Option Release Agreements Clause Samples
Option Release Agreements. The Company shall use its reasonable efforts to obtain, within 15 days from the date of this Agreement, from each beneficial and record holder of an Option, an Option Release Agreement duly executed and delivered by such holder.
Option Release Agreements. The Company shall have obtained Option Release Agreements, in form and substance satisfactory to Parent, from each Employees who have Promised Options, and shall have delivered copies thereof to Parent, and each such agreement shall be in full force and effect.
Option Release Agreements. Simultaneously with the execution and delivery of this Agreement, the Target has delivered to Acquiror an Option Release Agreement executed by the holders of all Common Stock Equivalents which are outstanding as of the date of this Agreement. By his execution and delivery of this Agreement, ▇▇▇▇▇▇▇▇ hereby covenants and agrees that, at or prior to the Closing, ▇▇▇▇▇▇▇▇ shall execute and deliver to Acquiror an Option Release Agreement relating to the ▇▇▇▇▇▇▇▇ Option. The Target shall use its best efforts to obtain prior to the Closing, from each other beneficial and record holder of any other Common Stock Equivalent outstanding immediately prior to the Effective time, if any, an Option Release Agreement duly executed and delivered by such holder.
Option Release Agreements. No later than five (5) Business Days prior to the Closing, the Company shall use commercially reasonable efforts to obtain from each Employee with Promised Options set forth on Section 4.5(b) of the Company Disclosure Schedule a release agreement in form and substance satisfactory to Parent (an “Option Release Agreement”), releasing the Company and Parent from any liability or obligation with respect to such Employee’s rights to receive such Employee’s Promised Options in exchange for a cash payment (the aggregate amount of all cash payments owed to Employees pursuant to the Option Release Agreements being referred to as the “Aggregate Option Release Amount”). If the Company is unable to obtain an Option Release Agreement from any such Employee within five (5) Business Days prior to the Closing, the Company shall issue such Employee a Company Option for the number of Promised Options prior to the Closing.