Common use of Reload Options Clause in Contracts

Reload Options. To the extent that (i) the Exercise Price of the Options or any Reload Options (as defined) related thereto is paid through the delivery of Mature Shares (as defined) in accordance with Section 4 ("Payment Shares") and/or (ii) Stock is paid or surrendered in satisfaction of any withholding taxes incurred in connection with the exercise of the Option or any related Reload Option ("Withholding Tax Shares"), Employee shall receive additional non-qualified stock options to purchase a number of shares of Stock equal to the sum of the Payment Shares and the Withholding Tax Shares ("Reload Options"), provided that (A) Employee is then employed by the Company or any of its subsidiaries, and (B) at the time of payment of the Exercise Price relating to such Options (or Reload Options), the aggregate Fair Market Value of the Stock purchased pursuant to the exercise of such Options (or Reload Options) exceeds the aggregate Exercise Price of such Options (or Reload Options) by 25% or more. The exercise price per share of Reload Options shall be the Fair Market Value of the Stock on the date the Reload Options are granted to Employee, and the Reload Options shall thereafter become vested and exercisable at the earliest to occur of (w) one year after the grant date (if Employee has been continuously employed through such date), (x) upon a Termination of Employee due to death, Disability or Retirement, (y) a Change in Control, or (z) 90 days prior to the expiration of the Maximum Term (as defined). The "Maximum Term" of any Reload Option shall be equal to the remaining term of the Options to which it relates, measured from the date upon which the Option was exercised but subject to the same post-employment termination provisions of the Options described in Section 6. Any Reload Option granted in connection with the exercise of a Reload Option shall have a Maximum Term equal to the remaining term of the Reload Option to which it relates, measured from the date on which the prior Reload Option was exercised but subject to the same post-employment termination provisions of the Options described in Section 6.