Common use of Stock Option and Stock Purchase Plans Clause in Contracts

Stock Option and Stock Purchase Plans. If the Executive is entitled to a payment pursuant to Section 2 or 4, the term during which any stock option granted to the Executive by the Corporation or any subsidiary of the Corporation may be exercised shall be extended to the later of the expiry date of the option or 12 months after the date of the giving of notice by the Executive pursuant to Section 3, or the dismissal from the Executive's employment as referred to in Section 4, as the case may be; provided that the maximum term of any such option shall not exceed six years from the date of grant of the option or such longer period as shall be permitted under the terms of the Corporation's stock option plan. In addition, in such event any provisions of the stock option or the stock purchase plan restricting the number of shares which may be purchased before a particular date shall be waived and the options shall be fully vested immediately. If the Executive is entitled to a payment pursuant to Section 2 or 4, all shares owned by the Executive and held in any stock purchase plan shall immediately be released to the Executive, subject to the Executive making any payments required under the plan. The terms of any stock option plan, stock purchase plan or agreement therefor shall be deemed amended to reflect the provisions of this Section 9.