Common use of Employee Option Pool Clause in Contracts

Employee Option Pool. 3.7.1 The parties hereby agree that up to 2,576,041 C Shares and up to 400,000A Shares (the “New Incentive Shares”) and any Existing Incentive Shares which from time to time cease to be subject to option or other arrangements pursuant to the Existing Incentive Schemes (whether by reason of the termination of employment by the persons entitled thereto or otherwise howsoever) (together the “Employee Option Pool”), shall subject to Clauses 3.7.2 and 3.7.3 below be available for issue after Completion to the Managers and other employees of the Group in accordance with the rules of one or more of the Existing Incentive Schemes and/or any other employee share incentive or option plan which may be adopted subject to the approval of the Board by resolution in respect of which at least one B Director has voted in favour and NewCo, each Manager and the Existing Shareholders shall procure that (and insofar as their own holdings of Xyratex Shares are concerned, hereby waive irrevocably) any and all rights or restrictions (whether rights of pre-emption or otherwise) which may be contained in or conferred by the Articles or this Agreement or otherwise are waived irrevocably by the persons entitled thereto to the extent necessary to enable issues of shares to take place pursuant to the Existing Incentive Schemes and/or any such plan.