Common use of Expiration of Grant Authority Clause in Contracts

Expiration of Grant Authority. As required pursuant to Section 162(m) of the Code and the regulations promulgated thereunder, the Administrator’s authority to grant new awards that are intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Code (other than Qualifying Options and Qualifying Stock Appreciation Rights) shall terminate upon the first meeting of the Corporation’s shareholders that occurs in the fifth year following the year in which the Corporation’s shareholders first approve this Plan.

Expiration of Grant Authority. As required pursuant to Section 162(m) of the Code and the regulations promulgated thereunder, the Administrator’s authority to grant new awards that are intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Code (other than Qualifying Options and Qualifying Stock Appreciation RightsSARs) shall terminate upon the first meeting of the Corporation’s shareholders stockholders that occurs in the fifth year following the year in which the Corporation’s shareholders stockholders first approve this Plan.

Expiration of Grant Authority. As required pursuant to Section 162(m) of the Code and the regulations promulgated thereunder, the Administrator’s authority to grant new awards that are intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Code (other than Qualifying Options and Qualifying Stock Appreciation RightsSARs) shall terminate upon the first meeting of the Corporation’s shareholders stockholders that occurs in the fifth year following the year in which the Corporation’s shareholders stockholders first approve this PlanPlan (the “162(m) Term”).