Common use of Reload Options Clause in Contracts

Reload Options. The Optionee will receive the right to a further Option (a "Reload Option") in the event the Optionee exercises all or a part of an Option (an "Original Option"), by surrendering already owned Shares of Common Stock in full or partial payment of the Option Price under such Original Option. Each such Reload Option shall be granted on the date of exercise of the Original Option, shall cover a number of Shares of Common Stock not exceeding the whole number of Shares of Common Stock surrendered in payment of the Option Price under such Original Option, and any Shares of Common Stock used to satisfy any taxes incident to the exercise of the Original Option, shall have an Option Price equal to the fair market value of the Common Stock on the date of grant of such Reload Option, shall expire on the stated expiration date of the Original Option and shall be subject to such other terms and conditions as the Committee may determine.