Common use of Non-exercisable Portion of Option Clause in Contracts

Non-exercisable Portion of Option. In the event that upon the --------------------------------- occurrence of Grantee's Retirement on or after ▇▇▇▇▇▇▇'s Normal Retirement Date all or a portion of the Option has not become exercisable solely because one (1) or more of the first four (4) Anniversary Dates have not occurred (hereinafter referred to as the "Remaining Portion"), then such Remaining Portion shall become exercisable, if at all, on the later of the occurrence of ▇▇▇▇▇▇▇'s Retirement or March 14 of the calendar year in which such retirement occurs. The Remaining Portion shall not include any portion of the Option that has terminated pursuant to the provisions of Sections 3.1, 3.2, 3.3, 4.1, 4.2 or 4.3 of this Agreement. The extent to which the Remaining Portion shall become exercisable shall be determined pursuant to the provisions of Sections 3.2 and 3.3 of this Agreement; provided, however, for purposes of such Sections, that the term "Remaining Portion" shall be substituted for the term "Anniversary Date Option Amount", the "Calculation Year" shall be the calendar year ending immediately prior to the calendar year in which ▇▇▇▇▇▇▇'s Retirement occurs, and the date of Grantee's Retirement shall be substituted for "Anniversary Date" if the date of such Retirement occurs after March 14 of the calendar year in which such Retirement occurs. The amount, if any, of the Remaining Portion of the Option that becomes so exercisable may be exercised in whole or in part at any time, but not later than the end of the stated term of the Option or as otherwise provided by the provisions of Section 4.2 of this Agreement.

Non-exercisable Portion of Option. In the event that upon --------------------------------- the --------------------------------- occurrence of Grantee's Retirement on or after ▇▇▇▇▇▇▇Grantee's Normal Retirement Date all or a portion of the Option has not become exercisable solely because one (1) or more of the first four (4) Anniversary Dates have not occurred (hereinafter referred to as the "Remaining Portion"), then such Remaining Portion shall become exercisable, if at all, on the later of the occurrence of ▇▇▇▇▇▇▇Grantee's Retirement or March 14 1 of the calendar year in which such retirement occurs. The Remaining Portion shall not include any portion of the Option that has terminated pursuant to the provisions of Sections 3.1, 3.2, 3.3, 4.1, 4.2 or 4.3 of this Agreement. The extent to which the Remaining Portion shall become exercisable shall be determined pursuant to the provisions of Sections 3.2 and 3.3 of this Agreement; provided, however, for purposes of such Sections, that the term "Remaining Portion" shall be substituted for the term "Anniversary Date Option Amount", the "Calculation Year" shall be the calendar year ending immediately prior to the calendar year in which ▇▇▇▇▇▇▇Grantee's Retirement occurs, and the date of Grantee's Retirement shall be substituted for "Anniversary Date" if the date of such Retirement occurs after March 14 1 of the calendar year in which such Retirement occurs. The amount, if any, of the Remaining Portion of the Option that becomes so exercisable may be exercised in whole or in part at any time, but not later than the end of the stated term of the Option or as otherwise provided by the provisions of Section 4.2 of this Agreement.