CANCELLATION OF AGREEMENTS AND STOCK OPTIONS. In full consideration of the covenants, promises, and obligations contained herein, and for other good and valuable consideration:
CANCELLATION OF AGREEMENTS AND STOCK OPTIONS Sample Clauses
Related to CANCELLATION OF AGREEMENTS AND STOCK OPTIONS
Cancellation of Options In exchange for the consideration described in Section 1.2 below, the Participant hereby agrees that the Award Agreement and the Participant’s interests in the Underwater Options shall be cancelled, terminated, and of no further force or effect, effective as of the Effective Date, and that neither the Company nor the Participant shall have any further rights or obligations with respect to the Award Agreement, the Underwater Options, or with respect to which any shares of Common Stock that could have been acquired upon vesting and exercise of the Underwater Options.
Cancellation of Agreement In the event that prior to the Closing Date (a) trading in securities on the New York Stock Exchange generally, or in securities of the Bank in particular, shall have been suspended, or minimum prices established by the New York Stock Exchange, or any new restrictions on transactions in securities shall have been established by the New York Stock Exchange or by the Commission or by any other United States Federal or State agency or by any action of the United States Congress or by executive order to such a degree as, in your judgment as the Representatives, to affect materially and adversely the marketing of the Securities or (b) existing financial, political or economic conditions in Europe, the United States or elsewhere shall have undergone any change which, in your judgment as the Representatives, would materially and adversely affect the market for the Securities, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by you, as the Representatives, without liability on the part of any Underwriter to the Bank or of the Bank to any Underwriter, subject to Section 11(e). Notice of such cancellation shall be given to the Bank in writing, or by cable or telephone confirmed in writing.
Stock Option Agreements The Corporation has entered into Stock Option Agreements with the following individuals: Option Number Name # Options Grant Date Options Canceled Options Outstanding 04-051 Xx, Xxx 10,000 5/4/2004 — 03-002 Xxxx, Xxx 325,000 12/16/2003 203,125 — 03-003 Xxxxxxxxx, Xxxx 650,000 12/16/2003 192,969 — 00-000 Xxxxxxxxxx, Xxxx 162,500 12/16/2003 162,500 04-003 X’Xxxxx, Xxxxxxx 8,000 2/5/2004 8,000 00-000 Xxxxxxxx, Xxxxxxxxx 30,000 2/5/2004 30,000 00-000 Xxxxxxxxx, Xxxxxxx 1,108,812 11/14/2003 — 00-000 Xxxxxxxxxx, Xxxxxxx 370,241 11/14/2003 — 03-007 Xxxxx, Xxxx Xxxxxx 304,374 11/14/2003 — 00-000 Xxxxxxxxxxxxxxxx, Xxxx 606,573 11/14/2003 — 03-004 Pitzele, Barnett 5,000 12/16/2003 1,000 — 04-001 Xxxxxxx, Xxxxxxxx 17,000 2/4/2004 17,000 