Modification, Extension and Renewal. Subject to the terms and conditions and within the limitations of the Plan, the Committee, subject to approval of the Board of Directors, may modify or renew this Option, or accept its surrender (to the extent not theretofore exercised) and authorize the granting of a new option or options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, no modification shall, without the consent of the Employee, alter or impair any rights or obligations hereunder.
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Samples: Nonqualified Stock Option Agreement (Sparton Corp), Stock Option Agreement (Mercantile Bank Corp), Stock Option Agreement (Independent Bank Corp /Mi/)
Modification, Extension and Renewal. Subject to the terms and conditions and within the limitations of the Plan, the Committee, subject to approval of the Board of Directors, may modify or renew this Option, or accept its surrender (to the extent not theretofore exercised) and authorize the granting of a new option or options in substitution therefor therefore (to the extent not theretofore exercised). Notwithstanding the foregoing, no modification shall, without the consent of the Employee, alter or impair any rights or obligations hereunder.
Appears in 4 contracts
Samples: Stock Option Agreement (Macatawa Bank Corp), Stock Option Agreement (Macatawa Bank Corp), Stock Option Agreement (Macatawa Bank Corp)
Modification, Extension and Renewal. Subject to the terms and conditions and within the limitations of the Plan, the CommitteeCom-mittee, subject to approval of the Board of Directors, may modify or renew this Option, or accept its surrender (to the extent not theretofore exercised) and authorize the granting of a new option or options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, no modification shall, without the consent of the Employee, alter or impair any rights or obligations hereunder.
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