Common use of Standard NBA Contract Conversion Option Clause in Contracts

Standard NBA Contract Conversion Option. Every Two-Way Contract shall provide the Team with an option to convert the Two-Way Contract during its term to a Contract that is not a Two-Way Contract (“Standard NBA Contract”) that provides for a Salary for each Salary Cap Year equal to the player’s applicable Minimum Player Salary and a term equal to the remainder of the original term of the Two-Way Contract beginning on the date such option is exercised (“Standard NBA Contract Conversion Option”). Such player’s applicable Minimum Player Salary shall be determined in accordance with Section 6 above. The Standard NBA Contract Conversion Option may be exercised at any point during the period beginning on July 1 and ending just prior to the start of the Team’s last Regular Season game in each Salary Cap Year covered by the Two-Way Contract. Upon conversion, such Contract shall become a Standard NBA Contract and shall no longer be governed by the provisions of this Agreement governing Two-Way Contracts. To effectuate the requirements set forth in the preceding sentences, every Two-Way Contract with an Exhibit 1B must contain the following language (and only such language) under the “Standard NBA Contract Conversion Option” heading: “Team shall have the option to convert this Contract to a Standard NBA Contract (“Standard NBA Contract Conversion Option”). Team’s Standard NBA Contract Conversion Option may be exercised by providing written notice to Player that is either personally delivered to Player or his representative or sent by email or pre-paid certified, registered, or overnight mail to the last known address of Player or his representative with a copy to the Players Association and the NBA. If Team exercises the Standard NBA Contract Conversion Option, the Base Compensation amount set forth above in this Exhibit 1B will immediately become null and void and of no further force or effect, Player’s Compensation shall be equal to the Player’s applicable Minimum Player Salary for a term equal to the remainder of the original term of this Contract beginning on the date such option is exercised, and all other terms and conditions of this Contract, including the Base Compensation protection set forth in Exhibit 2 (if any), shall remain applicable.”

Standard NBA Contract Conversion Option. Every Two-Way Contract shall provide the Team with an option to convert the Two-Way Contract during its term to a Contract that is not a Two-Way Contract (“Standard NBA Contract”) that provides for a Salary for each Salary Cap Year equal to the player’s applicable Minimum Player Salary and a term equal to the remainder of the original term of the Two-Way Contract beginning on the date such option is exercised (“Standard NBA Contract Conversion Option”). Such player’s applicable Minimum Player Salary shall be determined in accordance with Section 6 above. For the day the Standard NBA Contract Conversion Option is exercised, the player shall be compensated only under the new Standard NBA Contract, and not under his Two-Way Contract. The Standard NBA Contract Conversion Option may be exercised at any point during the period beginning on July 1 and ending just prior to the start of the Team’s last Regular Season game in each Salary Cap Year covered by the Two-Way Contract. Upon conversion, such Contract shall become a Standard NBA Contract and shall no longer be governed by the provisions of this Agreement governing Two-Way Contracts. To effectuate the requirements set forth in the preceding sentences, every Two-Way Contract with an Exhibit 1B must contain the following language (and only such language) under the “Standard NBA Contract Conversion Option” heading: “Team shall have the option to convert this Contract to a Standard NBA Contract (“Standard NBA Contract Conversion Option”). Team’s Standard NBA Contract Conversion Option may be exercised by providing written notice to Player that is either personally delivered to Player or his representative or sent by email or pre-paid certified, registered, or overnight mail to the last known address of Player or his representative with a copy to the Players Association and the NBA. If Team exercises the Standard NBA Contract Conversion Option, the Base Compensation amount set forth above in this Exhibit 1B will immediately become null and void and of no further force or effect, Player’s Compensation shall be equal to the Player’s applicable Minimum Player Salary for a term equal to the remainder of the original term of this Contract beginning on the date such option is exercised, and all other terms and conditions of this Contract, including the Base Compensation protection set forth in Exhibit 2 (if any), shall remain applicable.”