Team Options Sample Clauses

Team Options. Except as provided by Article VIII, Section 1, a Player Contract shall not contain any option in favor of the Team, except an Option (as defined in Article I, Section 1(ll)) that: (i) is specifically negotiated between a Veteran or a Rookie (other than a First Round Pick) and a Team; (ii) authorizes the extension of such Contract for no more than one (1) year beyond the stated term; (iii) is exercisable only once; and (iv) provides that the Salary (excluding Incentive Compensation), Likely Bonuses and Unlikely Bonuses payable with respect to the Option Year are no less than 100% of the Salary (excluding Incentive Compensation), Likely Bonuses and Unlikely Bonuses, respectively, payable with respect to the last year of the stated term of such Contract and that all other terms and conditions in the Option Year shall be unchanged from those that applied to the last year of the stated term of such Contract (including, but not limited to, the percentage of Base Compensation that is protected or insured).