e)(3Section 7(a) of the Internal Revenue Code Employment Agreement (as determined by the Board of Directors), the Recipient will have two three (23) months after the date of termination of Service, but in no event after the stated expiration date of the Recipient's OptionsOption (as provided in Paragraph 6), to exercise Options that the Option to the same extent the Recipient was entitled to exercise the Option on the date the Recipient's Service terminated as a result of the disabilityDisability. (b) If a Recipient dies while in the Corporation's Service, the Option or any Options portion thereof that the Recipient was entitled to exercise on the date of death will be exercisable within the six-month period following the date of issuance of letters testamentary or letters of administration of a deceased Recipient, in the case of the Recipient's death during his Service to the Corporation's Board, but not later than one (1) year after the Recipient's death or until the stated expiration date of the Recipient's OptionOption (as provided in Paragraph 6), whichever occurs first, by the person or persons ("successors") to whom the Recipient's rights pass under a will or by the laws of descent and distribution. As soon as practicable after receipt by the Corporation of such notice and of payment in full of the Option Price, a certificate or certificates representing the Optioned Shares shall be registered in the name or names specified by the successors in the written notice of exercise and shall be delivered to the successors. (c) The term "Service" means service as an employee, employee pursuant to the Employment Agreement or as an independent contractor, or an employee of an independent contractor.