Common use of Buy-Out of Option Gains Clause in Contracts

Buy-Out of Option Gains. At any time after the Option becomes exercisable, the Administrator shall have the right to elect, in its sole discretion and without the consent of the Optionee, to cancel the Option and pay to the Optionee the excess of the Fair Market Value of the Shares over the Option Price at the date the Administrator provides written notice (the "Buy Out Notice") of the intention to exercise the right. A buy out pursuant to this Section shall be effected by the Company as promptly as possible after the date of the Buy Out Notice. Payment of the buy out amount may be made in cash, in common shares of the Company, or partly in cash and partly in common shares as the Administrator deems advisable. To the extent payment is made in common shares, the number of shares shall be determined by dividing the amount of the payment to be made by the Fair Market Value of a common share at the date of the Buy Out Notice. Payment of such buy out amount shall be made net of any applicable foreign, federal (including Federal Insurance Contributions Act), state and local withholding taxes.

Buy-Out of Option Gains. At any time after the Option ----------------------- becomes exercisable, the Administrator Board shall have the right to elect, in its sole discretion and without the consent of the OptioneeEmployee, to cancel the Option and pay to the Optionee Employee the excess of the Fair Market Value of the Shares over the Option Price option price at the date the Administrator Board provides written notice (the "Buy Out Notice") of the intention to exercise the right. A buy out pursuant to this Section section shall be effected completed by the Company as promptly as possible after the date of the Buy Out Notice. Payment of the buy out amount may be made in cash, in common shares of the Company, or partly in cash and partly in common shares as the Administrator Board deems advisable. To the extent payment is made in common shares, the number of shares shall be determined by dividing the amount of the payment to be made by the Fair Market Value of a common share at the date of the Buy Out Notice. Payment of any such buy out amount shall be made net of any applicable foreign, federal (including Federal Insurance Contributions ActFICA), state and local withholding taxes.

Buy-Out of Option Gains. At any time after the Option becomes exercisabledate hereof, the Administrator shall have the right to elect, in its sole discretion and without the consent of the Optionee, to cancel the Option and pay to the Optionee the excess of the Fair Market Value of the Shares over the Option Price at the date the Administrator provides written notice (the "Buy Out Notice") of the intention to exercise the right. A buy out pursuant to this Section shall be effected by the Company as promptly as possible after the date of the Buy Out Notice. Payment of the buy out amount may be made in cash, in common shares of the Company, or partly in cash and partly in common shares as the Administrator deems advisable. To the extent payment is made in common shares, the number of shares shall be determined by dividing the amount of the payment to be made by the Fair Market Value of a common share at the date of the Buy Out Notice. Payment of such buy out amount shall be made net of any applicable foreign, federal (including Federal Insurance Contributions Act), state and local withholding taxes.

Buy-Out of Option Gains. At any time after the Option becomes exercisable, the Administrator Board shall have the right to elect, in its sole discretion and without the consent of the OptioneeEmployee, to cancel the Option and pay to the Optionee Employee the excess of the Fair Market Value of the Shares over the Option Price option price at the date the Administrator Board provides written notice (the "Buy Out Notice") of the intention to exercise the right. A buy out pursuant to this Section section shall be effected completed by the Company as promptly as possible after the date of the Buy Out Notice. Payment of the buy out amount may be made in cash, in common shares of the Company, or partly in cash and partly in common shares as the Administrator Board deems advisable. To the extent payment is made in common shares, the number of shares shall be determined by dividing the amount of the payment to be made by the Fair Market Value of a common share at the date of the Buy Out Notice. Payment of any such buy out amount shall be made net of any applicable foreign, federal (including Federal Insurance Contributions ActFICA), state and local withholding taxes.