Common use of Exercise Period Upon Death or Disability Clause in Contracts

Exercise Period Upon Death or Disability. If the Director dies or becomes disabled (with the meaning of Section 22(e)(3) of the Code or any successor provision thereto), this option shall be exercisable, within the period of one year following the date of death or disability of the Director (but in no event after the Expiration Date), by the Director or by the person to whom this option is transferred by will or the laws of descent and distribution, provided that this option shall be exercisable only to the extent that this option was exercisable by the Director on the date of his or her death or disability. Except as otherwise indicated by the context, the term "Director", as used in this option, shall be deemed to include the estate of the Director or any person who acquires the right to exercise this option by bequest or inheritance or otherwise by reason of the death of the Director.

Exercise Period Upon Death or Disability. If the Director dies or becomes disabled (with the meaning of Section 22(e)(3) of the Code or any successor provision thereto), this option shall be exercisable, within the period of one year following the date of death or disability of the Director (but in no event after the Expiration Date), by the Director or by the person to whom this option is transferred by will or the laws of descent and distribution, provided that this option shall be exercisable only to the extent that -------- ---- this option was exercisable by the Director on the date of his or her death or disability. Except as otherwise indicated by the context, the term "Director", as used in this option, shall be deemed to include the estate of the Director or any person who acquires the right to exercise this option by bequest or inheritance or otherwise by reason of the death of the Director.

Exercise Period Upon Death or Disability. If the Director dies or becomes disabled (with the meaning of Section 22(e)(3) of the Code or any successor provision thereto), this option shall be exercisable, within the period of one year following the date of death or disability of the Director (but in no event after the Expiration Date), by the Director or by the person to whom this option is transferred by will or the laws of descent and distribution, provided -------- that this option shall be exercisable only to the extent that ---- this option was exercisable by the Director on the date of his or her death or disability. Except as otherwise indicated by the context, the term "Director", as used in this option, shall be deemed to include the estate of the Director or any person who acquires the right to exercise this option by bequest or inheritance or otherwise by reason of the death of the Director.