Common use of Deferral of Option Gains Clause in Contracts

Deferral of Option Gains. (a) Notwithstanding anything elsewhere in this Agreement to the contrary, the Optionee shall have the right, by furnishing written notice to the Company during his employment with the Company and at least six months prior to any exercise of this option, to elect to defer all or a portion of any gains realized upon or in connection with such exercise. Any such deferral shall be made in such manner as may reasonably be required by the Company, including without limitation such requirements as may apply in order to defer such gains for Federal and state income tax purposes. Payment of the exercise price for such exercise shall be made by presenting to the Company shares of Common Stock (the "Presentation Shares") owned by the Optionee (which, in the event they were acquired by the previous exercise of a stock option, shall have been held by the Optionee for at least six months before the date of such exercise) and having a fair market value (as defined in the Plan) equal to the exercise price. The excess of the number of shares for which the option is exercised over the number of Presentation Shares shall be deferred in the form of "Share Units" as discussed in the next sentence. A "

Deferral of Option Gains. (a) Notwithstanding anything elsewhere in this Agreement to the contrary, the Optionee shall have the right, by furnishing written notice to the Company during his employment with the Company and at least six months prior to any exercise of this option, to elect to defer all or a portion of any gains realized upon or in connection with such exercise. Any such deferral shall be made in such manner as may reasonably be required by the Company, including without limitation such requirements as may apply in order to defer such gains for Federal and state income tax purposes. Payment of the exercise price for such exercise shall be made by presenting to the Company shares of Common Stock (the "Presentation Shares") owned by the Optionee (which, in the event they were acquired by the previous exercise of a stock option, shall have been held by the Optionee for at least six months before the date of such exercise) and having a fair market value (as defined in the Plan) equal to the exercise price. The excess of the number of shares for which the option is exercised over the number of Presentation Shares shall be deferred in the form of "Share Units" as discussed in the next sentence. A "Share Unit" shall represent a share of Common Stock, including any dividends and other distributions that may be declared or made thereon during the period of the deferral. The Share Units shall be paid out under the terms of the Optionee's election to defer in the form of shares of Common Stock.

Deferral of Option Gains. (a) Notwithstanding anything elsewhere in this Agreement to the contrary, the Optionee shall have the right, by furnishing written notice to the Company during his employment with the Company and at least six months prior to any exercise of this option, to elect to defer all or a portion of any gains realized upon or in connection with such exercise. Any such deferral shall be made in such manner as may reasonably be required by the Company, including without limitation such requirements as may apply in order to defer such gains for Federal and state income tax purposes. Payment of the exercise price for such exercise shall be made by presenting to the Company shares of Common Stock (the "“Presentation Shares"”) owned by the Optionee (which, in the event they were acquired by the previous exercise of a stock option, shall have been held by the Optionee for at least six months before the date of such exercise) and having a fair market value (as defined in the Plan) equal to the exercise price. The excess of the number of shares for which the option is exercised over the number of Presentation Shares shall be deferred in the form of "“Share Units" ” as discussed in the next sentence. A "“