Adjustment for Certain Transactions. If the Company consolidates or merges with or into, or sells, transfers or leases all or substantially all of its assets to, any Person, upon consummation of such transaction this Option shall automatically become exercisable (but only during the Exercise Period) for the kind and amount of securities, cash or other assets which the Holder of a Option would have been entitled to receive in connection with the consolidation, merger, sale, transfer or lease if the Holder had exercised the Option immediately before the effective date of such transaction. Concurrently with the consummation of such transaction, the Person formed by or surviving any such consolidation or merger (if other than the Company), or the Person to which such sale, transfer or lease shall have been made, shall enter into a supplemental Option so providing and further providing for adjustments which shall be as nearly equivalent as may be practical to the adjustments provided for in this Section 2. The successor Person shall send to the Holder a notice describing the supplemental Option. If the issuer of securities deliverable upon exercise of the supplemental Option is an Affiliate (as defined in Section 13 hereof) of the formed, surviving, transferee or lessee Person, that issuer shall join in the supplemental Option.
Appears in 5 contracts
Samples: Option Agreement (Bitzio, Inc.), Option to Purchase Common Stock (Bitzio, Inc.), Option Agreement (Bitzio, Inc.)
