Common use of Effect of Death or Disability Clause in Contracts

Effect of Death or Disability. This Option shall be exercisable during the Employee’s lifetime only by the Employee and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates on account of the Employee’s disability, this Option may not be exercised after the earlier of (i) date 12 months following such termination, and (ii) the expiration of the term of this Option, and this Option shall be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. (b) In the event Employee’s Continuous Service terminates due to Employee’s death, or if Employee dies during the three month period following termination of Employee’s Continuous Service during which the Employee is permitted to exercise this Option pursuant to Section 6, this Option may be exercised by the executor or administrator of the Employee’s estate or any person who shall have acquired the Option from the Employee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option as prescribed in this Agreement.

Appears in 3 contracts

Samples: Stock Option Agreement (AgeX Therapeutics, Inc.), Stock Option Agreement (OncoCyte Corp), Stock Option Agreement (Biotime Inc)

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Effect of Death or Disability. This Option shall be exercisable during the Employee’s lifetime only by the Employee and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates on account of the Employee’s disability, this Option may not be exercised after the earlier of (i) date 12 months following such termination, and (ii) the expiration of the term of this Option, and this Option shall be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. (b) In the event Employee’s Continuous Service terminates due to Employee’s death, or if Employee dies during the three month period following termination of Employee’s Continuous Service during which the Employee is permitted to exercise this Option pursuant to Section 6, this Option may be exercised by the executor or administrator of the Employee’s estate or any person who shall have acquired the this Option from the Employee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the this Option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the this Option as prescribed in this Agreement.

Appears in 3 contracts

Samples: Stock Option Agreement (Biotime Inc), Stock Option Agreement (OncoCyte Corp), Stock Option Agreement (OncoCyte Corp)

Effect of Death or Disability. This Option option shall be exercisable during the Employee’s lifetime only by the Employee and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates on account of the Employee’s disability, this Option option may not be exercised after the earlier of (i) date 12 months following such termination, and (ii) the expiration of the term of this Optionoption, and this Option option shall be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. (b) In the event Employee’s Continuous Service terminates due to Employee’s death, or if Employee dies during the three month period following termination of Employee’s Continuous Service during which the Employee is permitted to exercise this Option option pursuant to Section 6, this Option option may be exercised by the executor or administrator of the Employee’s estate or any person who shall have acquired the Option option from the Employee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Optionoption, with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option option as prescribed in this Agreement.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Biotime Inc), Incentive Stock Option Agreement (Asterias Biotherapeutics, Inc.)

Effect of Death or Disability. This Option option shall be exercisable during the Employee’s 's lifetime only by the Employee and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates Employee ceases to be employed by the Company on account of the Employee’s 's disability, this Option option may not be exercised after the earlier one year following cessation of (i) date 12 months following employment due to such terminationdisability, and (ii) the expiration of the term of this Option, and this Option shall may be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have A disability means that an employee is unable to carry out the meaning ascribed to it under Section 22(e)(3) responsibilities and functions of the Codeposition held by the employee by reason of any medically determinable physical or mental impairment. (b) In the event of the Employee’s Continuous Service terminates due to Employee’s death's death while in the employ of the Company, or if Employee dies during the three three-month period following termination of Employee’s Continuous Service employment during which the Employee is permitted to exercise this Option option pursuant to Section 66 or 7, this Option option may be exercised by the executor or administrator of the Employee’s 's estate or any person who shall have acquired the Option option from the Employee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, one year after Employee’s death with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option option as prescribed in this Agreement.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (OncoCyte Corp), Incentive Stock Option Agreement (OncoCyte Corp)

Effect of Death or Disability. This Option option shall be exercisable during the Employee’s lifetime only by the Employee and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates Employee ceases to be employed by the Company on account of the Employee’s disability, this Option option may not be exercised after the earlier one year following cessation of (i) date 12 months following employment due to such terminationdisability, and (ii) the expiration of the term of this Option, and this Option shall may be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have A disability means that an employee is unable to carry out the meaning ascribed to it under Section 22(e)(3) responsibilities and functions of the Codeposition held by the employee by reason of any medically determinable physical or mental impairment. (b) In the event of the Employee’s Continuous Service terminates due to Employee’s deathdeath while in the employ of the Company, or if Employee dies during the three three-month period following termination of Employee’s Continuous Service employment during which the Employee is permitted to exercise this Option option pursuant to Section 66 or 7, this Option option may be exercised by the executor or administrator of the Employee’s estate or any person who shall have acquired the Option option from the Employee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, one year after Employee’s death with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option option as prescribed in this Agreement.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Biotime Inc)

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Effect of Death or Disability. This Option option shall be exercisable during the EmployeeOptionee’s lifetime only by the Employee Optionee and shall be nontransferable by the Employee Optionee otherwise than by will or the laws of descent and distribution. (a) In the event the Employee’s Continuous Service terminates Optionee ceases to be employed by the Company on account of the EmployeeOptionee’s disability, this Option option may not be exercised after the earlier one year following cessation of (i) date 12 months following employment due to such terminationdisability, and (ii) the expiration of the term of this Option, and this Option shall may be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have A disability means that an Optionee is unable to carry out the meaning ascribed to it under Section 22(e)(3) responsibilities and functions of the Codeposition held by the Optionee by reason of any medically determinable physical or mental impairment. (b) In the event Employeeof the Optionee’s Continuous Service terminates due to Employee’s deathdeath while in the employ of the Company, or if Employee dies during the three three-month period following termination of Employee’s Continuous Service employment during which the Employee Optionee is permitted to exercise this Option option pursuant to Section 66 or 7, this Option option may be exercised by the executor or administrator of the EmployeeOptionee’s estate or any person who shall have acquired the Option option from the Employee Optionee by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, one year after Optionee’s death with respect to the number of Shares for which the deceased Employee Optionee would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option option as prescribed in this Agreement.

Appears in 1 contract

Samples: Stock Option Agreement (Biotime Inc)

Effect of Death or Disability. This Option shall will be exercisable during the EmployeeParticipant’s lifetime only by the Employee Participant and shall will be nontransferable by the Employee Participant otherwise than by will or the laws of descent and distribution. (a) In the event the EmployeeParticipant’s Continuous Service terminates on account of the EmployeeParticipant’s disabilityDisability, this Option may not be exercised after the earlier of (i) the date 12 months following such termination, and (ii) the expiration of the term of this Option, and this Option shall will be exercisable only up to the amount vested under Section 3 on the date of disability. Disability shall have the meaning ascribed to it under Section 22(e)(3) of the CodeDisability. (b) In the event Employeethe Participant’s Continuous Service terminates due to EmployeeParticipant’s death, or if Employee Participant dies during the three three-month period following termination of EmployeeParticipant’s Continuous Service during which the Employee Participant is permitted to exercise this Option pursuant to Section 6, this Option may be exercised by the executor or administrator of the EmployeeParticipant’s estate or any person who shall have has acquired the Option from the Employee Participant by his or her will or the applicable law of descent and distribution, during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this Option, with respect to the number of Shares for which the deceased Employee Participant would have been entitled to exercise at the time of his or her death, including the number of Shares that vested upon his or her death under Section 3, subject to adjustment under Section 5. Any such transferee exercising this Option must furnish the Company upon request of the Committee (i) written notice of his or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions of the Option as prescribed in this Agreement.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (AgeX Therapeutics, Inc.)

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