Common use of Disability of Holder Clause in Contracts

Disability of Holder. If a Holder ceases to be a Director, Officer, -------------------- Employee or Consultant as a result of the Holder's disability, as such term is defined in Section 22(e)(3) of the Code, or, in the case of a Consultant which is an entity, the bankruptcy or dissolution of such Consultant, the Holder may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) years following the occurrence of the Holder's disability, bankruptcy or dissolution, as the case may be. If, on the date of disability, bankruptcy or dissolution, the Holder is not vested as to his or her entire Option, the Class B Shares covered by the unvested portion of the Option shall immediately cease to be issuable under the Option and shall again become available for issuance under the Plan. If, after disability, bankruptcy or dissolution, the Holder does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Class B Shares covered by such Option shall again become available for issuance under the Plan.

Appears in 4 contracts

Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc)

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Disability of Holder. If a Holder ceases to be a Director, Officer, -------------------- Employee or Consultant as a result of the Holder's disability, as such term is defined in Section 22(e)(3) of the Code, or, in the case of a Consultant which is an entity, the bankruptcy or dissolution of such Consultant, the Holder may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) years following the occurrence of the Holder's disability, bankruptcy or dissolution, as the case may be. If, on the date of disability, bankruptcy or dissolution, the Holder is not vested as to his or her entire Option, the Class B Shares covered by the unvested portion of the Option shall immediately cease to be issuable under the Option and shall again become available for issuance under the Plan. If, after disability, bankruptcy or dissolution, the Holder does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Class B Shares covered by such Option shall again become available for issuance under the Plan.

Appears in 3 contracts

Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC)

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