Common use of Reload Options Clause in Contracts

Reload Options. Only participants in the Automatic Exercise Program will be eligible to receive Reload Options. A Reload Option is an automatic grant of a new Option each time the Company executes an automatic stock-for-stock swap exercise. The number of shares granted in the Reload Option shall equal the number of shares exchanged in payment of the exercise price on an Automatic Exercise Date. The Reload Options will be fully vested six (6) months from the date of grant and will have a term that expires on the same date as the automatically exercised Option. The exercise price for a Reload Option shall be the Fair Market Value on the date of the Reload Option grant. The grant of a Reload Option shall be subject to there being sufficient shares available for such grants under the Plan, the Company's 1997 Executive Stock Plan, as amended and the Company's 1989 Executive Stock Plan, as amended. If there are not sufficient shares available to fully meet the obligation of the Automatic Exercise Program as described above, then the Committee will, in its sole discretion, allocate the available shares to participants. In addition, should the Committee, in its sole discretion, determine that continuing to grant Reload Options is no longer in the best interest of the Company, it may, by means of written notice to participants, cause the discontinuance of the granting of Reload Options.

Reload Options. Only participants in the Automatic Exercise Program will be eligible to receive Reload Options. A Reload Option is an automatic grant of a new Option each time the Company executes an automatic stock-for-stock swap exercise. The number of shares granted in the Reload Option shall equal the number of shares exchanged in payment of the exercise price on an Automatic Exercise Date. The Reload Options will be fully vested six (6) months from the date of grant and will have a term that which expires on the same date as the automatically exercised Option. The exercise price for a Reload Option shall be the Fair Market Value on the date of the Reload Option grant. The grant of a Reload Option shall be subject to there being sufficient shares available for such grants under the Plan, the Company's 1997 Executive Stock Plan, as amended and the Company's 1989 Executive Stock Plan, as amendedPlans. If there are not sufficient shares available to fully meet the obligation of the Automatic Exercise Program as described above, then the Committee will, in its sole discretion, allocate the available shares to participants. In addition, should the Committee, in its sole discretion, determine that continuing to grant Reload Options is no longer in the best interest of the Company, it may, by means of written notice to participants, cause the discontinuance of the granting of Reload Options.

Reload Options. Only participants in the Automatic Exercise -------------- Program will be eligible to receive Reload Options. A Reload Option is an automatic grant of a new Option each time the Company executes an automatic stock-for-stock swap exercise. The number of shares granted in the Reload Option shall equal the number of shares exchanged in payment of the exercise price on an Automatic Exercise Date. The Reload Options will be fully vested six (6) months from the date of grant and will have a term that which expires on the same date as the automatically exercised Option. The exercise price for a Reload Option shall be the Fair Market Value on the date of the Reload Option grant. The grant of a Reload Option shall be subject to there being sufficient shares available for such grants under the Plan, the Company's 1997 Executive Stock Plan, as amended Plan and the Company's 1989 Executive Stock Plan, as amended. If there are not sufficient shares available to fully meet the obligation of the Automatic Exercise Program as described above, then the Committee will, in its sole discretion, allocate the available shares to participants. In addition, should the Committee, in its sole discretion, determine that continuing to grant Reload Options is no longer in the best interest of the Company, it may, by means of written notice to participants, cause the discontinuance of the granting of Reload Options.