Old Hertz Holdings Options Clause Samples
The "Old Hertz Holdings Options" clause defines the treatment and status of stock options that were issued by the predecessor entity, Old Hertz Holdings, prior to a corporate restructuring or merger. Typically, this clause outlines whether these legacy options will be converted, cancelled, or replaced with new options under the successor company, and may specify the terms of such conversion, including exercise price adjustments or vesting schedules. Its core practical function is to provide clarity and certainty to option holders and the company regarding the fate of outstanding options, thereby preventing disputes and ensuring a smooth transition during corporate changes.
Old Hertz Holdings Options. (i) HERC Holdings Employees and Former HERC Holdings Employees. Each Old Hertz Holdings Option that is outstanding as of immediately prior to the Distribution and held by a HERC Holdings Employee or a Former HERC Holdings Employee shall remain an option to purchase HERC Holdings Shares (each such option, an “Adjusted HERC Holdings Option”), with exercise price and the number of HERC Holdings Shares subject to the Adjusted HERC Holdings Option adjusted as follows: 20
Old Hertz Holdings Options