Definition of Positive Spread


Positive Spread means the spread between the exercise price of the options held by Executive under the 1993, 1995, 1997, 1999, 2001, 2003 or 2005 Stock Incentive Plan or any other stock option plan now or subsequently adopted by the Company, and the higher of (1) the closing price of the Common Stock as reported on the Termination Date on the New York Stock Exchange, or if the New York Stock Exchange is closed on that date, the last preceding date on which the New York Stock Exchange was open and on which shares of Common Stock were traded, or (2) the highest price per share paid in connection with the Change in Control.
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Examples of Positive Spread in a sentence

The Stock Option Payment will be an amount equal to the aggregate Positive Spread on those shares of Phelps Dodge common stock on which you hold options that are not yet exercisable on the Closing date, and which were granted to you, as the case may be, in 2002, 2003 and 2004.