Common use of CERTAIN TIMING REQUIREMENTS Clause in Contracts

CERTAIN TIMING REQUIREMENTS. At the discretion of the Committee, shares of Common Stock issuable to the Optionholder upon exercise of the Option may be used to satisfy the Option Exercise Price or the tax withholding consequences of such exercise, but in the case of persons subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") shares of Common Stock maybe so used only (i) during the period beginning on the third business day following the date of release of the quarterly or annual summary statement of sales and earnings of the Company and ending on the twelfth business day following such date or (ii) pursuant to an irrevocable written election by the Optionholder to use shares of Common Stock issuable to the Optionholder upon exercise of the Option to pay all or part of the Option Exercise Price or the withholding taxes made at least six months prior to the payment of such Option Exercise Price or withholding taxes.