The Hartford 2008 Annual Report Download - page 675

(c) The exercise period for a non-qualified stock option and any related Right shall not exceed ten years and two days
from the date of grant, and the exercise period for an Incentive Stock Option and any related Right shall not exceed ten years
from the date of grant.
(d) The Option price per share shall be determined by the Committee at the time any Option is granted and shall be not
less than the Fair Market Value of one share of Stock on the date the Option is granted.
(e) No part of any Option or Right may be exercised until the Key Employee who has been granted the Award shall
have remained in the employ of a Participating Company for such period after the date of grant as the Committee may
specify, if any, and the Committee may further require exercisability in installments.
(f) Except as provided in Section 9, the purchase price of the shares of Stock as to which an Option is exercised shall be
paid to the Company at the time of exercise either in cash, Stock already owned by the optionee, or a combination of the
foregoing having a total Fair Market Value equal to the purchase price. The Committee shall determine acceptable methods
for tendering Stock as payment upon exercise of an Option and may impose such limitations and prohibitions on the use of
Stock for such purpose as it deems appropriate.
(g) In case of a Key Employee’s termination of employment with all Participating Companies, the following provisions
shall apply:
(i) If a Key Employee who has been granted an Option shall die before such Option has expired, his or her Option
may be exercised in full by: (A) the person or persons to whom the Key Employee’s rights under the Option pass by will, or
if no such person has such right, by his or her executors or administrators; (B) his or her Transferee(s) (with respect to
non-qualified Options); or (C) his or her Beneficiary designated pursuant to the Plan, at any time, or from time to time,
within five years after the date of the Key Employee’s death or within such other period, and subject to such terms and
conditions as the Committee may specify, but not later than the expiration date specified in Section 5(c) above. Any such
Options not fully exercisable immediately prior to such optionee’s death shall become fully exercisable upon such death
unless the Committee, in its sole discretion, shall otherwise determine.
(ii) If the Key Employee’s employment with all Participating Companies terminates: (A) because of his or her
Total Disability, or (B) solely in the case of a Key Employee with an original hire date with a Participating Company before
January 1, 2002, because of his or her voluntary termination of employment due to Retirement; he or she may exercise his or
her Options in full at any time, or from time to time, within five years after the date of the termination of his or her
employment, or within such other period, and subject to such terms and conditions as the Committee may specify, but not
later than the expiration date specified in Section 5(c) above. Any such Options not fully exercisable immediately prior to
such optionee’s Total Disability or Retirement shall become fully exercisable upon such Total Disability or Retirement
unless the Committee, in its sole discretion, shall otherwise determine.
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Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009