Common use of Exercise Following Death Clause in Contracts

Exercise Following Death. If the Employee dies while employed by the Company or a parent or subsidiary corporation, then the person to whom the Employee's rights under the NSO shall have passed by will or by the laws of distribution may exercise any of the NSO within two years after the Employee's death.

Exercise Following Death. If the Employee dies while employed by the Company or a parent or subsidiary corporationcorporation and at a time when any portion of the NSO is vested and exercisable, then the person to whom the Employee's rights under the NSO shall have passed by will or by the laws of distribution may exercise any of the vested and exercisable portion of the NSO within two years after the Employee's death.