Common use of Duration, Amendment and Termination Clause in Contracts

Duration, Amendment and Termination. (a) The Board of Directors of Circuit City may at any time terminate the Plan or make such amendments thereof as it shall deem advisable and in the best interests of Circuit City, without further action on the part of the stockholders of Circuit City; provided that no such termination or amendment shall, without the consent of the individual to whom any option shall therefore have been granted, affect or impair the rights of such individual under such option, and provided further, that unless the stockholders of Circuit City by the affirmative vote of a majority of the shares of Circuit City present and voting at a meeting of stockholders at which a quorum is present shall have first approved thereof, no amendment of this Plan shall be made whereby: (i) the total number of securities which may be issued under the Plan shall be materially increased, except by operation of the adjustment provisions of Section 9 hereof; or (ii) the eligibility requirements for participation in the Plan shall be materially modified. (b) No options shall be granted under the Plan after the 10th anniversary of the date of its adoption, but options granted prior to or as of such date may extend beyond such date in accordance with the provisions hereof.

Duration, Amendment and Termination. (a) The Board of Directors of Circuit City may at any time terminate the Plan or make such amendments thereof as it shall deem advisable and in the best interests of Circuit City, without further action on the part of the stockholders of Circuit City; provided that no such termination or amendment shall, without the consent of the individual to whom any option shall therefore have been granted, affect or impair the rights of such individual under such option, and provided further, that unless the stockholders of Circuit City by the affirmative vote of a majority of the shares of Circuit City present and voting at a meeting of stockholders at which a quorum is present shall have first approved thereof, no amendment of this Plan shall be made whereby: (i) the total number of securities which may be issued under the Plan shall be materially increased, except by operation of the adjustment provisions of Section 9 11 hereof; or (ii) the eligibility requirements for participation in the Plan shall be materially modified. (b) No options shall be granted under the Plan after the 10th anniversary of the date of its adoption, but options granted prior to or as of such date may extend beyond such date in accordance with the provisions hereof.