00-000 Xxxxx, Xxxxxx 28,000 2/4/2004 25,725 04-004 Xxxxxxxxx, Xxxxxx 17,000 2/4/2004 17,000 04-072 Xxxxx, Xxxxx 10,000 8/12/2004 10,000 00-000 Xxxxxxxxx, Xxxxx 24,000 5/4/2004 24,000 04-071 Xxxxxxxx, Xxxxx 1,000 8/12/2004 — 04-103 Xxxxxx, Xxxxxxx 1,625,000 10/28/2004 1,625,000 04-101 Xxx, Xxxxxx 8,000 10/28/2004 8,000 — 04-102 XxXxxxxx, Xxxxx 8,000 10/28/2004 2,000 — 04-100 Xxxxxxx, Xxxxxxx 15,000 12/28/2004 15,000 — 05-01 Xxxxx, Xxxxx 10,000 12/6/2005 10,000 00-00 Xxxxxxxxxx, Xxxx 81,250 2/15/2006 81,250 06-04 Xxx, Xxxxxx 8,000 2/15/2006 8,000 — 06-05 XxXxxxxx, Xxxxx 8,000 2/15/2006 4,000 — 06-06 Xxxxxxx, Xxxxxxx 15,000 2/15/2006 15,000 — 06-01 Xx, Xxx 10,000 2/15/2006 7,500 — 06-03 Xxxxxxxx, Xxxxx 3,000 2/15/2006 2,469 — 06-07 X’Xxx, Xxxxx 570,000 2/15/2006 339,625 07-01 XxXxxxxx, Xxxxx 27,000 7/12/2007 23,625 — 07-08 Xxxxxx, Xxxxxxx 2,377,688 7/12/2007 2,377,688 07-07 X’Xxx, Xxxxx 830,941 7/12/2007 623,206 07-09 Xxxxxx, X. Xxxxxxxx 1,250,840 7/12/2007 1,250,840 00-00 Xxxxxxxxxx, Xxxx 356,653 7/12/2007 356,653 07-10 Xxxxxx, Xxxxx 500,336 7/12/2007 — 00-00 Xxxxxxxxxxxxxxxx, Xxxx 100,000 7/12/2007 100,000 07-12 Xxxxx, Xxxx Xxxxxx 540,790 7/12/2007 540,790 07-13 Xxxxxxxxxx, Xxxxxxx 660,491 7/12/2007 412,805 07-02 Xxxxxxx, Xxxxxxx 44,000 7/12/2007 8,250 — 07-03 Xxxxxxxxx, Xxxxx 16,000 7/12/2007 16,000 07-05 Xxxxxxxx, Xxxx 3,000 7/12/2007 3,000 10 07-04 Xxxxxxxxx, Xxxxxxxx 100,000 7/12/2007 62,500 07-14 Xxxxxxxx, Xxxxx 137,500 12/6/2007 137,500 00-00 Xxxxxxxxx, Xxxxxxx 8,000 12/6/2007 8,000 — 07-16 Xxxxxxx, Xxxxx 8,000 12/6/2007 8,000 — 08-01 Xxxxx, Xxxxx 60,000 2/7/2008 60,000 08-09 Xxxxxx, Xxxxxxx 3,040,081 5/8/2008 3,040,081 08-05 X’Xxx, Xxxxx 1,064,028 5/8/2008 1,064,028 08-06 Xxxxxx, X. Xxxxxxxx 950,025 5/8/2008 950,025 00-00 Xxxxxxxxxx, Xxxx 456,012 5/8/2008 456,012 08-07 Xxxxxx, Xxxxx 380,010 5/8/2008 23,751 356,259 08-02 XxXxxxxx, Xxxxxx X. 30,000 5/8/2008 30,000 08-03 Xxxxxxxxxx, Xxxx 10,000 5/8/2008 10,000 — 08-04 Xxxxxxxxx, Xxxx 10,000 5/8/2008 10,000 — 08-14 Xxxxxx, Xxxxxxx 1,295,640 12/3/2008 1,295,640 08-10 X’Xxx, Xxxxx 453,474 12/3/2008 453,474 08-11 Xxxxxx, X. Xxxxxxxx 404,888 12/3/2008 404,888 00-00 Xxxxxxxxxx, Xxxx 194,346 12/3/2008 194,346 08-12 Xxxxxx, Xxxxx 161,955 12/3/2008 60,734 101,221 08-26 Xxxxx, Xxxx Xxxxxx 167,891 12/3/2008 167,891 08-25 Xxxxxxxxxx, Xxxxxxx 204,715 12/3/2008 204,715 08-16 Xxxxxxxx, Xxxxx 82,500 12/3/2008 82,500 08-15 Xxxxxxxxx, Xxxxxxxx 120,000 12/3/2008 120,000 08-17 Xxxxxxx, Xxxxxxx 50,000 12/3/2008 50,000 — 08-18 Xxxxx, Xxxxx 36,000 12/3/2008 36,000 08-19 Xxxxxxxxx, Xxxx 24,000 12/3/2008 24,000 08-20 XxXxxxxx, Xxxxxx X. 18,000 12/3/2008 18,000 08-21 Xxxxxxxxx, Xxxx 6,000 12/3/2008 6,000 — 08-22 Xxxxxxxxxx, Xxxx 6,000 12/3/2008 6,000 — 08-23 Xxxxxxx, Xxxxx 4,800 12/3/2008 4,800 — 08-24 Xxxxxxxx, Xxxx 3,000 12/3/2008 3,000 09-01 Xxxxxxxx, Xxxxx 25,000 4/9/2009 25,000 00-00 XxXxx, Xxxxxxxx 