Common use of Existing Options Clause in Contracts

Existing Options. The Company acknowledges and agrees that all options (the “Options”) to purchase shares of Company common stock, par value $.001 per share (the “Common Stock”) previously issued to Xxxxxxx under the Plan or under any other Company plan or arrangement (including, without limitation, the Company’s Amended and Restated 2001 Incentive Plan, as amended) shall vest upon the Retirement Date. The Company further agrees that all such Options shall not terminate on the 90th day following the Retirement Date, but shall, instead, remain outstanding for the remaining life of such Options; provided, however, that Xxxxxxx acknowledges and agrees that (A) any unexercised Options held following the 90th day following the Retirement Date shall lose their status as incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, (the “Code”) and shall revert to nonqualified stock options; and (B) he has been made aware of and understands the ramifications to him of the change of status of his Options from ISOs to non-qualified options.

Existing Options. The Company acknowledges and agrees that all options (the “Options”) to purchase shares of Company common stock, par value $.001 per share (the “Common Stock”) previously issued to Xxxxxxx Xxxxx under the Plan or under any other Company plan or arrangement (including, without limitation, the Company’s Amended and Restated 2001 Incentive Plan, as amended) shall vest upon the Retirement Datehave vested. The Company further agrees that all such vested Options shall not terminate on the 90th day following the Retirement Date, but shall, instead, remain outstanding for the remaining life of such Options; provided, however, that Xxxxxxx Xxxxx acknowledges and agrees that (A) any unexercised Options held following the 90th day following the Retirement Date shall lose their status as incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, (the “Code”) and shall revert to nonqualified stock options; and (B) he has been made aware of and understands the ramifications to him of the change of status of his Options from ISOs to non-qualified options.