Common use of Replacement Options Clause in Contracts

Replacement Options. If and when this Option is exercised and the exercise price is paid with previously issued and outstanding shares, as permitted in paragraph 8 hereof, upon such exercise of this Option the Grantee or other person who duly exercised this Option will automatically and simultaneously receive a supplemental option (herein sometimes referred to as a "replacement option") for a number of shares equal to the number of shares delivered by the Grantee or other person or retained by the Company in such exercise of this Option, subject to adjustments of the sort provided in paragraph 7 hereof, at an exercise price per share equal to the Fair Market Value (as defined herein) of the shares subject to the replacement option on the date this Option is thus exercised. The replacement option shall expire on the expiration date of this Option and shall in other respects contain the same terms and provisions as this Option, except that: (a) the replacement option shall not itself provide for any further replacement options upon its exercise, whether or not the exercise price of the replacement option is paid with previously outstanding shares or with shares as to which it is being exercised; and (b) the replacement option may not be exercised before the earlier of (i) the expiration of one year after the date it is granted or (ii) the first day of the calendar month in which its expiration date occurs, subject to any acceleration of its exercisability under provisions such as those in paragraph 5 hereof.

Replacement Options. If and when this Option is exercised and the exercise price is paid with previously issued and outstanding sharesshares or with shares as to which this Option is being exercised, as permitted in paragraph 8 hereof, upon such exercise of this Option the Grantee or other person who duly exercised this Option will automatically and simultaneously receive a supplemental option (herein sometimes referred to as a "replacement option") for a number of shares equal to the number of shares delivered by the Grantee or other person or retained by the Company in such exercise of this Option, subject to adjustments of the sort provided in paragraph 7 5 hereof, at an exercise price per share equal to the Fair Market Value (as defined herein) of the shares subject to the replacement option on the date this Option is thus exercised. The replacement option shall expire on the expiration date of this Option and shall in other respects contain the same terms and provisions as this Option, except that: (a) the replacement option shall not itself provide for any further replacement options upon its exercise, whether or not the exercise price of the replacement option is paid with previously outstanding shares or with shares as to which it is being exercised; and (b) the replacement option may not be exercised before the earlier of (i) the expiration of one year after the date it is granted or (ii) the first day of the calendar month in which its expiration date occurs, subject to any acceleration of its exercisability under provisions such as those in paragraph 5 hereof.

Replacement Options. If and when this Option is exercised and the exercise price is paid with previously issued and outstanding sharesshares or with shares as to which this Option is being exercised, as permitted in paragraph 8 7 hereof, upon such exercise of this Option the Grantee or other person who duly exercised this Option will automatically and simultaneously receive a supplemental option (herein sometimes referred to as a "replacement option") for a number of shares equal to the number of shares delivered by the Grantee or by the other person exercising this Option or retained by the Company in such exercise of this Option, subject to adjustments of the sort provided in paragraph 7 5 hereof, at an exercise price per share equal to the Fair Market Value (as defined herein) of the shares subject to the replacement option on the date this Option is thus exercised. The replacement option shall expire on the expiration date of this Option and shall in other respects contain the same terms and provisions as this Option, except that: (a) the replacement option shall not itself provide for any further replacement options upon its exercise, whether or not the exercise price of the replacement option is paid with previously outstanding shares or with shares as to which it is being exercised; and (b) the replacement option may not be exercised before the earlier of (i) the expiration of one year after the date it is granted or (ii) the first day of the calendar month in which its expiration date occurs, subject to any acceleration of its exercisability under provisions such as those in paragraph 5 hereof.

Replacement Options. If and when this Option is exercised and the exercise price is paid with previously issued and outstanding sharesshares or with shares as to which this Option is being exercised, as permitted in paragraph 8 hereof, upon such exercise of this Option the Grantee or other person who duly exercised this Option will automatically and simultaneously receive a supplemental option (herein sometimes referred to as a "replacement option") for a number of shares equal to the number of shares delivered by the Grantee or other person or retained by the Company in such exercise of this Option, subject to adjustments of the sort provided in paragraph 7 5 hereof, at an exercise price per share equal to the Fair Market Value (as defined herein) of the shares subject to the replacement option on the date this Option is thus exercised. The replacement option shall expire on the expiration date of this Option and shall in other respects contain the same terms and provisions as this Option, except that: (a) the replacement option shall not itself provide for any further replacement options upon its exercise, whether or not the exercise price of the replacement option is paid with previously outstanding shares or with shares as to which it is being exercised; and (b) the replacement option may not be exercised before the earlier of (i) the expiration of one year after the date it is granted or (ii) the first day of the calendar month in which its expiration date occurs, subject to any acceleration of its exercisability under provisions such as those in paragraph 5 hereof.or