Common use of Vesting and Exercise of Option Clause in Contracts

Vesting and Exercise of Option. Subject to the provisions of Section 4 and the right of the Corporation to accelerate the date upon which any or all of the shares covered by this Option becomes exercisable, the Recipient shall become entitled to purchase the indicated percentage of the Option Shares as follows: Period of Time Elapsed From Date of Option Percentage of Total Shares Vesting ------------------------------------------ ---------------------------------- Each 3 month period for the next 48 months 6.25% If Recipient has attained age 55 and completed at least five years of continuous employment with the Corporation on the date of termination of employment with the Corporation, other than termination due to death, Permanent Disability or termination for cause (a "Retirement"), then the Option Shares shall continue to vest in accordance with the original vesting schedule without regard to the continuous employment requirement. Notwithstanding any provision herein to the contrary, in no event may this Option be exercised after seven years from the date of this Option (the "Expiration Date").

Vesting and Exercise of Option. Subject to the provisions of Section 4 and the right of the Corporation to accelerate the date upon which any or all of the shares covered by this Option becomes exercisable, the Recipient shall become entitled to purchase the indicated percentage of the Option Shares as follows: Period of Time Elapsed From Date of Option Percentage of Total Shares Vesting ------------------------------------------ ---------------------------------- One year 25% Each 3 month period thereafter for the next 48 36 months Additional 6.25% If Recipient has attained age 55 and completed at least five years of continuous employment with the Corporation on the date of termination of employment with the Corporation, other than termination due to death, Permanent Disability or termination for cause (a "Retirement"), then the Option Shares shall continue to vest in accordance with the original vesting schedule without regard to the continuous employment requirement. Notwithstanding any provision herein to the contrary, in no event may this Option be exercised after seven years from the date of this Option (the "Expiration Date").

Vesting and Exercise of Option. Subject to the provisions of Section 4 and the right of the Corporation to accelerate the date upon which any or all of the shares covered by this Option becomes exercisable, the Recipient Employee shall become entitled to purchase the indicated percentage of the Option Shares as follows: Period of Time Elapsed From Date of Option Percentage of Total Shares Vesting ------------------------------------------ ---------------------------------- Each 3 month period for the next 48 months 6.25% If Recipient has attained age 55 and completed at least five years of continuous employment with the Corporation on the date of termination of employment with the Corporation, other than termination due to death, Permanent Disability or termination for cause (a "Retirement"), then the Option Shares shall continue to vest in accordance with the original vesting schedule without regard to the continuous employment requirement. Notwithstanding any provision herein to the contrary, in no event may this Option be exercised after seven years from the date of this Option (the "Expiration Date").

Vesting and Exercise of Option. Subject to the provisions of Section 4 and the right of the Corporation to accelerate the date upon which any or all of the shares covered by this Option becomes exercisable, the Recipient Employee shall become entitled to purchase the indicated percentage of the Option Shares as follows: Period of Time Elapsed From Date of Option Percentage of Total Shares Vesting ------------------------------------------ ---------------------------------- One year 25% Each 3 month period thereafter for the next 48 36 months Additional 6.25% If Recipient has attained age 55 and completed at least five years of continuous employment with the Corporation on the date of termination of employment with the Corporation, other than termination due to death, Permanent Disability or termination for cause (a "Retirement"), then the Option Shares shall continue to vest in accordance with the original vesting schedule without regard to the continuous employment requirement. Notwithstanding any provision herein to the contrary, in no event may this Option be exercised after seven years from the date of this Option (the "Expiration Date").