Common use of Modification, Extension and Renewal of Options Clause in Contracts

Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend or renew outstanding options or may accept the cancellation of outstanding options (to the extent not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for cash; provided, however, that other than in connection with an adjustment of Awards pursuant to Section 12, the Committee may not modify outstanding Options to lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding Options in return for cash or the grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered by such Options, unless such action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, materially impair his or her rights or obligations under such Option.

Appears in 4 contracts

Samples: 2020 Stock Incentive Plan (Nikola Corp), 2020 Stock Incentive Plan (Nikola Corp), 2020 Stock Incentive Plan (Nikola Corp)

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Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend extend, or renew outstanding options Options or may accept the cancellation of outstanding options Options (to the extent not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for cash; provided, however, that other than in connection with an adjustment of Awards pursuant to Section 12, the Committee may not modify outstanding Options to lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding Options in return for cash or the grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered by such Options, unless such action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification of an Option shall, without the consent of the OptioneeParticipant, materially impair his or her rights or obligations under such Option.

Appears in 3 contracts

Samples: 2020 Stock Incentive Plan (Vincerx Pharma, Inc.), 2020 Stock Incentive Plan (Vincerx Pharma, Inc.), 2020 Stock Incentive Plan (Vincera Pharma, Inc.)

Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend or renew outstanding options Options or may accept the cancellation of outstanding options Options (to the extent not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for cash; provided, however, provided however that other than in connection with an adjustment of Awards pursuant to Section 1211, the Committee may not modify outstanding Options to lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding Options in return for cash or the grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered by such Options, unless such action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification of an Option shall, without the consent of the OptioneeParticipant, materially impair his or her rights or obligations under such Option.

Appears in 2 contracts

Samples: 2005 Stock Incentive Plan (EGAIN Corp), Stock Incentive Plan (EGAIN Corp)

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Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend or renew outstanding options Options or may accept the cancellation of outstanding options Options (to the extent not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for cash; provided, however, provided however that other than in connection with an adjustment of Awards pursuant to Section 1211, the Committee may not modify outstanding Options to lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding Options in return for cash or the grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered by such Options, unless such action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification of an Option shall, without the consent of the OptioneeParticipant, materially impair his or her rights or obligations under such Option.

Appears in 1 contract

Samples: Stock Incentive Plan (EGAIN Corp)

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