Non-exercisable Portion of Option. In the event that upon the occurrence of Grantee's Retirement on or after Grantee's Normal Retirement Date all or a portion of the Option has not become exercisable solely because one (1) or more of the first three (3) Anniversary Dates have not occurred (hereinafter referred to as the "Remaining Portion"), then such Remaining Portion shall become exercisable upon the date of Retirement. In all cases, the Remaining Portion shall not include any portion of the Option that has terminated pursuant to other provisions of this Agreement. The Remaining Portion of the Option that becomes exercisable on such Retirement date may be exercised in whole or in part at any time thereafter, but not later than the end of the stated term of the Option or as otherwise provided by the provisions of Section 4.2 of this Agreement.
Appears in 5 contracts
Samples: Option Agreement (Mercantile Bankshares Corp), Option Agreement (Mercantile Bankshares Corp), Option Agreement (Mercantile Bankshares Corp)
