Death or Disability of the Optionee Sample Clauses

Death or Disability of the Optionee. Upon the Optionee’s Termination by reason of Disability or death prior to the Vesting Dates set forth above, the portion of the Option that would have vested on the next applicable Vesting Date shall immediately vest as of the date of such Termination. Upon the Optionee’s Termination by reason of Disability, 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 the Optionee’s Termination for Disability or (b) the Expiration Date of the Option. If the Optionee incurs a Termination by reason of death, then, the vested portion of the Option shall remain exercisable until the end of the day that is one (1) year after the date of the Optionee’s death, even if such period extends past the Expiration Date. 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 the Optionee, be exercised by the Optionee in the case of his or her Disability, or, in the case of death, by the Optionee’s personal representative or the person entitled to the Optionee’s rights under this Agreement.
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Death or Disability of the Optionee. As provided in Section 6.3 of the Plan, if the Optionee shall Terminate Service by reason of death or Disability, the Option shall become fully and immediately exercisable, and may be exercised by the Optionee, his estate or beneficiary, or his representative, as the case may be, for a period of one year from the date of such Termination of Service, or until the expiration of the stated term of the Option, whichever period is shorter. 8.
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Death or Disability of the Optionee. If the Optionee’s employment is terminated by reason of the Optionee’s death or disability (or if the Optionee’s employment is terminated by reason of disability and the Optionee dies within one year after such termination of employment), then, subject to the provisions of Paragraph 3 hereof, the Option shall terminate on the date one year after the date of such termination of employment (or one year after the later death of a disabled Optionee) or, if earlier, the date specified in the option agreement.
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Death or Disability of the Optionee. If the Optionee should die or become disabled (within the meaning of Section 105(d)(4) of the Code) while employed by the Company or within any three month period after termination of his or her employment, Optionee, or in the case of death, the person or persons to whom Optionee's rights under the Option shall pass by will or the laws of descent and distribution, shall have the right, at any time within 12 months after the date of Optionee's termination of employment, to exercise this Option as to those shares, if any, with respect to which Optionee could have exercised this Option as of the date of Optionee's termination of employment; provided, however, that all rights under this Option shall expire in any event on the date specified in Section 3 hereof.
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Death or Disability of the Optionee. Upon the Optionee’s Termination by reason of Disability or death, the portion of this Option that has previously vested may be exercised after the Optionee’s date of termination by the Optionee (or in the event of the Optionee’s death, the Optionee’s heirs, devisees or legatees) no later than three (3) months from the date of such Termination.
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Death or Disability of the Optionee. (a) If the employment of the Optionee shall terminate for any reason, other than for "Cause" or voluntarily by the Optionee without "Good Reason" the Optionee (or in the case of Optionee's death or disability, his executor, administrator or personal representative) shall have the right to exercise the Options which have vested hereunder for the three (3) month period following such termination to the extent that the Options were vested at the date of death.
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Death or Disability of the Optionee. Upon the Optionee’s Termination by reason of Disability, the portion of the Option that has not been exercised shall remain exercisable until the first to occur of (a) the end of the day that is one (1) year after the date of the Optionee’s Termination for Disability or (b) the Expiration Date of the Option. If the Optionee incurs a Termination by reason of death, then, the portion of the Option that has not been exercised shall remain exercisable until the end of the day that is one (1) year after the date of the Optionee’s death, even if such period extends past the Expiration Date. Until such termination of the Option, the Option may, to the extent that this Option has not previously been exercised by the Optionee, be exercised by the Optionee in the case of his or her Disability, or, in the case of death, by the Optionee’s personal representative or the person entitled to the Optionee’s rights under this Agreement.
Sample 1
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Related to Death or Disability of the Optionee

  • Death or Disability of Optionee In the event of the death or 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 ("Option Period"), the Option shall lapse unless it is exercised within the Option Period and in no event later than 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 Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • By Death or Disability Executive’s employment and this Agreement shall terminate upon Executive’s Disability or death. For purposes of this Agreement, “Disability” shall mean Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period; provided however, in the event that the Company temporarily replaces the Executive, or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive's employment shall not be deemed terminated by the Company. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. The Company shall give Executive written notice of termination for Disability and the termination shall be effective as of the date specified in such notice.

  • Death or Disability of Employee In the event that the Employee incurs a Termination of Service due to his or her death or Disability during a Performance Period, the Employee shall immediately vest [INSERT DESCRIPTION OF VESTING CONDITIONS]. In the event that any applicable law limits the Company’s ability to accelerate the vesting of this award of Performance Shares, this paragraph 4(b) shall be limited to the extent required to comply with applicable law.

  • Nontransferability; Death or Disability of Optionee This option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during Optionee’s lifetime only by Optionee. If Optionee dies while serving as a director or an employee of the Bancorp or a subsidiary corporation, or during the three (3) month period referred to in Paragraph 4 hereof, this option shall expire one (1) year after the date of Optionee’s death or on the day specified in Paragraph 2 hereof, whichever is earlier. After Optionee’s death but before such expiration, the persons to whom Optionee’s rights under this option shall have passed by will or by the laws of descent and distribution or the executor or administrator of Optionee’s estate shall have the right to exercise this option as to those shares for which installments had accrued under Paragraph 2 hereof as of the date on which Optionee ceased to be a director or an employee of the Bancorp or a subsidiary corporation. If Optionee terminates his or her directorship or employment because of disability (as defined in Section 22(e)(3) of the Code), Optionee may exercise this option to the extent he or she is entitled to do so at the date of termination, at any time within one (1) year of the date of termination, or before the expiration date specified in Paragraph 2 hereof, whichever is earlier.

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

  • Termination by Death or Disability In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

  • TERMINATION UPON RETIREMENT, DISABILITY OR DEATH Termination by the Bank of the Executive based on "

  • Termination upon Disability or Death If Executive’s employment shall terminate by reason of Executive’s Disability (pursuant to Section 14(a)(ii)) or death (pursuant to Section 14(a)(i)), the Company shall pay to Executive, in a lump sum cash payment as soon as practicable following the Date of Termination, all unpaid Annual Base Salary and Bonus previously earned for a performance period ending prior to the Date of Termination, but unpaid as of the Date of Termination, and the pro rata portion of their Bonus for such year (when and as paid to other senior executives of the Company) for the Performance Period in which the termination occurred. In the case of Disability, if there is a period of time during which Executive is not being paid Annual Base Salary and not receiving long-term disability insurance payments, the Company shall make interim payments equal to such unpaid disability insurance payments to Executive until commencement of disability insurance payments; provided that, to the extent required to avoid the tax consequences of Section 409A of the Code, as determined by independent tax counsel, the first payment shall cover all payments scheduled to be made to Executive during the first six (6) months after the date Executive’s employment terminates, and the first such payment shall be delayed until the day that is six (6) months after the date Executive’s employment terminates.

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