Common use of Outstanding Stock Options Clause in Contracts

Outstanding Stock Options. The provisions of this Agreement are not and shall not be interpreted to change the terms of any outstanding stock options previously granted by the Bank to Executive. Without limiting the foregoing, the provisions regarding the grant of options to Executive set forth in Paragraph 4.4 of the Former Employment Agreement are not amended by this Agreement and shall be deemed included in this Agreement, and the references in that paragraph to other provisions of the Former Employment Agreement are hereby incorporated by reference for the limited purpose of continuing to effectuate the agreement of the parties set forth in Paragraph 4.4 of the Former Employment Agreement. The parties intend that this Agreement be considered as establishing an “extended term” for purposes of that provision.

Outstanding Stock Options. The provisions of this Agreement are not and shall not be interpreted to change the terms of any outstanding stock options previously granted by the Bank Employer to Executive. Without limiting the foregoing, the provisions regarding the grant of options to Executive set forth in Paragraph 4.4 of the Former Employment Agreement between Executive and the Bank dated November 17, 2003 (“2003 Agreement”) are not amended by this Agreement and shall be deemed included in this Agreement, and the references in that paragraph to other provisions of the Former Employment 2003 Agreement are hereby incorporated by reference for the limited purpose of continuing to effectuate the agreement of the parties set forth in Paragraph 4.4 of the Former Employment 2003 Agreement. The parties intend that this Agreement be considered as establishing an “extended term” for purposes of that provision.

Outstanding Stock Options. The provisions of this Agreement are not and shall not be interpreted to change the terms of any outstanding stock options previously granted by the Bank Employer to Executive. Without limiting the foregoing, the provisions regarding the grant of options to Executive set forth in Paragraph 4.4 of the Former Employment Agreement between Executive and the Bank dated November 17, 2003, as amended on November 17, 2004 (“2003 Agreement”) are not amended by this Agreement and shall be deemed included in this Agreement, and the references in that paragraph to other provisions of the Former Employment 2003 Agreement are hereby incorporated by reference for the limited purpose of continuing to effectuate the agreement of the parties set forth in Paragraph 4.4 of the Former Employment 2003 Agreement. The parties intend that this Agreement be considered as establishing an “extended term” for purposes of that provision.