Common use of Call and Put Options Clause in Contracts

Call and Put Options. The shares of Common Stock issued upon exercise of all or any portion of an Option shall be subject to a call right by the Company and a put right by the Optionee (but not by any transferee of the Optionee, except that a Permitted Transferee shall participate in a put option as described in Plan Section 2.8) following his termination of employment in accordance with the provisions of Plan Section 2.8. Notwithstanding the preceding sentence and the provisions of Plan Section 2.8, no Option shall be subject to a call right by the Company or a put right by the Optionee if, and to the extent, that any such right would cause the Company or the Optionee (or any Permitted Transferee) to incur any liability under Rule 16b-3 of the Act.