Disability of the Optionee Clause Samples

The "Disability of the Optionee" clause defines how an option agreement is affected if the individual holding the option becomes disabled. Typically, this clause outlines the procedures for exercising the option in the event of the optionee's disability, such as extending the exercise period or allowing a legal representative to act on their behalf. Its core function is to ensure that the rights associated with the option are preserved and can be exercised fairly, even if the optionee is unable to act due to disability, thereby providing clarity and protection for both parties.
Disability of the Optionee. If the Optionee’s Continuous Service shall cease due to disability, and the Optionee was in Continuous Service as an Employee, Director or Consultant from the Grant Date until the date of Termination of Service, the Option may be exercised at any time within 12 months following the date of Termination of Service, but only to the extent that the Optionee was entitled to exercise the Option at the time of Termination of Service, subject to the condition that no option shall be exercised after the expiration of the Term of the Option.
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Disability of the Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of the Optionee’s Continuous Status as an Employee as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Code), he may, but only within 12 months from the date of such termination (but in no event later than the date of expiration of the term of this Option as set forth in Section 11 below), exercise this Option to the extent he was entitled to exercise it at the date of such termination. To the extent that he was not entitled to exercise this Option at the date of termination, or if he does not exercise such Option (which he was entitled to exercise) within the time specified herein, this Option shall terminate with respect to all Shares whether vested or unvested.
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Disability of the Optionee. If the Optionee’s employment or other association with the Company and its Affiliates ends due to disability (as defined in Section 22(e)(3) of the Code), the Option may be exercised at any time within six months following the date of termination of service, but only to the extent of the accrued right to exercise at the time of termination of service, provided that the Option shall not be exercised after its expiration in accordance with the terms of this Agreement.
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Disability of the Optionee. Notwithstanding the provisions of Section 6 above, in the event of termination of the Optionee’s continuous status as an Employee as a result of total and permanent disability, the vested portion of the Option may be exercised in accordance with the provisions of Section 6.4(i) of the Plan.
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Disability of the Optionee. Notwithstanding the terms of Section 6 above, in the event the Optionee is unable to continue to perform Services for the Company or any of its Subsidiaries as a result of the Optionee’s Permanent and Total Disability, and at the time such Permanent and Total Disability begins the Optionee was an Employee and had been an Employee since the Date of Grant, the Optionee may exercise this Option in whole or in part notwithstanding that this Option may not be fully exercisable, but only until the earlier of the date (a) this Option expires, or (b) twelve (12) months from the date of termination of Services due to such Permanent and Total Disability. To the extent the Optionee is not entitled to exercise this Option on such date or if the Optionee does not exercise it within the time specified herein, this Option shall terminate.
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Disability of the Optionee. Subject to the provisions of Section 6(b), if an Optionee shall cease to be an Employee, Director or Consultant due to disability, and such Optionee was in Continuous Service as an Employee, Director or Consultant from the Grant Date until the date of Termination of Service, the Option may be exercised at any time within twelve months following the date of Termination of Service, but only to the extent of the accrued right to exercise at the time of Termination of Service, subject to the condition that no option shall be exercised after the expiration of the Term of the Option.
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Disability of the Optionee. Notwithstanding the provisions of Section 6 above, if the Optionee is unable to continue the Employee's employment with the Company as a result of the Employee's permanent and total disability (as defined in Section 22(e)(3) of the Code), the Employee may, but only within 12 months from the date of termination of employment, exercise this Option to the extent the Employee was entitled to exercise it at the date of such termination pursuant to the Exercise Schedule. To the extent that the Employee was not entitled to exercise this Option at the date of termination, or if the Employee does not exercise such Option (which the Employee was entitled to exercise) within the time specified herein, this Option shall terminate.
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Disability of the Optionee. If the Optionee ceases to be a Service Provider as a result of his or her total and permanent disability, the Optionee may exercise the Option to the extent the Option was vested at the date on which the Optionee ceases to be a Service Provider, but only within three months from such date (and in no event later than the expiration date of the term of this Option as set forth in Section 1 of this Agreement). To the extent that the Option is not vested at the date on which the Optionee ceases to be a Service Provider, or if the Optionee does not exercise such Option within the time specified herein, the Option shall terminate.
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Related to Disability of the Optionee

  • Disability of Optionee If the Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, this Option may be exercised for a period of twelve (12) months after the date of such termination (but in no event later than the expiration date of this Option as set forth in the Notice of Grant) to the extent that the Option is vested on the date of such termination. To the extent that Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

  • Disability of Executive The Company may terminate this Agreement without liability if Executive shall be permanently prevented from properly performing his essential duties hereunder with reasonable accommodation by reason of illness or other physical or mental incapacity for a period of more than one hundred twenty 120 consecutive days. Upon such termination, Executive shall be entitled to all accrued but unpaid Base Salary and vacation.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Disability; Death If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive any other severance or other benefits, except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company.

  • Disability of Employee If the Employee, in the reasonable opinion of the Company, is unable to perform his duties under this Agreement by reason of incapacity, either physical or mental, as determined in accordance with the MIIX Group of Companies Long Term Disability Group Benefit Plan (the "LTD Plan"), or similar plan which may be in effect from time to time, the Company shall have the right to terminate the Employee's employment upon written notice to the Employee, whereupon such termination shall be effective as of the date specified in such notice (the "Termination Date") and the Company shall have no further obligations under this Agreement, except the obligation to pay to the Employee: (1) the balance of his accrued and unpaid Base Salary, (2) unreimbursed expenses, (3) unused, accrued vacation time (up to a maximum of three weeks) through the Termination Date, (4) any other applicable severance payments provided for in Section 4 hereof, and (5) any other benefits earned by the Employee and vested (if applicable) as of the Termination Date under any employee benefit plan of the Company or its affiliates in which the Employee participates. If the Company determines not to terminate the Employee's employment in the event of a disability as allowed under this Section 3.2, the Company shall continue to pay Base Salary to the Employee for a period of up to ninety days, and shall pay the difference between Base Salary and benefits paid to the Employee under the LTD Plan for a period of up to six months thereafter, paid in accordance with the Company's normal payroll practices, while the Employee is not working. If the Employee, in the reasonable opinion of the Company, remains disabled at the end of such nine month period, his employment shall be deemed terminated and he shall receive the benefits provided for in this Section 3.2.