Death Disability Dissolution Sample Clauses
The "Death, Disability, Dissolution" clause outlines what happens to a party’s rights and obligations under an agreement if that party dies, becomes incapacitated, or, in the case of an entity, is dissolved. Typically, this clause specifies whether the agreement terminates, continues with successors or assigns, or if certain actions must be taken, such as buyouts or redistribution of interests. Its core function is to provide clear procedures and continuity in the event of significant changes to a party’s status, thereby reducing uncertainty and potential disputes.
Death Disability Dissolution. If the Optionee is a natural person who dies while involved in a Business Relationship with the Corporation, this option may be exercised, to the extent otherwise exercisable on the date of his death, by his estate, personal representative or beneficiary to whom this option has been assigned pursuant to Section 10, at any time within 180 days after the date of death, but not later than the scheduled expiration date. If the Optionee is a natural person whose Business Relationship with the Corporation is terminated by reason of his disability (as defined in the Plan), this option may be exercised, to the extent otherwise exercisable on the date the Business Relationship was terminated, at any time within 180 days after the date of such termination, but not later than the scheduled expiration date. At the expiration of such 180-day period or the scheduled expiration date, whichever is the earlier, this option shall terminate and the only rights hereunder shall be those as to which the option was properly exercised before such termination. If the Optionee is a corporation, partnership, trust or other entity that is dissolved, liquidated, becomes subject to a voluntary or involuntary bankruptcy proceeding, has a receiver appointed for all or a substantial portion of its property or enters into a merger or acquisition with respect to which such optionee is not the surviving entity at the time when such entity is involved in a Business Relationship with the Corporation, this Option shall immediately terminate as of the date of such event, and the only rights hereunder shall be those as to which this option was properly exercised before such dissolution or other event.
Death Disability Dissolution. If the Optionee dies while in the employ of ------------------------------ divine, this option may be exercise, to the extent of the number of shares with respect to which the Optionee could have exercised it on the date of his death, by his estate, personal representative or beneficiary to whom this option has been assigned pursuant to Article 10 at any time within 90 days after the date of death, but not later than the scheduled expiration date. If the Optionee ceases to be employed by divine by reason of his disability (as defined in the Plan), this option may be exercised, to the extent of the number of shares with respect to which the Optionee; could have exercised it on the date of the termination of his employment, at any time within the 90 days after the date of such termination but not later than the scheduled expiration date. At the expiration of such ninety-day period or the scheduled expiration date, whichever is the earlier, this option shall, terminate and the only rights hereunder shall be those as to which the option was properly exercised before such termination.
Death Disability Dissolution