Common use of Exercise Following Death or Disability Clause in Contracts

Exercise Following Death or Disability. If the Optionee's employment or service with the Corporation ceases by reason of the Optionee's death or Disability, or if the Optionee dies after cessation of employment or service but while the Option would have been exercisable hereunder, the Option (to the extent it has not previously been exercised and is exercisable at the time of such cessation) may be exercised within twelve (12) months after the date of the Optionee's death or cessation by reason of Disability. In case of death, the exercise may be made by Optionee's executor or administrator of his or her estate or by any person or persons who have acquired the Option directly from the Optionee by bequest or inheritance; provided that such executor, administrator or person consents in writing to abide by and be subject to the terms of the Plan and this Agreement and such writing is delivered to the Corporation.