Common use of Reload Option Clause in Contracts

Reload Option. In the event this Agreement is renewed or extended for an additional Term as provided in Section II.A.1, the Company shall grant to Executive a further Option to purchase additional shares of the Company Common Stock (a “Reload Option”). Any such Reload Option (i) shall be for a number of shares equal to 2.5% of the then issued and outstanding shares of capital Stock of the Company, on a fully diluted basis; (ii) shall have a Term of five (5) years; (iii) shall have an exercise price which is equal to one hundred percent (100%) of the Fair Market Value of the Stock subject to the Reload Option on the date of renewal or extension; and (iv) shall otherwise be granted and exercisable on terms and conditions substantially identical to those applicable to the 2009 Option Shares. Any such Reload Option shall be subject to such other terms and conditions as the Board or Committee may determine.

Reload Option. In the event this Agreement is renewed or extended for an additional Term as provided in Section II.A.1, the Company shall grant to Executive a further Option to purchase additional shares of the Company Common Stock (a “Reload Option”). Any such Reload Option (i) shall be for a number of shares equal to 2.52.334% of the then issued and outstanding shares of capital Stock of the Company, on a fully diluted basis; (ii) shall have a Term of five (5) years; (iii) shall have an exercise price which is equal to one hundred percent (100%) of the Fair Market Value of the Stock subject to the Reload Option on the date of renewal or extension; and (iv) shall otherwise be granted and exercisable on terms and conditions substantially identical to those applicable to the 2009 2008 Option Shares. Any such Reload Option shall be subject to such other terms and conditions as the Board or Committee may determine.