Common use of Exercise Period Upon Death or Disability Clause in Contracts

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, the option shall be a non-qualified stock option.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Market Central Inc), Stock Option Agreement (Market Central Inc)

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Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, three years death the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year three years after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, death the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year three years after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Companydeath , the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year three years after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, death the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Stock Option Agreement (Market Central Inc)

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Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year three years after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, death the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year three years after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, death the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Market Central Inc)

Exercise Period Upon Death or Disability. If the Employee dies or becomes disabled prior to the Final Exercise Date while he or she is an Eligible Employee and the Company has not terminated such relationship for “cause”, this option shall be exercisable, within the period of one year three years following the date of death or disability of the Employee by the Employee, provided that (i) this option shall be exercisable only to the extent that this option was exercisable by the Employee on the date of his or her death or disability, (ii) this option shall not be exercisable after the Final Exercise Date, and (iii) to the extent that the option or any portion thereof is exercised at any time later than one year after the Employee’s termination as an employee of the Company or any parent or subsidiary of the Company, the option shall be a non-qualified stock option.

Appears in 1 contract

Samples: Stock Option Agreement (Market Central Inc)

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