45,000 4/9/2009 45,000 — 09-03 Xxxxxxxx, Xxxxxxxxx 75,000 4/9/2009 75,000 09-04 Xxxxxxxx, Xxxxxxxxx 75,000 12/2/2009 75,000 10-01 Xxxxxxxx, Xxxx 2,084,602 10/12/2010 2,084,602 10-02 Xxxxxxxx, Xxxx 1,765,398 10/12/2010 1,765,398 10-03 Xxxxxxxx, Xxxxxxxxx 25,000 11/30/2010 25,000 Option Number Name # Options Grant Date Options Canceled Options Outstanding 04-051 Xx, Xxx 10,000 5/4/2004 — 03-002 Xxxx, Xxx 325,000 12/16/2003 203,125 — 03-003 Xxxxxxxxx, Xxxx 650,000 12/16/2003 192,969 — 00-000 Xxxxxxxxxx, Xxxx 162,500 12/16/2003 162,500 00-000 Xxxxxxxxx, Xxxxxxx 1,108,812 11/14/2003 — 00-000 Xxxxxxxxxx, Xxxxxxx 370,241 11/14/2003 — 03-007 Xxxxx, Xxxx Xxxxxx 304,374 11/14/2003 — 00-000 Xxxxxxxxxxxxxxxx, Xxxx 606,573 11/14/2003 — 03-004 Pitzele, Barnett 5,000 12/16/2003 1,000 — 04-072 Xxxxx, Xxxxx 10,000 8/12/2004 10,000 00-000 Xxxxxxxxx, Xxxxx 24,000 5/4/2004 24,000 04-071 Xxxxxxxx, Xxxxx 1,000 8/12/2004 — 04-103 Xxxxxx, Xxxxxxx 1,625,000 10/28/2004 1,625,000 04-101 Xxx, Xxxxxx 8,000 10/28/2004 8,000 — 04-102 XxXxxxxx, Xxxxx 8,000 10/28/2004 2,000 — 04-100 Xxxxxxx, Xxxxxxx 15,000 12/28/2004 15,000 — 05-01 Xxxxx, Xxxxx 10,000 12/6/2005 10,000 00-00 Xxxxxxxxxx, Xxxx 81,250 2/15/2006 81,250 06-04 Xxx, Xxxxxx 8,000 2/15/2006 8,000 — 06-05 XxXxxxxx, Xxxxx 8,000 2/15/2006 4,000 — 06-06 Xxxxxxx, Xxxxxxx 15,000 2/15/2006 15,000 — 06-01 Xx, Xxx 10,000 2/15/2006 7,500 — 06-03 Xxxxxxxx, Xxxxx 3,000 2/15/2006 2,469 — 06-07 X’Xxx, Xxxxx 570,000 2/15/2006 339,625 07-01 XxXxxxxx, Xxxxx 27,000 7/12/2007 23,625 — 07-08 Xxxxxx, Xxxxxxx 2,377,688 7/12/2007 2,377,688 07-07 X’Xxx, Xxxxx 830,941 7/12/2007 623,206 07-09 Xxxxxx, X. Xxxxxxxx 1,250,840 7/12/2007 1,250,840 00-00 Xxxxxxxxxx, Xxxx 356,653 7/12/2007 356,653 00-00 Xxxxxxxxxxxxxxxx, Xxxx 100,000 7/12/2007 100,000 07-12 Xxxxx, Xxxx Xxxxxx 540,790 7/12/2007 540,790 07-13 Xxxxxxxxxx, Xxxxxxx 660,491 7/12/2007 412,805 07-02 Xxxxxxx, Xxxxxxx 44,000 7/12/2007 8,250 — 07-03 Xxxxxxxxx, Xxxxx 16,000 7/12/2007 16,000 07-05 Xxxxxxxx, Xxxx 3,000 7/12/2007 3,000 07-04 Xxxxxxxxx, Xxxxxxxx 100,000 7/12/2007 62,500 07-14 Xxxxxxxx, Xxxxx 137,500 12/6/2007 137,500 00-00 Xxxxxxxxx, Xxxxxxx 8,000 12/6/2007 8,000 — 07-16 Xxxxxxx, Xxxxx 8,000 12/6/2007 8,000 — 08-01 Xxxxx, Xxxxx 60,000 2/7/2008 60,000 08-09 Xxxxxx, Xxxxxxx 3,040,081 5/8/2008 3,040,081 08-05 X’Xxx, Xxxxx 1,064,028 5/8/2008 1,064,028 08-06 Xxxxxx, X. Xxxxxxxx 950,025 5/8/2008 950,025 00-00 Xxxxxxxxxx, Xxxx 456,012 5/8/2008 456,012 08-02 XxXxxxxx, Xxxxxx X. 30,000 5/8/2008 30,000 12 08-03 Xxxxxxxxxx, Xxxx 10,000 5/8/2008 10,000 — 08-04 Xxxxxxxxx, Xxxx 10,000 5/8/2008 10,000 — 08-14 Xxxxxx, Xxxxxxx 1,295,640 12/3/2008 1,295,640 08-10 X’Xxx, Xxxxx 453,474 12/3/2008 453,474 08-11 Xxxxxx, X. Xxxxxxxx 404,888 12/3/2008 404,888 00-00 Xxxxxxxxxx, Xxxx 194,346 12/3/2008 194,346 08-26 Xxxxx, Xxxx Xxxxxx 167,891 12/3/2008 167,891 08-25 Xxxxxxxxxx, Xxxxxxx 204,715 