Common use of Option Adjustments Clause in Contracts

Option Adjustments. In the event of a stock dividend, stock split ------------------ or other change in corporate structure or capitalization affecting the common shares or any other transaction (including, without limitation, an extraordinary cash dividend) which, in the determination of the Compensation Committee (the "Committee") of the Board of Directors, affects the common shares such that an adjustment is required in order to preserve the benefits or potential benefits intended to be made available under the Plan, then the Committee shall equitably adjust any or all of (i) the number and kind of shares subject to this Option, and (ii) the purchase price with respect to the foregoing, provided that the number of shares subject to this Option shall always be a whole number.

Appears in 1 contract

Sources: Employment Agreement (PSC Inc)

Option Adjustments. In the event of a stock dividend, stock split ------------------ or other change in corporate structure or capitalization affecting the common shares stock or any other transaction (including, without limitation, an extraordinary cash dividend) which, in the determination of the Compensation Committee (the "β€œCommittee"”) of the Board of DirectorsBoard, affects the common shares stock such that an adjustment is required in order to preserve the benefits or potential benefits intended to be made available under the Plan, then the Committee Committee, in its sole discretion, shall equitably adjust any or all of (i) the number and kind of shares of stock subject to this the Option, and (ii) the purchase exercise price with respect to the foregoing, provided that the number of shares subject to this the Option shall always be a whole number.

Appears in 1 contract

Sources: Option Award Agreement (Iec Electronics Corp)