Common use of Restoration Options Clause in Contracts

Restoration Options. (a) Subject to the conditions of paragraph 4(b) below, in the event the Optionee exercises the Option, in whole or in part, and pays the purchase price by delivering shares of Common Stock, the Optionee shall automatically be granted on the date of such exercise a Restoration Option. Such Restoration Option shall be a Non-Statutory Stock Option for the number of shares so tendered plus, if applicable, any shares of Common Stock tendered to satisfy withholding tax liability arising in connection with such exercise, shall have a purchase price equal to the Fair Market Value of a share of Common Stock on the date of such exercise, shall be exercisable from the date of grant of such Restoration Option until the expiration date specified in paragraph 2, above, or the time provided in paragraph 7, below whichever is earlier, and shall be reflected in a Restoration Option Agreement furnished to the Optionee as soon as practicable after the date of such exercise. (b) Paragraph 4(a) shall not be applicable (I) to an exercise of this Option after December 4, 2009, (ii) to an exercise of this Option when the Fair Market Value of a share of Common Stock is not at least $72.23, (iii) to an exercise of this Option at any time after the Optionee has terminated service as a Director of the Corporation for any reason, or (iv) if the Corporation determines that Paragraph 4(a) shall not be applicable.

Restoration Options. (a) Subject to the conditions of paragraph 4(b) below, in the event the Optionee exercises the Option, in whole or in part, and pays the purchase price by delivering shares of Common Stock, the Optionee shall automatically be granted on the date of such exercise a Restoration Option. Such Restoration Option shall be a Non-Statutory Stock Option for the number of shares so tendered plus, if applicable, any shares of Common Stock tendered to satisfy withholding tax liability arising in connection with such exercise, shall have a purchase price equal to the Fair Market Value of a share of Common Stock on the date of such exercise, shall be exercisable from the date of grant of such Restoration Option until the expiration date specified in paragraph 2, above, or the time provided in paragraph 7, below whichever is earlier, and shall be reflected in a Restoration Option Agreement furnished to the Optionee as soon as practicable after the date of such exercise. (b) Paragraph 4(a) shall not be applicable (I) to an exercise of this Option after December 4, 2009, (ii) to an exercise of this Option when the Fair Market Value of a share of Common Stock is not at least $72.2372.2 3, (iii) to an exercise of this Option at any time after the Optionee has terminated service as a Director of the Corporation for any reason, or (iv) if the Corporation determines that Paragraph 4(a) shall not be applicable.

Restoration Options. (a) Subject to the conditions of paragraph 4(b) below, in the event the Optionee exercises the Option, in whole or in part, and pays the purchase price by delivering shares of Common Stock, the Optionee shall automatically be granted on the date of such exercise a Restoration Option. Such Restoration Option shall be a Non-Statutory Nonstatutory Stock Option for the number of shares so tendered plus, if applicable, any shares of Common Stock Sock tendered to satisfy withholding tax liability arising in connection with such exercise, shall have a purchase price per share equal to the Fair Market Value of a share of Common Stock on the date of such exercise, shall be exercisable from the date of grant of such Restoration Option until the earlier of (i) the expiration date specified in paragraph 2, above, 3(a) above or the time provided in paragraph 77(a), below whichever is earlier(b) or (c) below, as applicable, and shall be reflected in a Restoration Option Agreement Award furnished to the Optionee as soon as practicable after the date of such exercise. (b) Paragraph 4(a) shall not be applicable (Ii) to an exercise of this the Option after December 42, 2009, (ii) to an exercise of this the Option when the Fair Market Value of a share of Common Stock is not at least $72.2373.03, (iii) to an exercise of this the Option at any time after the Optionee has terminated service as a Director of employment with the Corporation for any reason, or (iv) if the Corporation Committee determines that Paragraph paragraph 4(a) shall not be applicable.