Common use of Disability of Optionee Clause in Contracts

Disability of Optionee. Notwithstanding the provision of Section 6(b), in the event of termination of Optionee's continuous status as a Director as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option), exercise the Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he was not entitled to exercise the

Appears in 3 contracts

Samples: Nonstatutory Stock Option Agreement (Airport Systems International Inc), Nonstatutory Stock Option Agreement (Airport Systems International Inc), Nonstatutory Stock Option Agreement (Airport Systems International Inc)

AutoNDA by SimpleDocs

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in the event of termination of Optionee's continuous status if Optionee is unable to continue his or her service as a Director as a result of his or her total and permanent disability (as defined in Section 22(e)(322(c)(3) of the Internal Revenue Code), he Optionee may, but only within twelve six (126) months from the date of termination (but in no event later than the date of expiration of the term of the Option)termination, exercise the this Option to the extent he Optionee was entitled to exercise it at the date of such termination. To the extent that he Optionee was not entitled to exercise thethis Option at the date of termination, or if Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

Appears in 3 contracts

Samples: Nonstatutory Stock Option Agreement (Sun Microsystems, Inc.), Directors’ Nonstatutory Stock Option Agreement (Sun Microsystems, Inc.), Nonstatutory Stock Option Agreement (Sun Microsystems Inc)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7 above, in the event of termination of Optionee's continuous status service as a Director director of the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)Disability, he Optionee may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the Option to the extent he was otherwise so entitled to exercise it at on the on the date of such termination. To the extent that he Optionee was not entitled to exercise thethe Option on the date of such termination, or if Optionee does not exercise the Option to the extent so entitled within the time specified herein, the Option shall terminate.

Appears in 3 contracts

Samples: Option Agreement (Travelscape Com Inc), Option Agreement (Travelscape Com Inc), Option Agreement (Travelscape Com Inc)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in if the event of termination of Optionee's continuous status Optionee is unable to continue as a Director of the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)termination, exercise the his Option to the extent he was entitled to exercise it at the date of such termination. To the extent that , or if he does not exercise such Option (which he was not entitled to exercise theexercise) within the time specified herein, the Option shall terminate.

Appears in 2 contracts

Samples: Stock Option Agreement (Lasermedia Communications Corp), Stock Option Agreement (Lasermedia Communications Corp /Fi)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in the event of termination of Optionee's continuous status as if Optionee ceases to be a Director Service Provider as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)Optionee's Disability, he Optionee may, but only within twelve six (126) months from the date of termination (but in no event later than the date of expiration of the term of the Option)employment, exercise the his or her Option to the extent he Optionee was entitled to exercise it at the date of such termination. To the extent that he Optionee was not entitled to exercise thethe Option at the date of termination, or if Optionee does not exercise such Option (which Optionee was entitled to exercise) within the time specified herein, the Option shall terminate.

Appears in 2 contracts

Samples: Linear Technology Corporation Nonstatutory Stock Option Agreement (Linear Technology Corp /Ca/), Linear Technology Corporation Nonstatutory Stock Option Agreement (Linear Technology Corp /Ca/)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7 above, in if Optionee is unable to continue his or her employment or consulting relationship with the event of termination of Optionee's continuous status as a Director Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of or her Disability, the Internal Revenue Code), he Optionee may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the his or her Option to the extent he or she was entitled to exercise it the Option at the date of such termination. To the extent that he or she was not entitled to exercise thethe Option at the date of termination, or if he or she does not exercise such Option within the time specified herein, the Option shall terminate.

