Common use of Termination of Service for Death or Disability Clause in Contracts

Termination of Service for Death or Disability. If the Grantee’s Service terminates by reason of death or Disability, the Option shall automatically vest and become immediately exercisable in full as of the date of such termination of Service. The vested portion of the Option shall remain exercisable by the Grantee (or any person entitled to do so) at any time within eighteen (18) months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 1(b) hereof. To the extent the Option is not exercised within such eighteen (18)-month period, the Option shall be cancelled and revert back to the Company, and the Grantee or any permitted transferee pursuant to Section 3, as applicable, shall have no further right or interest therein.

Termination of Service for Death or Disability. If the Grantee’s Service terminates by reason of death or Disability, the Option shall automatically vest and become immediately exercisable in full as of the date of such termination of Service. The vested portion of the Option shall remain exercisable by the Grantee (or any person entitled to do MACROBUTTON DocID \\4154-8930-1328 v1 so) at any time within eighteen (18) months after the date of such termination of Service, subject to the earlier expiration of the Option as provided in Section 1(b) hereof. To the extent the Option is not exercised within such eighteen (18)-month period, the Option shall be cancelled and revert back to the Company, and the Grantee or any permitted transferee pursuant to Section 3, as applicable, shall have no further right or interest therein.