Common use of Binding Effect; Amendment Clause in Contracts

Binding Effect; Amendment. The Option shall be binding upon the heirs, executors, administrators and successors of the parties hereto. The Option may be amended by the Plan Administrators at any time (i) if the Plan Administrators determine, in their sole discretion, that amendment is necessary or advisable in the light of any addition to or change in the Code or in the regulations issued thereunder, or any federal or state securities law or other law or regulation, which change occurs after the Date of Grant and by its terms applies to the Option; or (ii) other than in the circumstances described in clause (i) above, with the written consent of the Optionee.