Special One-Time Election Clause Samples
Special One-Time Election. Notwithstanding the provisions of Sections 6.01 and 6.03, a Member on August 1, 2000, whose distribution date in effect under Section 5.01 is on or after January 1, 2002, may elect during the 45 day period commencing on August 1, 2000 to establish one or more Post-Secondary Education Subaccounts effective as of October 1, 2000, and to specify the percentage of the remaining elective contribution additions, for the 2000 Plan Year to be allocated to such Subaccount(s). In addition, such Member may elect during the 45-day election period to transfer all or a portion of his then existing Account balance attributable to elective contribution additions, incentive compensation contribution additions and matching contribution additions to such Post-Secondary Education Subaccount(s). Commencing October 1, 2000, only subsequent contributions may be allocated to a Post-Secondary Education Subaccount in accordance with the provisions of Section 6.01 and 6.03.
Special One-Time Election. Provided there has been no prior termination of the Option under any other provision of this Option Agreement (and only under any other provision of this Option Agreement), and provided that no Default or Event of Default (as defined in the Agreement) then exists, if Grantee so elects by giving written notice to the Company at least five (5) business days prior to the last trading day in any of the calendar months commencing with March 1998 through and including September 1998 (the last trading day in such calendar month being herein referred to as the "Month End Trading Date"), provided further, however, that if Grantee shall be in Default as of September 1998, then the date for giving of said written notice shall, provided such Default is timely cured, be extended to five (5) business days prior to the last trading day in October 1998 (which, in such event, would be treated as a Month End Trading Date):
(a) (i) if such Option were then "in the money" (i.e., the Month End Trading Price exceeded the Option Price), then all (or a portion) of the Option then outstanding (not previously exercised or terminated) shall be exercised by Grantee (as provided for in Section 3 above but using the Month End Trading Price for determining the fair market value, if applicable) as of the close of the applicable Month End Trading Date, or
(ii) if such Option were not then "in the money" (i.e., the Month End Trading Price did not exceed the Option Price), then all of the Option then outstanding (not previously exercised or terminated) would be then cancelled and terminated and would thereafter be non-exercisable, null and void as of the closing of the applicable Month End Trading Date; and
(b) if the closing price of the Company's common stock as of the applicable Month End Trading Date (The "Month End Trading Price") were not $2.715 (or more) greater than the Option Price of the Option, then the Company would pay to Grantee, no later than 30 days after such Month End Trading Date, an amount per then outstanding Option which was actually exercised (per (a) (i) above) or cancelled (per (a) (ii) above), or cancelled for reasons other than as provided under any other provision of this Option Agreement, as of such Month End Trading Date equal to the lesser of:
(i) an amount equal to (A) the Option Price of the Option plus (B) $2.715 minus (C) such Month End Trading Price, OR
(ii) $2.715. Any amounts to be paid by Company to Grantee under Section 7(b) hereof which are not timel...