Common use of Rights in the Event of Disability Clause in Contracts

Rights in the Event of Disability. If the Optionee terminates employment with the Company, a Subsidiary, or a Service Provider, or if the Optionee ceases to be a Service Provider, by reason of the Disability of the Optionee, then the Optionee shall have the right, for a period of one year after such termination and prior to termination of the Option pursuant to Section 3.4 above, to exercise the Option with respect to all shares subject to the Option, whether or not the Option was exercisable immediately prior to the Optionee’s termination by reason of Disability of the Optionee. Whether termination of employment or service is to be considered by reason of Disability for purposes of this Option Agreement shall be determined by the Committee, which determination shall be final and conclusive.

Appears in 2 contracts

Sources: Non Qualified Stock Option Agreement (Ps Business Parks Inc/Ca), Non Qualified Stock Option Agreement (Ps Business Parks Inc/Ca)

Rights in the Event of Disability. If the Optionee terminates employment with the Company, a Subsidiary, or a Service Provider, or if the Optionee ceases to be a Service Provider, by reason of the Disability permanent and total disability of the Optionee, then the Optionee shall have the right, for a period of one year after such termination and prior to termination of the Option pursuant to Section 3.4 above, to exercise the Option with respect to all shares subject to the Option, whether or not the extent such Option was exercisable immediately prior to the Optionee’s such termination by reason of Disability of the Optioneeor becomes exercisable within such one year period pursuant to Section 3.1 above. Whether termination of employment or service is to be considered by reason of Disability permanent and total disability for purposes of this Option Agreement shall be determined by the Committee, which determination shall be final and conclusive.

Appears in 1 contract

Sources: Non Qualified Share Option Agreement (Ps Business Parks Inc/Ca)