Effect of the Disability of the Optionee. If the Optionee's employment by the Company terminates as a result of the Optionee becoming Disabled (as defined in the Plan) while an employee of the Company or any Subsidiary, this Option will terminate one year after the date of such termination of employment or, if sooner, upon the Expiration Date. In such event, this Option may be exercised only to the extent the Optionee was entitled to exercise this Option on the date of such termination.
Appears in 2 contracts
Samples: Nonqualified Stock Option Agreement (Premierwest Bancorp), Incentive Stock Option Agreement (Premierwest Bancorp)
Effect of the Disability of the Optionee. If the Optionee's employment by the Company terminates as a result of the Optionee becoming Disabled (as defined in the Plan) while an employee of the Company or any Subsidiary, this Option will terminate one year after 12 months following the date of such termination of employment the Optionee becoming Disabled or, if sooner, upon the Expiration Date. In such event, this Option may be exercised only to the extent the Optionee was entitled to exercise this Option on the date of such termination.
Appears in 2 contracts
Samples: Incentive Stock Option Agreement (Lithia Motors Inc), Nonqualified Stock Option Agreement (Lithia Motors Inc)
Effect of the Disability of the Optionee. If the Optionee's employment by the Company or any Subsidiary terminates as a result of the Optionee becoming Disabled (as defined in the Plan) while an employee of the Company or any Subsidiary, this the Option will terminate one year after the date of such termination of employment or, if sooner, upon the Expiration Date. In such event, this the Option may be exercised only to the extent the Optionee or Permitted Transferee was entitled to exercise this the Option on the date of such termination.
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Umpqua Holdings Corp)
Effect of the Disability of the Optionee. If the Optionee's ’s employment by the Company or any Subsidiary terminates as a result of the Optionee becoming Disabled (as defined in the Plan) while an employee of the Company or any Subsidiary, this the Option will terminate one year after the date of such termination of employment or, if sooner, upon the Expiration Date. In such event, this the Option may be exercised only to the extent the Optionee or Permitted Transferee was entitled to exercise this the Option on the date of such termination.
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Umpqua Holdings Corp)