Appears in 2 contracts

Samples: S Option Agreement (Silicon Graphics Inc), Non Statutory Stock Option Grant Agreement (Silicon Graphics Inc)

Disability of Optionee. Notwithstanding the provision of Section 6(b)7 above, in the event of termination of if Optionee's continuous status service as a Director director of the Company terminates as a result of his permanent and total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he may, but only within twelve three (123) months from the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the his Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he was not entitled to exercise thethis Option at such date, or if he does not exercise it within the time specified herein, this Option shall terminate.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Edison Controls Corp), Nonqualified Stock Option Agreement (Edison Controls Corp)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7(a) above, in the event of termination of the Optionee's continuous status ’s position as a an Outside Director or consulting or advisory relationship as a result of his or her total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he Optionee may, but only within twelve (12) months from the date of such termination (but in no event later than the expiration date of expiration of the term of the this Option), exercise the Option. If Optionee does not exercise this Option to within the extent he was entitled to exercise it at time specified herein, the date of such termination. To the extent that he was not entitled to exercise theOption shall terminate.

Appears in 2 contracts

Samples: Qualified Stock Option Agreement (Valuevision Media Inc), Qualified Stock Option Agreement (Valuevision Media Inc)

Disability of Optionee. Notwithstanding If the provision of Section 6(b), in the event of termination of Optionee's continuous status ’s service as a Director an officer and director terminates as a result of his total and permanent disability a medically determinable physical or mental impairment (as defined in Section 22(e)(3) of the Internal Revenue Code“Disability”), he the Optionee may, but only within twelve (12) six months from the date his service as an officer and director terminates because of termination (his Disability, but in no event later than the date of expiration of the term of the Option)Expiration Date, exercise the Option to the extent he was entitled to exercise it at the date of such terminationOption. To the extent that he was the Option is not exercisable or exercised to the extent so entitled to exercise thewithin the time specified in this Section 7, the Option shall terminate.

Appears in 1 contract

Samples: Employment Agreement (Koil Energy Solutions, Inc.)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7(a) above, in the event of termination of the Optionee's continuous status as a Director consulting relationship as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he Optionee may, but only within twelve (12) 12 months from the date of such termination (but in no event later than the expiration date of expiration of the term of the this Option), exercise the Option. If Optionee does not exercise this Option to within the extent he was entitled to exercise it at time specified herein, the date of such termination. To the extent that he was not entitled to exercise theOption shall terminate.

Appears in 1 contract

Samples: Qualified Stock Option Agreement (Valuevision Media Inc)

Disability of Optionee. Notwithstanding If Optionee’s employment with the provision of Section 6(b), in the event of termination of Optionee's continuous status as a Director Company terminates as a result of his total and permanent disability (or her Disability, the Option, to the extent vested as defined in Section 22(e)(3) of the Internal Revenue Code)date of such termination, he may, but only within shall remain exercisable for twelve (12) months from the following such date of termination (but and in no event later than the date Term/Expiration Date set forth in the Notice of expiration of the term of the OptionGrant), exercise the Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he was the Option is not entitled to vested at the date on which Optionee’s employment with the Company terminates or if Optionee does not exercise thesuch Option within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Restricted Stock Purchase Agreement (Belvedere SoCal)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7 above, in the event of termination of Optionee's continuous status Continuous Status as a Director an Employee or Consultant as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)disability, he may, but only within twelve ninety (1290) months days from the date of such termination (but in no event later than the date of expiration of the term of the Optionthis Option as set forth in Section 11 below), exercise the his Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he was not entitled to exercise thethe Option at the date of

Appears in 1 contract

Samples: Nonstatutory Stock Option Agreement (Lightspan Partnership Inc)

Disability of Optionee. Notwithstanding the provision of Section 6(b), in In the event of termination of Optionee's continuous status as a Director employment as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)Disability, he may, but only within twelve (12) months one year from the date of such termination (but in no event later than the date of expiration of the term of the Optionthis Option as set forth in Section 11 below), exercise the Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he Optionee (i) was not entitled to exercise thethe Option at the date of termination, or (ii) does not exercise such Option within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Olympic Financial (Olympic Financial LTD)

AutoNDA by SimpleDocs

Disability of Optionee. Notwithstanding the provision of Section 6(b)provisions hereof, in the event of termination of Optionee's continuous status as a Director employment with the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)Disability, he Optionee may, but only within twelve (12) months from following the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the Option to the extent he was otherwise so entitled to exercise it at on the date of such termination. To the extent that he Optionee was not entitled to exercise thethe Option on the date of such termination, or if Optionee does not exercise the Option to the extent so entitled within such 12-month period, the Option shall terminate.

