Common use of Option Period and Limitations on Exercise Clause in Contracts

Option Period and Limitations on Exercise. The Optionee may exercise the Option (subject to the limitations on exercise set forth in this Stock Option Agreement and in the Plan), to the extent the Option is vested and has not terminated. Any limitation on the exercise of an Option may be rescinded, modified or waived by the Washington Savings Bank, F.S. B. Option Committee (the “Committee”), in its sole discretion, at any time and from time to time after the Grant Date of the Option, so as to accelerate the time at which the Option may be exercised.