Common use of Company Equity Plans Clause in Contracts

Company Equity Plans. (a) Effective not later than immediately prior to the Effective Time, the Company shall terminate any and all equity compensation plans pursuant to which awards were granted to employees or directors of or other service providers to the Company or its Subsidiaries (collectively, the “Equity Plans”). At the Effective Time, each option to purchase shares of common stock of the Company, par value $0.01 per share (the “Common Stock”) granted under the Equity Plans (each, an “Option”) that is outstanding and unexercised immediately prior thereto shall become fully vested as of the Effective Time, and the Company shall take all action necessary to cause, by virtue of the Merger and without any action on the part of any holder of any Option, each Option to be cancelled and converted into the right to receive from the Surviving Corporation immediately after the Effective Time a cash payment (without interest) equal to the product of (i) the excess, if any, of (x) the Offer Price over (y) the per share exercise price of such Option, and (ii) the number of shares subject to such Option as of the Effective Time (the, “Option Consideration”). As of the Effective Time, all Options, whether or not vested or exercisable, shall no longer be outstanding and shall automatically cease to exist, and each holder of an Option shall cease to have any rights with respect thereto, except the right to receive the Option Consideration.

Company Equity Plans. (a) Effective not later than immediately prior to the Effective Time, the Company shall terminate the Leopard Corporation Equity Compensation Plan and any predecessor plans thereto and all each other equity compensation plans plan pursuant to which awards were granted to employees or directors of or other service providers to the Company or its Subsidiaries (collectively, the “Equity Option Plans”). At the Effective Time, each option to purchase shares of common stock of the Company, par value $0.01 per share (the “Common Stock”) Company granted under the Equity Option Plans or otherwise (each, an “Option”) that is outstanding and unexercised immediately prior thereto shall become fully vested as of the Effective Time, Time and the Company shall take all action necessary to cause, by virtue of the Merger and without any action on the part of any holder of any Option, each Option to be cancelled and converted into the right to receive from the Surviving Corporation immediately after the Effective Time a cash payment (without interest) equal to the product of (i) the excess, if any, of (x) the Offer Price over (y) the per share exercise price of such Option, and (ii) the number of shares subject to such Option as of the Effective Time (the, “Option Consideration”). As of the Effective Time, all Options, whether or not vested or exercisable, shall no longer be outstanding and shall automatically cease to exist, and each holder of an Option shall cease to have any rights with respect thereto, except the right to receive the Option Consideration.

Company Equity Plans. (a) Effective not later than immediately prior to the Effective Time, the Company shall terminate any and all equity compensation plans pursuant to which awards were granted to employees or directors of or other service providers to the Company or its Subsidiaries (collectively, the “Equity Plans”). At the Effective Time, each option to purchase shares of common stock of the Company, par value $0.01 per share (the “Company Common Stock”) , whether granted under the Equity Plans Company’s 2004 Stock Incentive Plan or 2008 Omnibus Incentive Plan (collectively, the “Option Plans”) or otherwise (each, an “Option”) ), that is outstanding and unexercised immediately prior thereto shall become fully vested as of immediately prior to the Effective Time, Time and the Company shall take all action necessary to cause, by virtue of the Merger and without any action on the part of any holder of any Option, each Option to be cancelled and converted into the right to receive from the Surviving Corporation immediately after Company at the Effective Time a cash payment (without interest) equal to the product of (i) the excess, if any, of (x) the Offer Price Merger Consideration over (y) the per share exercise price of such Option, ; and (ii) the number of shares subject to such Option as of the Effective Time (the, the “Option Consideration”). As of the Effective Time, all Options, whether or not vested or exercisable, shall no longer be outstanding and shall automatically cease to exist, and each holder of an Option shall cease to have any rights with respect thereto, except the right to receive the Option ConsiderationConsideration and with respect to Section 15 of the 2008 Omnibus Incentive Plan.

Company Equity Plans. (a) Effective not later than immediately prior to the Effective Time, the Company shall terminate any and all equity compensation plans or arrangements pursuant to which awards were granted to employees or directors of or other service providers to the Company or its Subsidiaries (collectively, the “Equity Plans”). At the Effective Time, each option to purchase shares of common stock Common Stock of the Company, par value $0.01 per share (the “Common Stock”) Company granted under the Equity Plans (each, an “Option”) that is outstanding and unexercised immediately prior thereto shall become fully vested as of the Effective Time, and the Company shall take all action necessary to cause, by virtue of the Merger and without any action on the part of any holder of any Option, each Option to be cancelled and converted into the right to receive from the Surviving Corporation immediately after the Effective Time a cash payment (without interest) equal to the product of (i) the excess, if any, of (x) the Offer Price over (y) the per share exercise price of such Option, and (ii) the number of shares subject to such Option as of the Effective Time (the, the “Option Consideration”). As of the Effective Time, all Options, whether or not vested or exercisable, shall no longer be outstanding and shall automatically cease to exist, and each holder of an Option shall cease to have any rights with respect thereto, except the right to receive the Option Consideration.

Company Equity Plans. (a) Effective not later than immediately prior to the Effective Time, the Company shall terminate any and all equity compensation plans pursuant to which awards were granted to employees or directors of or other service providers to the Company or its Subsidiaries (collectively, the “Equity Plans”). At the Effective Time, each option to purchase shares of common stock of the Company, par value $0.01 per share (the “Company Common Stock”) , whether granted under the Equity Plans Company's 2004 Stock Incentive Plan or 2008 Omnibus Incentive Plan (collectively, the "Option Plans") or otherwise (each, an “"Option”) ", that is outstanding and unexercised immediately prior thereto shall become fully vested as of immediately prior to the Effective Time, Time and the Company shall take all action necessary to cause, by virtue of the Merger and without any action on the part of any holder of any Option, each Option to be cancelled and converted into the right to receive from the Surviving Corporation immediately after Company at the Effective Time a cash payment (without interest) equal to the product of (i) the excess, if any, of (x) the Offer Price Merger Consideration over (y) the per share exercise price of such Option, ; and (ii) the number of shares subject to such Option as of the Effective Time (the, “the "Option Consideration”"). As of the Effective Time, all Options, whether or not vested or exercisable, shall no longer be outstanding and shall automatically cease to exist, and each holder of an Option shall cease to have any rights with respect thereto, except the right to receive the Option ConsiderationConsideration and with respect to Section 15 of the 2008 Omnibus Incentive Plan.