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 Company 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 cessation) may be exercised within one (1) year after the date of the Optionee's death or cessation by reason of Disability. In case of death, the exercise may be made by his or her representative or by the person entitled thereto under the Optionee's will or the laws of descent and distribution; provided that such representative or such 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 President or Chairman of the Company.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (L90 Inc), Nonstatutory Stock Option Agreement (L90 Inc)

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Exercise Following Death or Disability. If the Optionee's -------------------------------------- employment or service with the Company ceases Corporation terminates by reason of the Optionee's death or Disabilitydisability, or if the Optionee dies after cessation termination 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 then exercisable at in accordance with the time provisions of cessationParagraph 4 above) may be exercised within one (1at any time prior to and including, but not later than the termination date set forth in Paragraph 6(a) year after the date of the Optionee's death or cessation by reason of Disabilityabove. In the case of death, the exercise may be made by his or her Optionee's representative or by the person entitled thereto under the Optionee's will or the laws of descent and distribution; provided that such representative or such 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 President or Chairman of the CompanyCorporation.

Appears in 1 contract

Samples: Stock Option Agreement (Summa Industries/)

Exercise Following Death or Disability. If the Optionee's -------------------------------------- employment or ’s service with the Company ceases Corporation terminates by reason of the Optionee's ’s death or Disabilitydisability, or if the Optionee dies after cessation termination 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 then exercisable at in accordance with the time provisions of cessationparagraph 4 above) may be exercised within one (1at any time prior to and including, but not later than the termination date set forth in paragraph 6(a) year after the date of the Optionee's death or cessation by reason of Disabilityabove. In the case of death, the exercise may be made by his or her Optionee’s representative or by the person entitled thereto under the Optionee's ’s will or the laws of descent and distribution; provided that such representative or such 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 President or Chairman of the CompanyCorporation.

Appears in 1 contract

Samples: Stock Option Agreement (Summa Industries/)

Exercise Following Death or Disability. If the Optionee's -------------------------------------- employment or service with the Company ceases by reason of the Optionee's death or Disability, or if the Optionee dies after cessation of employment or service as an employee 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 cessation) may be exercised within one twelve (112) year months after the date of the Optionee's death or cessation by reason of Disability. In the case of death, the exercise may be made by his or her Optionee's representative or by the person entitled thereto under the Optionee's will or the laws of descent and distribution; provided that such representative or such person consents in writing to abide by and be subject to the terms of the Plan and this Agreement Option and such writing is delivered to the President or Chairman of the Company.

Appears in 1 contract

Samples: Stock Option Agreement (Startronix International Inc)

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Exercise Following Death or Disability. If the Optionee's -------------------------------------- employment or service with the Company 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 vested in accordance with Schedule i at the time of cessationcessation and not yet exercised) may be exercised within one hundred eighty (1180) year days after the date of the Optionee's death or cessation by reason of Disability. In the case of death, the exercise may be made by his or her representative or by the person entitled thereto under the Optionee's will or the laws of descent and distribution; provided that such representative or such 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 President or Chairman of the CompanyCorporation.

Appears in 1 contract

Samples: Stock Option Agreement (Powerwave Technologies Inc)

Exercise Following Death or Disability. If the Optionee's -------------------------------------- employment or service with the Company 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 cessation) may be exercised within one (1) year after the date of the Optionee's death or cessation by reason of Disability. In case of death, the exercise may be made by his or her representative or by the person entitled thereto under the Optionee's will or the laws of descent and distribution; provided that such representative or such 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 President or Chairman of the Company.

Appears in 1 contract

Samples: Nonstatutory Stock Option Agreement (L90 Inc)

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