Common use of Death or Disability of the Optionee Clause in Contracts

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.