Substitution of Stock Appreciation Right. The Board of Directors or the Compensation Committee of the Board of Directors may at any time, in its sole discretion and without the consent of the Optionee, provide that a stock appreciation right shall be substituted for the Option. The number of shares subject to the stock appreciation right shall be equal to the number of Option shares that remain subject to the Option and as to which the Option has not been exercised. The substitution shall become effective upon written notification from the Company to the Optionee. Upon such notification, the Option shall terminate and shall no longer be exercisable. In substitution for the Option and subject to the same terms and conditions of this Agreement applicable to the Option, Optionee shall be entitled to exercise a stock appreciation right, subject to the following terms and conditions:
Appears in 3 contracts
Sources: Nonstatutory Stock Option Agreement (Precision Castparts Corp), Nonstatutory Stock Option Agreement (Precision Castparts Corp), Nonstatutory Stock Option Agreement (Precision Castparts Corp)