Disability of Shareholder Sample Clauses

Disability of Shareholder. If a Shareholder shall become totally disabled, the Corporation or the remaining Shareholders shall have the option to purchase all, but not less than all of the disabled Shareholder's shares. The option to purchase shall be exercised within thirty (30) days from the commencement of the total disability. If neither the Shareholder nor the Corporation exercises the option within the first thirty (30) day period, the options shall be restored every ninety (90) days thereafter. Should the Shareholders exercise said option, they shall purchase the disabled Shareholder's shares in the percentage of their respective stock ownership in the Corporation to all the outstanding stock of the Corporation exclusive of the shares owned by the disable Shareholder.
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Disability of Shareholder. In the event of a Permanent Disability of a Shareholder he shall retain his Shares. Permanent Disability shall be defined as a physical or mental condition which, in the judgment of two (2) licensed physicians, based upon medical reports, tests and other evidence satisfactory to the physicians, will permanently prevent the Shareholder from performing the material duties normally required of one in the Shareholder's position and such condition continues for a period of twelve (12) consecutive months.
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Disability of Shareholder. The Company shall have a Company Option to purchase, and upon exercise of that Company Option, the Shareholder shall have an option, but not an obligation, to sell, his or her Shares if he or she becomes disabled. For purposes of this Agreement, an Employee/Share- holder shall be deemed to be "disabled" if, by reason of accident, physical illness or mental illness, the Shareholder has been unable to fulfill normal and customary business responsibilities as an employee of the Company for a continuous period of 6 months during any 12-month period. A non-Employee/ Shareholder shall be deemed to be disabled if by reason of accident, physical illness or mental illness, the Shareholder is unable to fulfill normal and customary responsibilities in the Shareholder's then current employment for a continuous period of 6 months during any 12 month period. Disputes regarding the existence or date of disability shall be determined by a licensed physician selected by agreement of the Company and the applicable Shareholder. Such physician's fees shall be paid by the Company. If the Company and the applicable Shareholder cannot agree upon a physician, the dispute shall be determined by a majority of a panel of three licensed physicians, one selected by the Company, one selected by the applicable Shareholder and the third selected by the first two. The Company and the applicable Shareholder shall each pay the fees of the physician they select, and the fees of the third physician shall be shared equally. This Company Option shall arise upon the later of the end of the 6-month period of disability or the determination of disability for such 6-month period.
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Disability of Shareholder 
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Related to Disability of Shareholder

  • Disability of Optionee If the Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, this Option may be exercised for a period of twelve (12) months after the date of such termination (but in no event later than the expiration date of this Option as set forth in the Notice of Grant) to the extent that the Option is vested on the date of such termination. To the extent that Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

  • Disability of Executive The Company may terminate this Agreement without liability if Executive shall be permanently prevented from properly performing his essential duties hereunder with reasonable accommodation by reason of illness or other physical or mental incapacity for a period of more than one hundred twenty 120 consecutive days. Upon such termination, Executive shall be entitled to all accrued but unpaid Base Salary and vacation.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Disability of Employee a. Employee shall be considered disabled if, due to illness or injury, either physical or mental, Employee is unable to perform Employee's customary duties as an employee of Company for more than thirty (30) days in the aggregate out of a period of twelve (12)

  • 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.

  • RIGHTS AS A STOCKHOLDER, DIRECTOR, EMPLOYEE OR CONSULTANT The Participant shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance of the shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Option Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service as a Director, an Employee or Consultant, as the case may be, at any time.

  • 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.

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