Common use of Assumption of Stock Options Clause in Contracts

Assumption of Stock Options. At the Effective Time, Parent shall assume each Outstanding INT'X.xxx Option and each holder thereof (each an "OPTION HOLDER") shall thereby be entitled to acquire, by virtue of the Merger and without any action on the part of the Option Holder, on substantially the same terms (including the dates and extent of exercisability) and subject to the same conditions, including vesting, as such Outstanding INT'X.xxx Option, the number of shares of Parent Common Stock determined by MULTIPLYING the number of shares of INT'X.xxx Common Stock for which such Outstanding INT'X.xxx Option is then exercisable in accordance with its terms immediately prior to the Effective Time by the Conversion Ratio (rounded down to the nearest whole share), at an exercise or conversion price per share of Parent Common Stock (rounded up to the nearest whole cent) determined by dividing the exercise price per share of INT'X.xxx Common Stock of such Outstanding INT'X.xxx Option immediately prior to the Effective Time by the Conversion Ratio.