Common use of Death or Disability of Optionee Clause in Contracts

Death or Disability of Optionee. If Optionee incurs a Termination of Service by reason of death or Disability, then (i) the vested portion of the Option shall be determined by crediting Optionee with one additional year of service from his or her termination date, and (ii) the vested portion of the Option shall remain exercisable until the first to occur of (a) the end of the day that is one (1) year after the date of Optionee’s death or termination for Disability; or (b) the Expiration Date of the Option. Until such termination of the Option, the vested portion of the Option may, to the extent that this Option has not previously been exercised by Optionee, be exercised by Optionee in the case of Disability, or by Optionee’s personal representative or the person entitled to Optionee’s rights under this Agreement, in the case of death.

Death or Disability of Optionee. If Optionee incurs a Termination of Service by reason of death or Disability, then (i) the vested portion of the Option shall be determined by crediting Optionee with one (1) additional year of service from his or her termination date, and (ii) the vested portion of the Option shall remain exercisable until the first to occur of (a) the end of the day that is one (1) year after the date of Optionee’s death or termination for Disability; or (b) the Expiration Date of the Option. Until such termination of the Option, the vested portion of the Option may, to the extent that this Option has not previously been exercised by Optionee, be exercised by Optionee in the case of Disability, or by Optionee’s personal representative or the person entitled to Optionee’s rights under this Agreement, in the case of death.