Common use of Elections Regarding Options Clause in Contracts

Elections Regarding Options. The Parent, the Purchaser and the Company each acknowledge and agree that the Company and all persons not dealing at arm’s length with the Company will forego any deduction under the Tax Act with respect to the cash payment to be made by the Company to holders of Options as described in Section 2.7 and pursuant to the Plan of Arrangement. To effect the foregoing, the Company shall timely comply with the requirements described in subsection 110(1.1) of the Tax Act, including making and filing appropriate elections and delivering written notice of such elections to such holders of Options in accordance with the requirements set out in the Tax Act.

Elections Regarding Options. The Parent, the Purchaser and the Company each acknowledge acknowledges and agree agrees that the Company and all persons not dealing at arm’s 's length with the Company will forego any deduction under the Tax Act with respect to the cash payment to be made by the Company to holders of In-The-Money Options as described in Section 2.7 of this Agreement and pursuant to the Plan of Arrangement. To effect the foregoing, the Company shall timely comply with the requirements described in subsection 110(1.1) of the Tax Act, including making and filing appropriate elections and delivering written notice of such elections to such holders of In-The-Money Options in accordance with the requirements set out in the Tax Act.