MODIFICATION OF OPTION. In the event any change in the outstanding Shares of the class which may be purchased upon exercise of the option or extraordinary distribution in respect of such outstanding Shares or extraordinary change in the capital structure of the Company described in subsection 7(a) above occurs, or in the event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for, Optionee as a participant in the Plan or which otherwise warrants equitable adjustment to the terms and conditions of the option because such event or circumstances interferes with the intended operation of the Plan (including the intended tax consequences of Awards) occurs, then the Committee may, and shall where required by subsection 7(a) above, adjust the number and kind of Shares and/or other securities and/or cash or other property that may be issued or delivered upon the exercise of the option and/or adjust the Exercise Price and/or other terms and conditions of the option as the Committee in its discretion determines to be equitable in order to prevent dilution or enlargement of the Optionee’s rights in respect of the option as such existed before such event. Appropriate adjustments may likewise be made by the Committee in other terms and conditions of the option to reflect equitably such changes in circumstances, including modifications of performance targets and changes in the length of performance periods relating to the vesting of the option or any restrictions on Option Shares. Notwithstanding the foregoing, (i) each such adjustment with respect to an Incentive Stock Option shall comply with the rules of Section 424(a) of the Code, (ii) in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder other than an “incentive stock option” for purposes of Section 422 of the Code without the consent of the Optionee and (iii) no adjustment shall be made which is prohibited by Section 13 of the Plan.
MODIFICATION OF OPTION. At any time and from time to time the Committee may modify, extend or renew this Option, provided that no such modification, extension or renewal shall impair in any respect the benefit of the Option to the Optionee without the consent of the Optionee.
MODIFICATION OF OPTION. In the event of any change or distribution described in subsection 7(a) above, in order to prevent dilution or enlargement of theOptionee's rights hereunder, the Committee may, in an equitable manner, otherwise adjust the number and kind of Shares that may be issued under this Agreement and/or adjust the Exercise Price applicable to the option and/or the Fair Market Value of the Shares and other value determinations applicable to the option. Appropriate adjustments may also be made by the Committee in other terms of the option to reflect such changes or distributions and/or to modify any other terms of the option, on an equitable basis, including modifications of performance targets and changes in the length of performance periods relating to the vesting of the option or any restrictions on Option Shares. Notwithstanding the foregoing, (i) each such adjustment with respect to an Incentive Stock Option shall comply with the rules of Section 424(a) of the Code, and (ii) in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder other than an "incentive stock option" for purposes of Section 422 of the Code.
MODIFICATION OF OPTION. The Option may be modified provided, however, that such modification shall not adversely alter or impair any rights or obligations under the Option without the consent of the Optionee.
MODIFICATION OF OPTION. The Option hereby is converted, effective as of the effective time of the Merger ("Conversion Time"), into an option to purchase 3,250 shares of MFC's common stock at a price of $19.00 per share.
MODIFICATION OF OPTION. Notwithstanding the foregoing, any adjustments made pursuant to Subsection (a), (b) or (c) above with respect to the Option shall be made only after the Administrator determines whether such adjustments would cause any adverse tax consequences to the Participant, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines that such adjustments made with respect to the Option cause adverse tax consequence, it may refrain from making such adjustments, unless the Participant specifically agrees in writing that such adjustment be made and such writing indicates that the Participant has full knowledge of the consequences on his or her income tax treatment with respect to the Option.
MODIFICATION OF OPTION. The Option may be amended by the Board; provided that no such amendment that adversely affects the Optionee shall be effective without the consent of the Optionee.
MODIFICATION OF OPTION. The Committee shall have the authority to instruct the Employer to effect, at any time and from time to time, the modification of the terms of this Agreement and of any Employee Option Agreement (subject to the limitations contained in the Plan).
MODIFICATION OF OPTION. At any time and from time to time the Committee may cause the Company to execute an instrument providing for modification, extension, or renewal of this Option, provided that no such modification, extension or renewal shall impair the Option in any respect without the consent of the Optionee.
MODIFICATION OF OPTION. In the event of any change or distribution described in subsection (a) above, in order to prevent dilution or enlargement of the Optionee's rights hereunder, the Committee may adjust, in an equitable manner, the number and kind of shares of Common Stock that may be issued under this Agreement, the Exercise Price applicable to this option, and the Fair Market Value of the Common Stock and other value determinations applicable to this option. Appropriate adjustments may also be made by the Committee in the terms of this option to reflect such changes or distributions and to modify any other terms of this option then outstanding, on an equitable basis, including modifications of performance targets and changes in the length of performance periods, provided, however, that any such arithmetic adjustment to an option shall not cause the amount of compensation payable thereunder to be increased from what otherwise would have been due upon attainment of the unadjusted option.
