Common use of Termination Because of Death Clause in Contracts

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option may be exercised at any time before the Expiration Date or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 10 contracts

Samples: Form of Incentive Stock Option Agreement (Methes Energies International LTD), Non Statutory Stock Option Agreement (Methes Energies International LTD), Non Statutory Stock Option Agreement (ADVANCED MEDICAL ISOTOPE Corp)

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Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option may be exercised at any time before the Expiration Date or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s 's rights under the Option shall pass by the Optionee’s 's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 7 contracts

Samples: Incentive Stock Option Agreement (McCormick & Schmicks Seafood Restaurants Inc.), Non Statutory Stock Option Agreement (Verasun Energy Corp), Incentive Stock Option Agreement (Verasun Energy Corp)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option shall, following the Processing Period, become exercisable in full and may be exercised at any time before the Expiration Date or before the date 12 months that is four years after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 5 contracts

Samples: Stock Incentive Plan (Nike Inc), Stock Incentive Plan Non Statutory Stock Option Agreement (Nike Inc), Non Statutory Stock Option Agreement (Nike Inc)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option shall immediately become exercisable in full and may be exercised at any time before the Expiration Date or before the date 12 months that is one year after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s 's rights under the Option shall pass by the Optionee’s 's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 3 contracts

Samples: Stock Option Agreement (Nike Inc), Stock Option Agreement (Nike Inc), Stock Option Agreement (Nike Inc)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option may be exercised at any time before the Expiration Date or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 2 contracts

Samples: 2017 Incentive Stock Option Award Agreement (SunOpta Inc.), SunOpta Inc.

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option may be exercised at any time before the Expiration Date or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Erickson Air-Crane Inc), Statutory Stock Option Agreement (Erickson Air-Crane Inc)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option shall, following the Processing Period, become exercisable in full and may be exercised at any time before the Expiration Date or before the date 12 months that is one year after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 1 contract

Samples: Stock Option Agreement (Nike Inc)

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Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, all or any part of the Option may be exercised (without regard to the vesting schedule specified in paragraph 2 of this Exhibit A) at any time before the Expiration Date expiration date of the Option or before the date 12 months one year after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s 's rights under the Option shall pass by the Optionee’s 's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 1 contract

Samples: Stock Option Agreement (Tektronix Inc)

Termination Because of Death. If In the event of the death of the Optionee dies while employed by or in providing service to the service Company or a subsidiary of the Companyit, the Option may be exercised at any time before prior to the Expiration Date or before the date 12 months after the expiration date of death, whichever is the shorter periodOption, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s 's rights under the Option shall pass by the Optionee’s 's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Athena Medical Corp)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option shall immediately become exercisable in full and may be exercised at any time before the Expiration Date or before the date 12 months that is one year after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 1 contract

Samples: Non Statutory Stock Option Agreement (Source Interlink Companies Inc)

Termination Because of Death. If the Optionee dies while employed by or in the service of the Company, the Option may be exercised at any time before the Expiration Date or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of death and only by the person or persons to whom the Optionee’s 's rights under the Option shall pass by the Optionee’s 's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

Appears in 1 contract

Samples: 2022 Incentive Stock Option Award Agreement (SunOpta Inc.)

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