Common use of Disability and Death Clause in Contracts

Disability and Death. In the event of the Grantee's death or Disability while employed by the Company or a Subsidiary, the Grantee's Option will automatically vest in full on the date of the Grantee's death or Disability, as applicable, regardless of whether the Stock Price Hurdle has been met. For purposes of this Stock Option Agreement, “Disability” shall mean the Grantee is determined to have a medically determinable physical or mental disability that entitles the Grantee to receive long-term disability benefits under the Company's long-term disability plan.

Appears in 2 contracts

Samples: Stock Option Agreement (Radian Group Inc), Stock Option Agreement (Radian Group Inc)

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Disability and Death. In the event of the Grantee's death or Disability while employed by the Company or a Subsidiary, the Grantee's Option will automatically vest in full on the date of the Grantee's death or Disability, as applicable, regardless of whether the Stock Price Hurdle has been met. For purposes of this Stock Option Agreement, “Disability” shall mean a physical or mental impairment of sufficient severity that the Grantee is determined to have a medically determinable physical or mental disability that entitles both eligible for and in receipt of benefits under the Grantee to receive long-term disability benefits under program maintained by the Company's long-term disability plan.

Appears in 2 contracts

Samples: Stock Option Agreement (Radian Group Inc), Stock Option Agreement (Radian Group Inc)

Disability and Death. In the event of the Grantee's ’s death or Disability while employed by the Company or a Subsidiary, the Grantee's ’s Option will automatically vest in full on the date of the Grantee's ’s death or Disability, as applicable, regardless of whether the Stock Price Hurdle has been met. For purposes of this Stock Option Agreement, “Disability” shall mean a physical or mental impairment of sufficient severity that the Grantee is determined to have a medically determinable physical or mental disability that entitles both eligible for and in receipt of benefits under the Grantee to receive long-term disability benefits under program maintained by the Company's long-term disability plan.

Appears in 1 contract

Samples: Stock Option Agreement (Radian Group Inc)

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Disability and Death. In the event of the Grantee's ’s death or Disability while employed by the Company or a Subsidiary, the Grantee's ’s Option will automatically vest in full on the date of the Grantee's ’s death or Disability, as applicable, regardless of whether the Stock Price Hurdle has been met. For purposes of this Stock Option Agreement, “Disability” shall mean the Grantee is determined to have a medically determinable physical or mental disability that entitles the Grantee to receive long-term disability benefits under the Company's ’s long-term disability plan.

Appears in 1 contract

Samples: Stock Option Agreement (Radian Group Inc)

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