12/3/2008 204,715 08-16 Xxxxxxxx, Xxxxx 82,500 12/3/2008 82,500 08-15 Xxxxxxxxx, Xxxxxxxx 120,000 12/3/2008 120,000 08-17 Xxxxxxx, Xxxxxxx 50,000 12/3/2008 50,000 — 08-18 Xxxxx, Xxxxx 36,000 12/3/2008 36,000 08-19 Xxxxxxxxx, Xxxx 24,000 12/3/2008 24,000 08-20 XxXxxxxx, Xxxxxx X. 18,000 12/3/2008 18,000 08-21 Xxxxxxxxx, Xxxx 6,000 12/3/2008 6,000 — 08-22 Xxxxxxxxxx, Xxxx 6,000 12/3/2008 6,000 — 08-23 Xxxxxxx, Xxxxx 4,800 12/3/2008 4,800 — 08-24 Xxxxxxxx, Xxxx 3,000 12/3/2008 3,000 09-01 Xxxxxxxx, Xxxxx 25,000 4/9/2009 25,000 00-00 XxXxx, Xxxxxxxx 45,000 4/9/2009 45,000 — 09-03 Xxxxxxxx, Xxxxxxxxx 75,000 4/9/2009 75,000 09-04 Xxxxxxxx, Xxxxxxxxx 75,000 12/2/2009 75,000 10-01 Xxxxxxxx, Xxxx 2,084,602 10/12/2010 2,084,602 10-02 Xxxxxxxx, Xxxx 1,765,398 10/12/2010 1,765,398 10-03 Xxxxxxxx, Xxxxxxxxx 25,000 11/30/2010 25,000
Termination of Options The Options, which become exercisable as provided in paragraphs 3 and 4 above, shall terminate and be of no force or effect as follows:
Expiration of Options Except as otherwise provided in Section 5 or 6 of the Management Stockholder's Agreement, the Options may not be exercised to any extent by the Optionee after the first to occur of the following events:
Stock Options (a) Subsequent to the effectiveness of the Form 10, but prior to the consummation of the Distribution, and subject to the consummation of the Distribution, each option to purchase ALTISOURCE Common Stock (“ALTISOURCE Stock Options”) granted and outstanding under the 2009 Equity Incentive Plan of ALTISOURCE (“ALTISOURCE Option Plan”) shall remain granted and outstanding and shall not, and ALTISOURCE shall cause (to the maximum extent permitted under the ALTISOURCE Option Plan) the ALTISOURCE Stock Options not to, terminate, accelerate or otherwise vest as a result of the Distribution, and each holder thereof immediately prior to the Distribution will be entitled to the following, determined in a manner in accordance with, and subject to, the ALTISOURCE Option Plan, FAS123R and Section 409A of the Internal Revenue Code: (i) an option to acquire a number of shares of Residential Class B Common Stock equal to the product of (x) the number of shares of ALTISOURCE Common Stock subject to the ALTISOURCE Stock Option held by such holder on the Distribution Date and (y) the distribution ratio of one (1) share of Residential Class B Common Stock for every three (3) shares of ALTISOURCE Common Stock (the “Residential Stock Options”), with an exercise price to be determined in a manner consistent with this Section 3.04 and (ii) the adjustment of the exercise price of such holder’s ALTISOURCE Stock Option, to be determined in a manner consistent with this Section 3.04 (the “Adjusted ALTISOURCE Stock Options”) (the Residential Stock Options and the Adjusted ALTISOURCE Stock Options, together, the “Post-Distribution Stock Options”).
