Common use of Termination of Service – Death or Disability Clause in Contracts

Termination of Service – Death or Disability. (a) Except as may be otherwise expressly provided in this Agreement, this Option shall terminate automatically: (i) Upon termination of the Optionee's employment with the Company for cause; (ii) At the expiration of two (2) months from the date of the Optionee's resignation or termination of the Optionee's employment or relationship as a consultant or director with the Company without cause, for any reason other than death; provided, that if the Optionee dies within such period, subclause (iii) below shall apply; or (iii) At the expiration of fifteen (15) months after the date of death of the Optionee. However, if termination is due to the Optionee's "permanent and total disability" within the meaning of Section 422(c)(6) of the Code, this Option may be exercised at any time within twelve (12) months following termination of employment or relationship as a consultant or director.

Appears in 1 contract

Sources: Compensatory Stock Option Agreement (Renegade Venture Nev Corp)

Termination of Service – Death or Disability. (a) Except as may be otherwise expressly provided in this Agreement, this Option shall terminate automaticallyas follows: (i) Upon termination of the Optionee's employment with the Company for cause; (ii) At the expiration of two twelve (212) months from the date of the Optionee's resignation or termination of the Optionee's employment or relationship as a consultant or director with the Company without cause, for any reason other than death; provided, that if the Optionee dies within such twelve-month period, subclause (iii) below shall apply; , or (iii) At the expiration of fifteen (15) months after the date of death of the Optionee. However, if termination is due to the Optionee's "permanent and total disability" within the meaning of Section 422(c)(6) of the Code, this Option may be exercised at any time within twelve (12) months following termination of employment or relationship as a consultant or director.

Appears in 1 contract

Sources: Non Statutory Stock Option Agreement (Valuestar Corp)

Termination of Service – Death or Disability. (a) Except as may be otherwise expressly provided in this Agreement, this Option shall terminate automaticallyas follows: (i) Upon termination of the Optionee's employment with the Company for cause; (ii) At the expiration of two twelve (212) months from the date of the Optionee's resignation or termination of the Optionee's employment or relationship as a consultant or director with the Company without cause, for any reason other than death; provided, that if the Optionee dies within such twelve-month period, subclause (iii) below shall apply; or (iii) At the expiration of fifteen (15) months after the date of death of the Optionee. However, if termination is due to the Optionee's "permanent and total disability" within the meaning of Section 422(c)(6) of the Code, this Option may be exercised at any time within twelve (12) months following termination of employment or relationship as a consultant or director.

Appears in 1 contract

Sources: Incentive Stock Option (Valuestar Corp)