Common use of Exercise by Optionee During Optionee’s Lifetime Clause in Contracts

Exercise by Optionee During Optionee’s Lifetime. During the Optionee’s lifetime, the New Options shall be exercisable only by the Optionee or, in the case of Parent Options, a permitted transferee under the Shareholders Agreement. In the event of the Optionee’s death, New Options shall be exercisable by the Optionee’s executor or administrator, or the person or persons to whom the Optionee’s rights under this Rollover Agreement shall pass by will or by the laws of descent and distribution as the case may be, or, in the case of Parent Options, any permitted transferee under the Shareholders Agreement (and the term “Optionee” shall be deemed to include such person or persons). Any such executor or administrator, or other the person or persons shall have all of the rights and the obligations of the Optionee herein.