Common use of Change of Common Stock Clause in Contracts

Change of Common Stock. (a) In the event that the Common Stock of the Company, as presently constituted, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the corporation or of another kind of shares of stock or other securities of the corporation or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, split up, combination of shares, or otherwise) or if the number of such shares of stock shall be increased through the payment of a stock dividend, then there shall be substituted for or added to each share of Common Stock of the Company which was theretofore appropriated, or which thereafter may be subject to an Option under the plan, the number and kind of shares of stock or other securities into which each outstanding share of the Company shall be so changed or for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be and the Option price adjusted accordingly. Outstanding options shall also be appropriately amended by the Board as to price and other terms, as may be necessary to reflect the foregoing events. (b) If there shall be any other change in the number or kind of the outstanding shares of Common Stock of the Company, or of any stock or other securities into which such stock shall have been changed, or for which it shall have been exchanged, and if the Board shall, in its sole discretion, determine that such change equitably requires an adjustment in any option which was heretofore granted or which may thereafter be granted under the plan, then such adjustment shall be made in accordance with such determination. (c) Fractional shares of Common Stock resulting from any adjustments in Options pursuant to this section shall be settled as the Board or Committee shall determine. The grant of an Option pursuant to the plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganization or changes or its capital or business structure, to merge, to consolidate, to dissolve, to liquidate or to sell or transfer all or any parts of its business or assets.

Change of Common Stock. (a) In the event that the Common Stock of the Company, as presently constituted, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the corporation or of another kind of shares of stock or other securities of the corporation or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, split up, combination of shares, or otherwise) or if the number of such shares of stock shall be increased through the payment of a stock dividend, then there shall be substituted for or added to each share of Common Stock of the Company which was theretofore appropriated, or which thereafter may be subject to an Option under the plan, the number and kind of shares of stock or other securities into which each outstanding share of the Company shall be so changed or for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be and the Option price adjusted accordinglybe. Outstanding options shall also be appropriately amended by the Board Board, as defined in the Plan, as to price and other terms, as may be necessary to reflect the foregoing events. (b) If there shall be any other change in the number or kind of the outstanding shares of Common Stock of the Company, or of any stock or other securities into which such stock shall have been changed, or for which it shall have been exchanged, and if the Board or the Committee (as the case may be) shall, in its sole discretion, determine that such change equitably requires an adjustment in any option which was heretofore granted or which may thereafter be granted under the plan, then such adjustment shall be made in accordance with such determination. (c) Fractional shares of Common Stock resulting from any adjustments in Options pursuant to this section shall be settled as the Board or Committee shall determine. The grant of an Option pursuant to the plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganization or changes or its capital or business structure, to merge, to consolidate, to dissolve, to liquidate or to sell or transfer all or any parts of its business or assets.