Common use of TIME OF EXERCISE OF THE OPTION Clause in Contracts

TIME OF EXERCISE OF THE OPTION. (a) Subject to Paragraph 2(b) below, the aforesaid Option may be exercised as follows: [TBD] (b) Unless otherwise determined by the committee established to administer the Plan (the “Committee”), in the event that the Grantee is a “covered employee” (as defined in Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), the Option shall not be exercisable by such Grantee in any taxable year to the extent that the exercise of the Option would cause the Grantee’s total compensation to exceed the limits for deductible compensation under Section 162(m) of the Code for the taxable year.

TIME OF EXERCISE OF THE OPTION. (a) Subject to Paragraph 2(b) below, the aforesaid Option may be exercised as follows: [TBD]: (b) Unless otherwise determined by the committee established to administer the Plan (the “Committee”), in the event that the Grantee is a “covered employee” (as defined in Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), the Option shall not be exercisable by such Grantee in any taxable year to the extent that the exercise of the Option would cause the Grantee’s total compensation to exceed the limits for deductible compensation under Section 162(m) of the Code for the taxable year.