Common use of Adjustment of Option Shares Clause in Contracts

Adjustment of Option Shares. In the event that the outstanding common shares of the Company shall be changed into or exchanged for a different number or kind of shares or other securities of the Company or of another corporation, whether through reorganization, recapitalization, share split-up, combination of shares, merger, consolidation, or otherwise, there shall be substituted for each common share of the Company then subject to the option hereinbefore granted the number and kind of shares or other securities into which each such outstanding common share shall be so changed or for which each such share shall have been changed. Thereafter the words "common shares of the Company" as used in this Agreement shall be construed to mean such substituted shares or other securities and the option price for each common share of the Company as specified in paragraph 1 shall apply to and be the option price for the shares or other securities substituted for such common shares of the Company.