Common use of Disability of Optionee Clause in Contracts

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 4 contracts

Samples: Stock Option Agreement (Cisco Systems Inc), Stock Option Agreement (Skystream Networks Inc), Stock Plan Stock Option Agreement (Argonaut Technologies Inc)

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Disability of Optionee. Notwithstanding the provisions of Section 6 Paragraph E. above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee employment with the Company as a result of his or her disabilityTotal and Permanent Disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option AgreementParagraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option ISO such Incentive Stock Option ISO shall automatically convert cease to be treated as an ISO and shall be treated for tax purposes as a Nonstatutory Stock Option NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 4 contracts

Samples: Option Agreement (Autobytel Inc), Option Agreement (Autobytel Inc), Autobytel Inc

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 3 contracts

Samples: Plan Stock Option Agreement (Finisar Corp), Equity Incentive Plan Stock Option Agreement (Socket Mobile, Inc.), Stock Option Agreement (Sun Microsystems Inc)

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six (6) months 180 days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the this Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Internal Revenue Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 3 contracts

Samples: Long Term Incentive Plan (Flanders Corp), Long Term Incentive Plan (Flanders Corp), Long Term Incentive Plan (Flanders Corp)

Disability of Optionee. Notwithstanding the provisions of Section 6 Paragraph E. above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee employment with the Company as a result of his or her disabilityDisability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option AgreementParagraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option ISO such Incentive Stock Option ISO shall automatically convert cease to be treated as an ISO and shall be treated for tax purposes as a Nonstatutory Stock Option NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 2 contracts

Samples: Option Agreement (Autobytel Inc), Autobytel Inc

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's ’s consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six twelve (612) months from the the- date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Omnivision Technologies Inc)

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an au Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six (6) months 180 days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the this Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Internal Revenue Code, in the case of an Incentive incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Settlement Agreement (Clark Steven K)

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), this Option) exercise the Option to the extent otherwise entitled to exercise it the Option was vested at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option ISO such Incentive Stock Option ISO shall automatically convert cease to a Nonstatutory Stock Option be treated as an ISO and shall be treated for tax purposes as an NSO on the day three months and one ninety-first (91st) day following such termination. To the extent that Optionee was is not entitled to exercise vested in the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Restricted Stock Purchase Agreement (Metatools Inc)

Disability of Optionee. Notwithstanding the provisions of Section 6 Paragraph E. above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee ’s employment with the Company as a result of his or her disabilityTotal and Permanent Disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option AgreementParagraph I. below), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option ISO such Incentive Stock Option ISO shall automatically convert cease to be treated as an ISO and shall be treated for tax purposes as a Nonstatutory Stock Option NSO on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Employee Stock Option Agreement (Autobytel Inc)

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Disability of Optionee. Notwithstanding the provisions of ---------------------- Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee or Consultant as a result of his or her disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Stock Option Agreement), exercise the Option to the extent otherwise entitled to exercise it the Option was vested at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option ISO such Incentive Stock Option ISO shall automatically convert cease to a Nonstatutory Stock Option be treated as an ISO and shall be treated for tax purposes as an NSO on the day three months and one thirty-first (31st) day following such termination. To the extent that Optionee was is not entitled to exercise vested in the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Security Agreement (Cabletron Systems Inc)

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six twelve (612) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Restricted Stock Purchase Agreement (HNC Software Inc/De)

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six sixty (660) months days from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Avistar Communications Corp)

Disability of Optionee. Notwithstanding the provisions of Section 6 ---------------------- above, in the event of termination of an Optionee's consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Nassda Corp

Disability of Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of an Optionee's ’s consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within six (6) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a "disability" as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Omnivision Technologies Inc)

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