Common use of Death of the Optinee Clause in Contracts

Death of the Optinee. In the event that an Employee shall die while he is an employee of the Corporation (or within three (3) months after the termination of such employment) and prior to his complete exercise of the Option, the Option may be exercised in whole or in part only: (i) by the Employee's estate or on behalf of such person or persons to whom the Employee's rights pass under his Will or by the laws of descent and distribution, (ii) to the extent that the Employee was entitled to exercise the Option at the date of his death, and (iii) prior to the expiration of the term of the Option, or within one year after the date of death, whichever is earlier.