Common use of Death or Disability of Optionee Clause in Contracts

Death or Disability of Optionee. In the event of the death or Disability (as that term is defined in the Plan) of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the Option or shall die intestate, by the person or persons entitled to receive the Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.

Death or Disability of Optionee. In the event of the death or Disability "permanent and total disability" (as that term is defined in the Plan; "Disability") of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months ninety (90) days after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company Bank ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 twelve (12) months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the such Option or shall die intestate, by the person or persons entitled to receive the such Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.

Death or Disability of Optionee. In the event of the death or Disability "permanent and total disability" (as that term is defined in the Plan; "Disability") of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months ninety (90) days after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company Bancorp ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 twelve (12) months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the such Option or shall die intestate, by the person or persons entitled to receive the such Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.

Death or Disability of Optionee. In the event of the death or Disability disability (as that term is defined in Section 22(e)(3) of the PlanCode and subject to such proof of disability as the Board of Directors may require, "Disability") of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company Optionee ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 twelve months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the Option or shall die intestate, by the person or persons entitled to receive the Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee Board of Directors shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 Section 8.2 to exercise the Option.

Death or Disability of Optionee. In the event of the death or Disability (as that term is defined in the Plan) of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 twelve months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or if the Optionee fails to make a testamentary disposition of the Option or shall die intestate, by the person or persons entitled to receive the Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.

Death or Disability of Optionee. In the event of the death or Disability (as that term is defined in the Plan) of the Optionee within a period during which the Option, or any part thereof, could have been exercised by the Optionee, including three months after termination of employment other than for Cause or voluntary resignation of any agreement to remain in the employ of the Company ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 12 months after the date of the Optionee's death or Disability by the Optionee or the Optionee's legal representative or representatives in the case of a Disability or, in the case of death, by the person or persons entitled to do so under the Optionee's last will and testament or or, if the Optionee fails to make a testamentary disposition of the such Option or shall die intestate, by the person or persons entitled to receive the such Option under the applicable laws of descent and distribution. An Option may be exercised following the death or Disability of the Optionee only if the Option was exercisable by the Optionee immediately prior to his or her death or Disability. In no event shall the Option be exercisable after the Expiration Date. The Committee shall have the right to require evidence satisfactory to it of the rights of any person or persons seeking to exercise the Option under this paragraph 8 to exercise the Option.