Common use of Death of Optionee Clause in Contracts

Death of Optionee. If Optionee ceases to be either an Employee or Consultant as a result of the Optionee's death, the Option, to the extent vested as of the date of death, shall remain exercisable for twelve (12) months following the date of death (but in no event later than the Expiration Date of the term of the Option as set forth in the Notice of Stock Option Grant) by Optionee's estate or by a person who acquires the right to exercise the Option by bequest or inheritance. To the extent that the Option is not vested as of the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate.

Appears in 8 contracts

Sources: Stock Option Agreement (Capstone Turbine Corp), Stock Option Agreement (Capstone Turbine Corp), Stock Option Agreement (Capstone Turbine Corp)

Death of Optionee. If Optionee ceases to be either an Employee or Consultant as a result In the event of the Optionee's deathdeath of an Optionee during, or within a period specified in the Option after the Termination of Employment, the Option, Option may be exercised (to the extent vested as of the Optionee was entitled to exercise the Option at the date of death, shall remain exercisable for twelve (12) months following the date of death (but in no event later than the Expiration Date by executor or administrator of the term of the Option as set forth in the Notice of Stock Option Grant) by Optionee's ’s estate or by a person who acquires acquired the right to exercise the Option by bequest or inheritance. To the extent that the Option is not vested as of bequest, but only within six (6) months following the date of death. If, or if after death, the Option is not exercised within the time specified hereinas set forth in this Section 5(c), the Option shall terminate.

Appears in 2 contracts

Sources: Incentive Stock Option Agreement (Quality Systems Inc), Nonqualified Stock Option Agreement (Quality Systems Inc)

Death of Optionee. If Optionee ceases to be either an Employee or Consultant Eligible Person as a result of the death of Optionee's death, the Option, to the extent vested as portion of the date of death, shall remain exercisable for Option may be exercised at any time within twelve (12) months following the date of death (but and in no event later than the Expiration Date expiration date of the term of the this Option as set forth in the Notice of Stock Option Grant) by Optionee's ’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance. To the extent that the Option is not vested as of at the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate.

Appears in 2 contracts

Sources: Stock Option Agreement (American Oil & Gas Inc), Stock Option Agreement (American Oil & Gas Inc)

Death of Optionee. If Optionee ceases to be either an Employee or Consultant as a result In the event of the death of Optionee (i) during the period of Optionee's death’s continuous status as an employee or (ii) within thirty (30) days after termination of such status, Optionee’s estate or other person who acquired the Optionright to exercise the option by bequest or inheritance may, to the extent vested as of the date of death, shall remain exercisable for twelve but only within six (126) months following the date of such death (but in no event later than the Expiration Date date of expiration of the term of the Option this option as set forth in Section 5), exercise this option to the Notice of Stock Option Grant) by Optionee's estate or by a person who acquires the right extent that Optionee was entitled to exercise it at the Option by bequest or inheritancedate of death. To the extent that the Option is not vested as of exercisable at the date of death, or if and to the Option is extent not so exercised within the time specified herein, the Option option shall terminate.

Appears in 2 contracts

Sources: Incentive Stock Option Agreement (Vcampus Corp), Incentive Stock Option Agreement (Vcampus Corp)

Death of Optionee. If Optionee ceases to be either an Employee or Consultant as a result In the event of the Optionee's deathdeath of Optionee during the term of this Option and while an Employee, the OptionOption shall become fully exercisable, including as to the extent vested as of the date of deathShares for which it would not otherwise by exercisable and may be exercised, shall remain exercisable for at any time within twelve (12) months following the date of death (but in no event later than the Expiration Date of the term expiration date of the Option as set forth in the Notice of Stock Option Grant) ), by Optionee's ’s estate or by a person who acquires acquired the right to exercise the Option by bequest or inheritance. To the extent that the Option is not vested as of the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate.

Appears in 2 contracts

Sources: Stock Option Agreement (Autodesk Inc), Stock Option Agreement (Autodesk Inc)

Death of Optionee. If Optionee ceases to be either In the event of termination of Optionee's ----------------- Continuous Status as an Employee or Consultant as a result of the death of Optionee's death, the Option, to the extent vested as of the date of death, shall remain exercisable for Option may be exercised at any time within twelve (12) months following the date of death (but in no event later than the Expiration Date date of expiration of the term of the this Option as set forth in the Notice of Stock Option Grant) Section 12 below), by Optionee's estate or by a person who acquires acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee could exercise the Option at the date of death. To the extent that the Option Optionee is not vested as of in the Option at the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Sources: Stock Option Agreement (Vicinity Corp)

Death of Optionee. If Optionee ceases to be either In the event of the termination of Optionee's Continuous Status as an Employee or Consultant as a result of the death of Optionee's death, the OptionOption may be exercised, to the extent vested as of the date of death, shall remain exercisable for at any time within twelve (12) months following the date of death (but in no event later than the Term/Expiration Date of the term of the this Option as set forth in the Notice of Stock Option Grant) ), by the Optionee's estate or by a person who acquires acquired the right to exercise the Option by bequest or inheritance, but only to the extent the Optionee was entitled to exercise the Option at the date of death. To the extent that Optionee was not entitled to exercise the Option is not vested as of at the date of deathtermination, or if Optionee does not exercise such Option to the Option is not exercised extent so entitled within the time specified herein, the Option shall terminate.

Appears in 1 contract

Sources: Stock Option Agreement (Donlar Corp)

Death of Optionee. If Optionee ceases to be either In the event of termination of Optionee's Continuous Status as an Employee or Consultant as a result of the death of Optionee's death, the Option, to the extent vested as of the date of death, shall remain exercisable for Option may be exercised at any time within twelve (12) months following the date of death (but in no event later than the Expiration Date date of expiration of the term of the this Option as set forth in the Notice of Stock Option Grant) Section 11 below), by Optionee's estate or by a person who acquires the right to exercise the Option by bequest or inheritance, but only to the extent the Option was vested at the date of death. To the extent that the Option Optionee is not vested as of in the Option at the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

Appears in 1 contract

Sources: Stock Option Agreement (Symantec Corp)

Death of Optionee. If Optionee ceases to be either In the event of termination of Optionee's Continuous ----------------- Status as an Employee or Consultant as a result of the death of Optionee's death, the Option, to the extent vested as of the date of death, shall remain exercisable for Option may be exercised at any time within twelve (12) months following the date of death (but in no event later than the Expiration Date date of expiration of the term of the this Option as set forth in the Notice of Stock Option Grant) Section 11 below), by Optionee's estate or by a person who acquires the right to exercise the Option by bequest or inheritance, but only to the extent the Option was vested at the date of death. To the extent that the Option Optionee is not vested as of in the Option at the date of death, or if the Option is not exercised within the time specified herein, the Option shall terminate.

Appears in 1 contract

Sources: Employee Bonus Agreement (Drkoop Com Inc)

Death of Optionee. If Optionee ceases to be either an Employee or Consultant a Service Provider (in all capacities, including ceasing to serve on the Company’s Advisory Board) as a result of the Optionee's his or her death, the Option, to the extent vested as of the date of death, shall remain exercisable for twelve (12) months following the date of death (but and in no event later than the Term/Expiration Date of the term of the Option as set forth in the Notice of Stock Option Grant) by Optionee's ’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance. To the extent that the Option is not vested as of on the date of death, Optionee’s death or if the Option is not exercised within the time specified herein, the Option shall terminate.

Appears in 1 contract

Sources: Employment Agreement (Belvedere SoCal)