Common use of Exercise in Event of Death or Disability Clause in Contracts

Exercise in Event of Death or Disability. Whenever the word "Director" is used in any provision of this Agreement under circumstances when the provision should logically be construed to apply to the Director's guardian, legal representative, executor, administrator, or the person or persons to whom the Option may be transferred by testamentary will or by the laws of descent and distribution, the word "Director" shall be deemed to include such person or persons.