Option Holder’s Rights Sample Clauses

Option Holder’s Rights. The NQSOs awarded hereby do not entitle the Option Holder to any rights of a shareholder of the Corporation.

Option Holder’s Rights. Prior to the Effective Time, the Board of Directors of Royal Palm or any committee administering Royal Palm’s stock option plans, programs and arrangements, including, without limitation, Royal Palm’s Officers’ and Employees’ Stock Option Plan and Royal Palm’s Directors’ Stock Option Plan (collectively, the “Stock Plans”) shall take all actions necessary so that (i) all outstanding options to acquire shares of Royal Palm Common Stock (the “Royal Palm Stock Options”) shall be cancelled at the Effective Time and (ii) at the Effective Time, each holder of each Royal Palm Stock Option, whether or not then vested or exercisable, shall be entitled to, and shall receive in cancellation and settlement therefor, a payment in cash, without interest, equal to the product of (i) the excess, if any, of (x) the Base Per Share Merger Consideration minus (y) the exercise price per share of Royal Palm Common Stock subject to such Royal Palm Stock Option, and (ii) the number of shares of Royal Palm Common Stock for which such Royal Palm Stock Option shall not theretofore have been exercised, whether or not then vested or exercisable. Each holder of Royal Palm Stock Options shall also be entitled to receive the Additional Per Share Merger Consideration as calculated and paid out, if at all, in accordance with the Confidential Exhibit attached hereto.

Option Holder’s Rights. The NQSO awarded hereby does not entitle the Option Holder to any rights of a shareholder of the Company until such time as the Shares are transferred to such Option Holder on the stock transfer records of the Company.