Common use of Death of Director Clause in Contracts

Death of Director. In the event that the Director dies while in the employ of the Company or during the one (1) month, three (3) month or three (3) year periods referred to in Paragraph 5 above, the Director's designated beneficiary, or if either no beneficiary survives the Director or the Board does not permit beneficiary designations, the administrator or executor of the Director's estate, may, within three (3) years after the date of death, exercise this option. Any such transferee must furnish the Company (a) written notice of his or her status as a transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of this option and compliance with any laws or regulations pertaining to such transfer, and (c) written acceptance of the terms and conditions of this option as set forth in this Agreement.

Death of Director. In the event that the Director dies while in the employ of the Company a Director or during the one (1) month, three (3) month or three (3) year periods referred to described in Paragraph 5 aboveparagraph 4, the Director's ’s designated beneficiarybeneficiary (if beneficiary designations are permitted by the Company in its discretion), or if either no such beneficiary survives the Director or the Board does not permit beneficiary designationsDirector, the administrator or executor of the Director's ’s estate, may, may exercise any vested but unexercised portion of the option within three twelve (312) years months after the date of the Director’s death, exercise this option. Any such transferee must furnish the Company (a) written notice of his or her status as a transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of this option and compliance with any laws or regulations pertaining to such transfer, and (c) written acceptance of the terms and conditions of this option as set forth in this Agreement.

Death of Director. In the event that the Director dies while in the employ of the Company or during the one (1) month, three (3) month or three (3) year periods referred to in Paragraph 5 above, the Director's ’s designated beneficiary, or if either no beneficiary survives the Director or the Board does not permit beneficiary designations, the administrator or executor of the Director's ’s estate, may, within three (3) years after the date of death, exercise this option. Any such transferee must furnish the Company (a) written notice of his or her status as a transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of this option and compliance with any laws or regulations pertaining to such transfer, and (c) written acceptance of the terms and conditions of this option as set forth in this Agreement.

Death of Director. In the event that the Director dies while in the employ of the Company or during the one (1) month, three (3) month or three (3) year periods referred to in Paragraph 5 above, the Director's ’s designated beneficiary, or if either no beneficiary survives the Director or the Board does not permit beneficiary designations, the administrator or executor of the Director's ’s estate, may, within three (3) years after the date of death, exercise this option. Any such transferee must furnish the Company (a) written notice of his or her status as a transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of this option and compliance with any laws or regulations pertaining to such transfer, and (c) written acceptance of the terms and conditions of this option as set forth in this Agreement.