Appears in 1 contract

Samples: Non Plan Stock Option Agreement (Callidus Software Inc)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in if the event of termination of Optionee's continuous status Optionee is unable to continue as a Director of the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)3(c)(2)-2 termination, exercise the his Option to the extent he was entitled to exercise it at the date of such termination. To the extent that , or if he does not exercise such Option (which he was not entitled to exercise theexercise) within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Lasermedia Communications Corp)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7 above, in the event of termination of Optionee's continuous status service as a Director an employee of the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)Disability, he Optionee may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the Option to the extent he was otherwise so entitled to exercise it at on the on the date of such termination. To the extent that he Optionee was not entitled to exercise thethe Option on the date of such termination, or if Optionee does not exercise the Option to the extent so entitled within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Option Agreement (Vitesse Semiconductor Corp)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in the event of termination of Optionee's continuous status if Optionee is unable to continue his service as a an Outside Director as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code)disability, he may, but only within twelve (12) 12 months from the date of termination (but in no event later than the date of expiration of the term of the Option), such service exercise the this Option to the extent he the Option was entitled to exercise it at vested as of the date of such termination; provided that in no event is the date of exercise beyond expiration of the Option. To the extent that he was Optionee does not entitled to exercise thethis Option within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Mid Peninsula Bancorp

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)7 above, in if Optionee is unable to continue his or her employment relationship with the event of termination of Optionee's continuous status as a Director Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of or her Disability, the Internal Revenue Code), he Optionee may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)such termination, exercise the his or her Option to the extent he or she was entitled to exercise it the Option at the date of such termination. To the extent that he or she was not entitled to exercise thethe Option at the date of termination, or if he or she does not exercise such Option within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Non Statutory Stock Option Grant Agreement (Silicon Graphics Inc)

Disability of Optionee. Notwithstanding the provision of Section 6(b), in In the event of termination of the Optionee's continuous status as a Director as a result of his ’s relationship with the Company due to total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue CodeCode or its successor provision), he the Optionee may, but only within twelve (12) 12 months from the date of such termination (but in no event later than the expiration date of expiration of the term of the this Option), exercise the Option. If Optionee does not exercise this Option to within the extent he was entitled to exercise it at time specified herein, the date of such termination. To the extent that he was not entitled to exercise theOption shall terminate.

Appears in 1 contract

Samples: Director Stock Option Agreement (Fsi International Inc)

Disability of Optionee. Notwithstanding the provision provisions of Section 6(b)6 above, in if the event of termination of Optionee's continuous status Optionee is unable to continue as a Director of the Company as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), he may, but only within twelve (12) months from the date of termination (but in no event later than the date of expiration of the term of the Option)3(c)(4)-2 termination, exercise the his Option to the extent he was entitled to exercise it at the date of such termination. To the extent that , or if he does not exercise such Option (which he was not entitled to exercise theexercise) within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Stock Option Agreement (Lasermedia Communications Corp)

Disability of Optionee. Notwithstanding In the provision of Section 6(b), in the event of termination of Optionee's continuous status ’s Continuous Status as a Director an Employee or Consultant terminates as a result of his total and permanent disability (as defined in Section 22(e)(3) of or her disability, the Internal Revenue Code), he Optionee may, but only within twelve (12) months from the date of termination Termination Date (but and in no event later than the date of expiration of the term of the OptionTerm/Expiration Date), exercise the Option to the extent he was otherwise entitled to exercise it at on the date of such terminationTermination Date. To the extent that he the Optionee was not entitled to exercise thethe Option on the Termination Date, or if the Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate.

Appears in 1 contract

Samples: Stock Incentive Plan (Boyd Gaming Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.