Common use of Death or Disability of Optionee Clause in Contracts

Death or Disability of Optionee. This Option shall survive the death or Disability of the Optionee, and shall bind and inure to the benefit of the Optionee’s heirs, executors, administrators of personal representatives. The one-year exercise period restriction contained in the Plan shall not apply. For purposes of this Agreement, “Disability” means (1) the inability by the Optionee to engage in a substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (2) the Optionee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.