EXERCISE OF SUBSTITUTE OPTION. The Substitute Option shall be exercisable for such number of shares of the Substitute Common Stock (as is hereinafter defined) as is equal to the market/offer price (as defined in Section 7 hereof), MULTIPLIED by the number of shares of the Common Stock for which the Option was theretofore exercisable, DIVIDED by the Average Price (as is hereinafter defined). The exercise price of the Substitute Option per share of the Substitute Common Stock (the "Substitute Purchase Price") shall then be equal to the product of the Option Price MULTIPLIED by a fraction in which the numerator is the number of shares of Common Stock for which the Option was theretofore exercisable and the denominator is the number of shares for which the Substitute Option is exercisable.
Appears in 4 contracts
Samples: Stock Option Agreement (Western Bancorp), Stock Option Agreement (Regency Bancorp), Stock Option Agreement (Pinnacle Financial Services Inc)
EXERCISE OF SUBSTITUTE OPTION. The Substitute Option shall be exercisable for such number of shares of the Substitute Common Stock (as is hereinafter defined) as is equal to the market/offer price (as defined in Section 7 hereof), MULTIPLIED by the number of shares of the Common Stock for which the Option was theretofore exercisable, DIVIDED divided by the Average Price (as is hereinafter defined). The exercise price of the Substitute Option per share of the Substitute Common Stock (the "Substitute Purchase Price") shall then be equal to the product of the Option Price MULTIPLIED multiplied by a fraction in which the numerator is the number of shares of Common Stock for which the Option was theretofore exercisable and the denominator is the number of shares for which the Substitute Option is exercisable.
Appears in 2 contracts
Samples: Stock Option Agreement (Americorp), Stock Option Agreement (Mid-State Bancshares)
EXERCISE OF SUBSTITUTE OPTION. The Substitute Option shall be exercisable for such number of shares of the Substitute Common Stock (as is hereinafter defined) as is equal to the market/offer price (as defined in Section 7 hereof), MULTIPLIED multiplied by the number of shares of the Common Stock for which the Option was theretofore exercisable, DIVIDED divided by the Average Price (as is hereinafter defined). The exercise price of the Substitute Option per share of the Substitute Common Stock (the "Substitute Purchase Price") shall then be equal to the product of the Option Price MULTIPLIED multiplied by a fraction in which the numerator is the number of shares of Common Stock for which the Option was theretofore exercisable and the denominator is the number of shares for which the Substitute Option is exercisable.
Appears in 2 contracts
Samples: Stock Option Agreement (Western Bancorp), Merger Agreement (Landmark Financial Corp /De)
EXERCISE OF SUBSTITUTE OPTION. The Substitute Option shall be exercisable for such number of shares of the Substitute Common Stock (as is hereinafter defined) as is equal to the market/offer price (as defined in Section 7 hereof), MULTIPLIED multiplied by the number of shares of the Common Stock for which the Option was theretofore exercisableexercisable immediately prior to the event described in Section 8(a), DIVIDED divided by the Average Price (as is hereinafter defined). The exercise price of the Substitute Option per share of the Substitute Common Stock (the "Substitute Purchase Price") shall then be equal to the product of the Option Price MULTIPLIED multiplied by a fraction in which the numerator is the number of shares of Common Stock for which the Option was theretofore exercisable immediately prior to the event described in Section 8(a) and the denominator is the number of shares for which the Substitute Option is exercisable.
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EXERCISE OF SUBSTITUTE OPTION. The Substitute Option shall ----------------------------- be exercisable for such number of shares of the Substitute Common Stock (as is hereinafter defined) as is equal to the market/offer price (as defined in Section 7 hereof), MULTIPLIED multiplied by the number of shares of the Common Stock for ---------- which the Option was theretofore exercisable, DIVIDED divided by the Average Price ------- (as is hereinafter defined). The exercise price of the Substitute Option per share of the Substitute Common Stock (the "Substitute Purchase Price") shall then be equal to the product of the Option Price MULTIPLIED multiplied by a fraction in ---------- which the numerator is the number of shares of Common Stock for which the Option was theretofore exercisable and the denominator is the number of shares for which the Substitute Option is exercisable.
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