Common use of Exercise in the Event of Death Clause in Contracts

Exercise in the Event of Death. In the event the Optionee ------------------------------ dies before the Expiration Date while in the employ of Resorts or the Company or during the one year period described in Section 2.2(e), this Option shall become fully exercisable and may be exercised by the Optionee's estate or by the person or persons to whom his rights under this Option shall pass by will or the laws of descent and distribution. The Optionee's estate or such persons may exercise this Option with respect to all or part of the shares of Common Stock that remain subject to this Option within one year of the Optionee's death or during the remainder of the period preceding the Expiration Date, whichever is shorter.

Appears in 12 contracts

Samples: Qualified Stock Option Agreement (Patriot American Hospitality Inc/De), Qualified Stock Option Agreement (Patriot American Hospitality Inc/De), Qualified Stock Option Agreement (Patriot American Hospitality Inc/De)

AutoNDA by SimpleDocs

Exercise in the Event of Death. In the event the Optionee dies ------------------------------ dies before the Expiration Date while in the employ of Resorts or the Company or during the one year period described in Section 2.2(e), this Option shall become fully exercisable and may be exercised by the Optionee's estate or by the person or persons to whom his rights under this Option shall pass by will or the laws of descent and distribution. The Optionee's estate or such persons may exercise this Option with respect to all or part of the shares of Common Stock that remain subject to this Option within one year of the Optionee's death or during the remainder of the period preceding the Expiration Date, whichever is shorter.

Appears in 1 contract

Samples: Qualified Stock Option Agreement (Patriot American Hospitality Inc/De)

Exercise in the Event of Death. In This Option shall remain exercisable with respect to any shares yet unexercised in the event that the Optionee ------------------------------ dies before prior to exercising this Option in full and prior to the Expiration Date while in the employ of Resorts or the Company or during the one year period described in Section 2.2(e)this Option. In that event, this Option shall become fully exercisable and may be exercised by the Optionee's estate estate, or by the person or persons to whom his rights under this Option shall pass by will or the laws of descent and distribution. The Optionee's estate or such persons may must exercise this Option with respect to all or part of the remaining shares of Common Stock that remain subject to this Option the Option, if at all, within one year of the date of the Optionee's death or during the remainder of the period preceding the Expiration Date, whichever is shorter.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Southern Community Financial Corp.)

AutoNDA by SimpleDocs

Exercise in the Event of Death. In This Option shall remain exercisable with respect to any shares yet unexercised in the event in the event that the Optionee ------------------------------ dies before prior to exercising this Option in full and prior to the Expiration Date while in the employ of Resorts or the Company or during the one year period described in Section 2.2(e)this Option. In that event, this Option shall become fully exercisable and may be exercised by the Optionee's estate ’s estate, or by the person or persons to whom his rights under this Option shall pass by will or the laws of descent and distribution. The Optionee's ’s estate or such persons may must exercise this Option with respect to all or part of the remaining shares of Common Stock that remain subject to this Option the Option, if at all, within one year of the date of the Optionee's ’s death or during the remainder of the period preceding the Expiration Date, whichever is shorter.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (New Peoples Bankshares Inc)

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