Common use of PARTIAL EXERCISE/FRACTIONAL SHARES Clause in Contracts

PARTIAL EXERCISE/FRACTIONAL SHARES. The Board may permit, and shall establish procedures for, the partial exercise of Options granted under the Plan. No fractional shares shall be issued in connection with the exercise or payment of a grant or award under the Plan; instead, the Fair Market Value of the fractional shares shall be paid in cash, or at the discretion of the Board, the number of shares shall be rounded down to the nearest whole number of shares, and any fractional shares shall be disregarded.

PARTIAL EXERCISE/FRACTIONAL SHARES. The Board Committee may permit, and shall establish procedures for, the partial exercise of Options granted under the Plan. No fractional shares shall be issued in connection with the exercise or payment of a grant or award under the Plan; instead, the Fair Market Value of the fractional shares shall be paid in cash, or at the discretion of the BoardCommittee, the number of shares shall be rounded down to the nearest whole number of shares, and any fractional shares shall be disregarded.