Common use of Disability of Optionee Clause in Contracts

Disability of Optionee. Notwithstanding the provisions of Section 5 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disability, exercise this Option to the extent he was entitled to exercise it at the date of such termination. If he does not exercise this Option (which he was entitled to exercise) within the time specified herein, this Option shall terminate.

Appears in 5 contracts

Samples: Employment Agreement (Acura Pharmaceuticals, Inc), Executive Employment Agreement (Acura Pharmaceuticals, Inc), Incentive Stock Option Agreement (Halsey Drug Co Inc/New)

AutoNDA by SimpleDocs

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with as an Employee of the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disabilitytermination, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If , or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 4 contracts

Samples: Stock Option Agreement (Lasermedia Communications Corp /Fi), Stock Option Agreement (Lasermedia Communications Corp), Stock Option Agreement (Lasermedia Communications Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Codeas defined below), he may, but only within twelve (12) 12 months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he the Option was entitled to exercise it at vested as of the date of such termination. If he does not ; provided that in no event is the date of exercise this Option (which he was entitled to exercise) within beyond expiration of the time specified hereinOption; and, this Option shall terminate.provided further, that, in

Appears in 3 contracts

Samples: Incentive Stock Option Agreement (Regency Bancorp), Incentive Stock Option Agreement (Regency Bancorp), Incentive Stock Option Agreement (Regency Bancorp)

Disability of Optionee. Notwithstanding the provisions provision of Section 5 7 above, if the Optionee is unable to continue his employment with the Company as a result of his permanent and total and permanent disability (within the meaning of as defined in Section 22(e)(3) of the Code), he may, but only within twelve three (123) months from the date of termination of employment due to such disabilityor consulting relationship, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise this Option at such date, or if he does not exercise this Option (which he was entitled to exercise) it within the time specified herein, this Option shall terminate.

Appears in 3 contracts

Samples: Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 7 above, if the Optionee is unable to continue his employment with the Company as a result of his permanent and total and permanent disability (within the meaning of as defined in Section 22(e)(3) of the Code), he may, but only within twelve three (123) months from the date of termination of employment due to such disabilityor consulting relationship, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise this Option at such date, or if he does not exercise this Option (which he was entitled to exercise) it within the time specified herein, this Option shall terminate.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp)

Disability of Optionee. Notwithstanding the provisions provision of Section 5 7 above, if the Optionee is unable to continue his employment with Optionee's service as a director of the Company terminates as a result of his permanent and total and permanent disability (within the meaning of as defined in Section 22(e)(3) of the Code), he may, but only within twelve three (123) months from the date of termination of employment due to such disabilitytermination, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise this Option at such date, or if he does not exercise this Option (which he was entitled to exercise) it within the time specified herein, this Option shall terminate.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disability, exercise this Option to the extent he was entitled to exercise it at the date of such termination. If , or if he does not exercise this Option (which he was entitled to exercise) within the time specified herein, this Option shall terminate.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Futterman Jack)

Disability of Optionee. Notwithstanding the provisions of Section 5 7 above, if the Optionee is unable to continue his employment with the Company or any Subsidiary as a result of his total and permanent disability (within the meaning of as defined in Section 22(e)(322(e)(4) of the Code), he may, but only within twelve six (126) months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise the Option at the date of termination, or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Solectron Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with as an Employee of the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disability3(c)(1)-5 termination, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If he , or if she does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Lasermedia Communications Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if in the Optionee is unable to continue his employment with the Company event of termination of Optionee's Continuous Status as an Employee as a result of his total and permanent disability (within as determined by the meaning of Section 22(e)(3) Board in accordance with the policies of the CodeCompany), he Optionee may, but only within twelve six (126) months from the date of termination of employment due to such disability(but in no event later than the date of expiration of the term of this Option as set forth in Section 10 below), exercise this the Option to the extent he was otherwise so entitled to exercise it at the date of such termination. If he does To the extent that Optionee was not exercise this Option (which he was entitled to exercise) within exercise the time specified herein, this Option shall terminate.at the

Appears in 1 contract

Samples: THQ Inc

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with to perform as a Non-Employee Director of the Company as a result of his total and permanent disability (within the meaning of as defined in Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise this Option at the date of such termination, or if he does not exercise this Option (which he was entitled to exercise) within the time specified herein, this Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Frost Phillip Md Et Al)

AutoNDA by SimpleDocs

Disability of Optionee. Notwithstanding the provisions of Section 5 6 ------------------------ above, if the Optionee is unable to continue his employment with as an Employee of the Company as a result of his his/her total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he he/she may, but only within twelve (12) months from the date of termination of employment due to such disabilitytermination, exercise this his/her Option to the extent he she was entitled to exercise it at the date of such termination. If he , or if he/she does not exercise this such Option (which he he/she was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Digital Rooster Com Inc)

Disability of Optionee. Notwithstanding the provisions of Section 5 above, if in the Optionee is unable to continue his employment with the Company event of termination of Optionee's status as an employee as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code)disability, he may, but only within twelve (12) six months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If To the extent that he was not entitled to exercise the Option at the date of termination, or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (American Multiplexer Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 above6 above and subject to earlier termination as set forth in Section 10 below, if the Optionee is unable to continue his employment relationship with the Company as a result of his total and permanent disability (within the meaning of as defined in Section 22(e)(3) of the Code), he may, but only within twelve six (126) months from after the date he ceases to be an Employee of the Company and only to the extent of the right to exercise that would have accrued in accordance with Section 3(i)(b) hereof had Optionee remained in Continuos Status as an employee for 12 months after the date of termination of employment due to such disability, exercise this Option to termination. To the extent that he was not entitled to exercise it the option at the date of such termination. If , and into the extent that he does not exercise this Option (which he was entitled to exercise) the exerciseable portion of the option within the time specified herein, this Option the option shall terminate.

Appears in 1 contract

Samples: Non Statutory Stock Option Agreement (Sun Microsystems, Inc.)

Disability of Optionee. Notwithstanding the provisions of Section 5 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Codeas defined below), he may, but only within twelve (12) months from the date of termination of employment due to such disabilityemployment, exercise this Option his option to the extent he the Option was entitled to exercise it at vested as of the date of such termination; provided that in no event is the date of exercise beyond expiration of the Option. If To the extent that the Option was not vested as of the date of termination, or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this Option the option shall terminate.. For purposes of this provision, "

Appears in 1 contract

Samples: Incentive Stock Option Agreement (SJNB Financial Corp)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with as an Employee of the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disabilitytermination, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If he , or if she does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Lasermedia Communications Corp /Fi)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If , or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Futterman Jack)

Disability of Optionee. Notwithstanding the provisions of Section 5 6 above, if the Optionee is unable to continue his employment with the Company as a result of his total and permanent disability (within the meaning of as defined in Section 22(e)(3105(d)(4) of the Code), he may, but only within twelve (12) months from the date of termination of employment due to such disabilityemployment, exercise this his Option to the extent he was entitled to exercise it at the date of such termination. If , or if he does not exercise this such Option (which he was entitled to exercise) within the time specified herein, this the Option shall terminate.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Intersystems Inc /De/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!