Common use of Disability of Optionee Clause in Contracts

Disability of Optionee. Notwithstanding the provisions of Paragraph E. above, in the event of termination of an Optionee's employment with the Company as a result of his or her Total and Permanent Disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO such ISO shall cease to be treated as an ISO and shall be treated for tax purposes as a NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 4 contracts

Samples: Employee Stock Option Agreement (Autobytel Inc), Employee Stock Option Agreement (Autobytel Inc), Employee Stock Option Agreement (Autobytel Inc)

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Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 4 contracts

Samples: Stock Option Agreement (Cisco Systems Inc), Stock Option Agreement (Skystream Networks Inc), Stock Option Agreement (Argonaut Technologies Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease to be treated as an ISO Incentive Stock Option and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 3 contracts

Samples: Stock Option Agreement (Socket Mobile, Inc.), Stock Option Agreement (Finisar Corp), Stock Option Agreement (Sun Microsystems Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six (6) months 180 days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthis Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Internal Revenue Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 3 contracts

Samples: Stock Option Agreement (Flanders Corp), Stock Option Agreement (Flanders Corp), Stock Option Agreement (Flanders Corp)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. above, in the event of termination of an Optionee's ’s employment with the Company as a result of his or her Total and Permanent Disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO such ISO shall cease to be treated as an ISO and shall be treated for tax purposes as a NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 2 contracts

Samples: Employee Stock Option Agreement, Employee Stock Option Agreement (Autobytel Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. above, in the event of termination of an Optionee's employment with the Company as a result of his or her Total and Permanent Disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO such ISO shall cease to be treated as an ISO and shall be treated for tax purposes as a NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 2 contracts

Samples: Option Agreement (Autobytel Inc), Employee Stock Option Agreement (Autobytel Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an au Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six (6) months 180 days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthis Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Internal Revenue Code, in the case of an ISO incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Settlement Agreement (Clark Steven K)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. below), this Option) exercise the Option to the extent otherwise entitled to exercise it the Option was vested at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO such ISO shall cease to be treated as an ISO and shall be treated for tax purposes as a an NSO on the day three months and one ninety-first (91st) day following such termination. To the extent that Optionee was is not entitled to exercise vested in the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Metatools Inc)

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Disability of Optionee. Notwithstanding the provisions of Paragraph E. above, in In the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; providedPROVIDED, howeverHOWEVER, that if such disability is not a "disabilityDISABILITY" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was is not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Plan (Seagate Technology Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six sixty (660) months days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Avistar Communications Corp)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (HNC Software Inc/De)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company ’s consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Omnivision Technologies Inc)

Disability of Optionee. Notwithstanding the provisions of Paragraph E. Section 6 above, in the event of termination of an Optionee's employment with the Company ’s consulting relationship or Continuous Status as an Employee as a result of his or her Total and Permanent Disabilitydisability, Optionee may, but only within six twelve (612) months from the the- date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. belowthe Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an ISO Incentive Stock Option such ISO Incentive Stock Option shall cease automatically convert to be treated as an ISO and shall be treated for tax purposes as a NSO Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Omnivision Technologies Inc)

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