Common use of Exercise in the Event of Death Clause in Contracts

Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, or providing services to, the Company or any Affiliate prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 or 8 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Earthlink Inc)

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Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, or providing services to, by the Company or any Affiliate prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 or 8 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Earthlink Inc)

Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, or providing services to, the Company or any Affiliate and prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 5 or 8 6 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s his rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after 180 days of the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Earthlink Inc)

Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section paragraph 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, or providing services to, serving as a director on the Company Board of Directors of the Corporation or any Affiliate Subsidiary and prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 paragraphs 4 or 8 5 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after one year of the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Primedia Inc)

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Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section paragraph 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, or providing services to, serving as a member of the Board of Directors of the Company or any Affiliate Affiliate, as applicable, and prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 paragraphs 4 or 8 5 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s his rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after one year of the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Wuhan General Group (China), Inc)

Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common Stock that the Participant is entitled to purchase pursuant to Section 2(b) as of the date of the Participant’s death, reduced by the number of shares for which the Participant previously exercised the Option, in the event the Participant dies while employed by, serving as a member of the Board or providing services to, the Company or any Board of Directors of an Affiliate and prior to the Expiration Date and the termination of the Participant’s rights under Sections 4, 5, 6, 7 5 or 8 6 of this Agreement. In that event, this Option may be exercised by the Participant’s estate, or the person or persons to whom the Participant’s his rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the period preceding the Expiration Date or within twelve (12) months after 180 days of the date the Participant dies, whichever period is shorter.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Earthlink Inc)

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