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Exhibit 10(iii)
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16.
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Duration,
Interpretation, Amendment and Termination
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No benefit shall be granted more
than ten years after the date of adoption of this Plan; provided,
however, that the terms and conditions applicable to any benefit
granted within such period may thereafter be amended or modified by
mutual agreement between the Company and the participant or such
other person as may then have an interest therein. Without the
prior approval of the Company’s shareholders, the Company
will not effect a “repricing” (as defined below) of any
stock options or other benefits granted under the terms of this
Plan. For purposes of the immediately preceding sentence, a
“repricing” shall be deemed to mean any of the
following actions or any other action having the same effect:
(a) the lowering of the purchase price of an option or other
benefit after it is granted; (b) the canceling of an option or
other benefit in exchange for another option or benefit at a time
when the purchase price of the cancelled option or benefit exceeds
the fair market value of the underlying stock (unless the
cancellation and exchange occurs in connection with a merger,
acquisition, spin-off or other similar corporate
transactio
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