Treatment of Company Stock Options Immediately after the Effective Time, each outstanding option to purchase shares of Company Common Stock (a “Company Stock Option”) granted under the Company 2015 Omnibus Incentive Plan and the 2007 Stock Incentive Plan for Key Employees of the Company and its affiliates (collectively, the “Company Stock Plans”), whether vested or unvested, shall, automatically and without any required action on the part of the holder thereof, cease to represent an option to purchase shares of Company Common Stock and shall be converted into an option to purchase a number of shares of Parent Common Stock (such option, a “Converted Stock Option”) equal to the product (with the result rounded down to the nearest whole number) of (i) the number of shares of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time and (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of Company Common Stock of such Company Stock Option immediately prior to the Effective Time divided by (B) the Exchange Ratio; provided, however, that the exercise price and the number of shares of Parent Common Stock purchasable pursuant to the Converted Stock Option shall be determined in a manner consistent with the requirements of Section 409A of the Code. Except as specifically provided above, following the Effective Time, each Converted Stock Option shall continue to be governed by the same terms and conditions (including vesting (and acceleration thereof upon the Closing, to the extent provided therein), forfeiture and exercisability terms) as were applicable to the corresponding Company Stock Option at the Effective Time; provided, however, that (1) to the extent that any Company Stock Option that is subject to vesting solely upon achievement of a target price per share of Company Common Stock (such price, the “Target Price” and such Company Stock Option, a “Target Price Option”)) would, by its terms, expire as of the Effective Time, such Target Price Option shall be amended such that it will not expire upon the Effective Time and shall instead become a Converted Stock Option, and remain eligible to vest upon satisfaction of the applicable Target Price, as adjusted to equal the initial Target Price divided by the Exchange Ratio (the “Adjusted Target Price”), (2) all Converted Stock Options held by a Company Employee (other than any Converted Stock Option with an Adjusted Target Price) shall vest in their entirety to the extent such Company Employee undergoes a Covered Termination and (3) all Converted Stock Options with an Adjusted Target Price held by a Company Employee shall be cancelled for no consideration or payment to the extent such Company Employee undergoes any termination of employment (including a Covered Termination) and at the time of such termination, the Adjusted Target Price is not achieved. For purposes hereof, a “Covered Termination” means, with respect to a Company Employee, (A) an involuntary termination of such Company Employee’s employment initiated by the Company that would result in the payment of severance benefits under the applicable Company Benefit Plan under which such Company Employee is eligible for severance benefits or (B) such Company Employee resigns from employment as a result of a material diminution in (I) the duties or responsibilities of such Company Employee as of the date of this Agreement, or (II) the base salary or annual incentive compensation opportunity afforded to such Company Employee as of the date of this Agreement, in each case, to the extent that such termination or resignation occurs on or following the date of this Agreement and on or prior to the second (2nd) anniversary of the Closing Date; provided that, in the case of a Company Employee resigning under clause (B) above, (x) the Company Employee shall provide the Surviving Corporation with written notice specifying the circumstances alleged to constitute the applicable material diminution within sixty (60) days following the first (1st) occurrence of such circumstances, (y) the Surviving Corporation shall have thirty (30) days following receipt of such notice to cure such circumstances and (z) if the Surviving Corporation has not cured such circumstances within such thirty (30)-day period, the Company Employee shall terminate his or her employment not later than thirty (30) days after the end of such thirty (30) day period; provided further that any such resignation under clause (B) above shall constitute a Covered Termination with respect to a Company Employee who is not a Covered Company Employee solely if so determined by the Company CEO (subject to his continued employment with the Company, or, following the Closing, with Parent, through such date).
Treatment of Stock Options 6 ARTICLE III.
Restricted Stock and Stock Options Employer shall cause the Compensation Committee of the Board of Directors of Employer to review whether Employee should be granted shares of restricted stock and/or options to purchase shares of common stock of CBSI. Such review may be conducted pursuant to the terms of the Community Bank System, Inc. 2014 Long-Term Incentive Plan, a successor plan, or independently, as the Compensation Committee shall determine. Reviews shall be conducted no less frequently than annually.
Stock and Stock Options Subject to vesting, as set forth on Exhibit B, the Company will issue to Director stock and options as set forth and described on Exhibit B. Company shall issue said stock and options within sixty (60) days from the execution of this Agreement by both parties.
