Common use of Permanent Disability and Death Clause in Contracts

Permanent Disability and Death. If an Optionee becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), or dies while employed by the Company, or while acting as an officer, consultant or director of the Company, or a Subsidiary, (or, if the Optionee dies within the period that the Option remains exercisable after termination of employment or affiliation), Options then held (to the extent then exercisable) may be exercised by the Optionee, the Optionee's personal representative, or by the person to whom the Option is transferred by will or the laws of descent and distribution, in whole or in part, at any time within ten (10) years after the disability or death (but in no event after the expiration date of the Option).

Appears in 3 contracts

Samples: Employment Agreement (DBS Industries Inc), Employment Agreement (DBS Industries Inc), Employment Agreement (DBS Industries Inc)

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Permanent Disability and Death. If an Optionee becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), or dies while employed by the Company, or while acting as an officer, consultant officer or director of the Company, or a Subsidiary, Company (or, if the Optionee dies within the period that the Option remains exercisable after termination of employment or affiliation), Options then held (to the extent then exercisable) may be exercised by the Optionee, the Optionee's personal representative, or by the person to whom the Option is transferred by will or the laws of descent and distribution, in whole or in part, at any time within ten one (101) years year after the disability or death (but in no event after the expiration date of the Option).

Appears in 3 contracts

Samples: Incentive Stock Option Agreement (Western Sierra Bancorp), Stock Option Agreement (Western Sierra Bancorp), Incentive Stock Option Agreement (Western Sierra Bancorp)

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Permanent Disability and Death. If an Optionee becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), or dies while employed by the Company, or while acting as an officer, consultant officer or director of the Company, or a Subsidiary, Company (or, if the Optionee dies within the period that the Option remains exercisable after termination of employment or affiliation), Options then held (to the extent then exercisable) may be exercised by the Optionee, the Optionee's personal representative, or by the person to whom the Option is transferred by will or the laws of descent and distribution, in whole or in part, at any time within ten one (101) years year after the disability or death (but in no event after the expiration date of the Option).

Appears in 1 contract

Samples: Stock Option Agreement (Western Sierra Bancorp)

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