Common use of Reload Option Rights Clause in Contracts

Reload Option Rights. 6.1 If the Optionee shall, during employment by the Corporation, exercise this Option by paying the exercise price and/or withholding taxes due on exercise in whole or in part by delivering to the Corporation shares of Common Stock or by directing the Corporation to withhold shares of Common Stock otherwise receivable upon exercise of this Option (subject to any restrictions regarding prior ownership of such shares or an equivalent number of shares imposed by the Corporation), then on the date of such exercise the Optionee shall automatically, and without necessity of further action by the Corporation, be granted a new nonstatutory stock option (a “Reload Option”) (a) for a number of shares of Common Stock equal to the aggregate number of full shares of Common Stock delivered or withheld on exercise in payment of the exercise price and in satisfaction of the aggregate of the minimum statutory state, local and federal withholding taxes due from the Optionee to the Corporation on the exercise, and (b) having an option exercise price per share equal to 100% of the Fair Market Value per share of the Common Stock on such date of grant; provided, however, that such exercise occurs at a time when the Fair Market Value of the Common Stock exceeds the exercise price of this Option by 25 percent or more.

Reload Option Rights. 6.1 5.1 If the Optionee shall, during employment by the Corporation, exercise this Option by paying the exercise price and/or withholding taxes due on exercise in whole or in part by delivering to the Corporation shares of Common Stock or by directing the Corporation to withhold shares of Common Stock otherwise receivable upon exercise of this Option (subject to any restrictions regarding prior ownership of such shares or an equivalent number of shares imposed by the Corporation), then on the date of such exercise the Optionee shall automatically, and without necessity of further action by the Corporation, be granted a new nonstatutory stock option (a “Reload Option”) (a) for a number of shares of Common Stock equal to the aggregate number of full shares of Common Stock delivered or withheld on exercise in payment of the exercise price and in satisfaction of the aggregate of the minimum statutory state, local and federal withholding taxes due from the Optionee to the Corporation on the exercise, and (b) having an option exercise price per share equal to 100% of the Fair Market Value per share of the Common Stock on such date of grant; provided, however, that such exercise occurs at a time when the Fair Market Value of the Common Stock exceeds the exercise price of this Option by 25 percent or more.