Common use of Exercise Periods Clause in Contracts

Exercise Periods. Subject to the terms of this Agreement, the Option shall become exercisable, in whole or in part, only at the times and during the periods and for the number of Shares set forth below: (a) On or after December 31, 2006, but no later than January 20, 2016, 20,000 Shares; (b) On or after December 31, 2007, but no later than January 20, 2016, 20,000 Shares; (c) On or after December 31, 2008, but no later than January 20, 2016, 20,000 Shares; (d) On or after December 31, 2009, but no later than January 20, 2016, 20,000 Shares, and (e) On or after December 31, 2010, but no later than January 20, 2016, 20,000 Shares. Provided, however, notwithstanding the above exercise periods, each vesting date of the Option set forth above shall be accelerated one year for each incremental $2.00 that the average of the daily closing sales prices of a share of common stock of the Company on the New York Stock Exchange over a period of 60 consecutive trading days exceeds $18.01 per share during the term of the Option. Provided further, notwithstanding the above exercise periods, the Option may become fully exercisable immediately under certain circumstances set forth in the Plan.