Common use of Fractional Share Clause in Contracts

Fractional Share. The Company shall not be required to issue any fractional share upon exercise of the Option, but it shall pay to the Optionee or to his or her personal representative or beneficiary who acquires the right to exercise the Option by bequest or inheritance on the death of the Optionee, the cash equivalent of any fractional share interests, as determined in the sole discretion of the Board or the Committee.

Fractional Share. The Company shall not be required to issue any fractional share upon exercise of the Option, but it shall pay to the Optionee or to his Ids or her personal representative or beneficiary who acquires the right to exercise the Option by bequest or inheritance on the death of the Optionee, the cash equivalent of any fractional share interests, as determined in the sole discretion of the Board or the Committee.