AGREEMENT OF OPTIONEES. Prior to the Closing, Wellsford shall use its best efforts to obtain the written agreement of each employee (other than the Executives of Wellsford as set forth in Exhibit "J" to this Agreement) holding an option to purchase Wellsford Common Shares described in Schedule 2.3 to the Wellsford Disclosure Letter and of Xxxxx Xxxxxx to the cancellation of such option at the Effective Time for cash in an amount equal to the difference between $27.50 and the applicable exercise price set forth in such option, multiplied by the number of Wellsford Common Shares subject to such option.
Appears in 4 contracts
Samples: Merger Agreement (Equity Residential Properties Trust), Merger Agreement (Wellsford Residential Property Trust), Merger Agreement (Equity Residential Properties Trust)
