Common use of Adjustments; Change in Control Clause in Contracts

Adjustments; Change in Control. In the event of a Change in Control, the Participant shall have such rights, and the Committee shall take such actions, as are specified in this Agreement. Participant shall have the right, by giving notice during the 60-day period from and after a Change in Control of the Company, to elect to surrender all or part of the Option to the Company and to receive cash, within 30 days of such notice, in an amount equal to the amount by which the "Change in Control Price" per share of Common Stock on the date of such election shall exceed the amount which Participant must pay to exercise the Option per share of Common Stock under the Option (the "Spread) multiplied by the number of shares of Common Stock granted under the Option as to which the right granted hereby shall have been exercised.