Common use of Death or disappearance Clause in Contracts

Death or disappearance. If the Beneficiary’s employment is terminated due to the Beneficiary’s death or disappearance, and resulting legal presumption of death, from his or her last domicile, the Options shall immediately become Vested Options (regardless of whether or not the Performance Condition has been satisfied) and may be exercised by the successors within 365 days from the date of the Beneficiary’s death or disappearance; after the expiration of this 365-day term, the rights connected to the Vested Options shall expire.

Death or disappearance. If the Beneficiary’s employment is terminated due to the Beneficiary’s death or disappearance, and resulting legal presumption of death, from his or her last domicile, the Options shall immediately become Vested Options (regardless of whether or not the Performance Condition has been satisfied) and may be exercised by the successors within 365 days from the date of the Beneficiary’s death or disappearance; after the expiration of this 365-day term, the rights connected to the Vested Options shall expire.