Common use of Effect of a Take-over Bid Clause in Contracts

Effect of a Take-over Bid. If a bona fide offer (an “Offer”) for Shares is made to the Optionee or to shareholders of the Company generally or to a class of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in a Change of Control , the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee who is an officer or director of the Company of full particulars of the Offer, whereupon all Option Shares subject to such Option will become Vested and the Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Option Shares received upon exercise, pursuant to the Offer. However, if:

Effect of a Take-over Bid. If a bona fide offer to purchase Shares (an “Offer”" Offer ") for Shares is made to the an Optionee or to shareholders of the Company generally or to a class of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in the offeror becoming a Change control person of Control the Company, within the meaning of Section 1(1) of the Securities Act, the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee who is an officer or director of the Company of full particulars of the Offer, whereupon all Option Shares subject to option (the " Option Shares ") shall become vested and such Option will become Vested and the Option option may be exercised in whole or in part by the such Optionee so as to permit the Optionee to tender the Option Shares received upon exercise, such exercise pursuant to the Offer. However, if:

Effect of a Take-over Bid. If a bona fide offer to purchase Shares (an “"Offer”") for Shares is made to the Optionee or to shareholders of the Company generally or to a class of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in the offeror becoming a Change control person of Control the Company, the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee who is an officer or director of the Company of full particulars of the Offer, whereupon all Option Shares subject to such option ("Option Shares") will become Vested vested and the Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Option Shares received upon such exercise, pursuant to the Offer. However, if: