Common use of Exercisability of Options Clause in Contracts

Exercisability of Options. The Options shall be exercisable in such installments and at such times as set forth on Schedule A, if Grantee is serving as a director on the applicable date. To the extent not exercised, installments shall accumulate and may be exercised, in whole or in part, at any time after becoming exercisable, but not later than the date the Options expire. The Committee may accelerate the exercisability of any or all-outstanding Options at any time for any reason. Notwithstanding the foregoing, any installment of the Options that is not exercisable prior to a Change in Control shall become exercisable on the date of such Change in Control and shall remain exercisable for the remainder of their term so long as Grantee is serving as a director immediately prior to the Change of Control.

Exercisability of Options. The Options shall be exercisable in such installments and at such times as set forth on Schedule A, if Grantee is serving as a an officer or director on the applicable date. To the extent not exercised, installments shall accumulate and may be exercised, in whole or in part, at any time after becoming exercisable, but not later than the date the Options expire. The Committee may accelerate the exercisability of any or all-outstanding Options at any time for any reason. Notwithstanding the foregoing, any installment of the Options that is not exercisable prior to a Change in Control shall become exercisable on the date of such Change in Control and shall remain exercisable for the remainder of their term so long as Grantee is serving as a an officer or director immediately prior to the Change of Control.