Common use of Stock Option Awards Clause in Contracts

Stock Option Awards. (a) The employment of each Active Constar Employee shall be considered terminated by Crown for purposes of the Crown Equity Plans as of the Closing Date. As of the Closing Date, each stock option awarded under a Crown Equity Plan to an Active Constar Employee which is not exercisable or which has an exercise price above the then fair market value of Crown Common Stock shall be cancelled. Each stock option awarded under a Crown Equity Plan to an Active Constar Employee which is not described in the preceding sentence shall continue to be exercisable under the applicable Crown Equity Plan for a period of 60 days after the Closing Date (the “Exercise Period”). Any such stock option that is not exercised within the Exercise Period shall be cancelled. With respect to any stock option for Crown Common Stock exercised by an Active Constar Employees or Former Constar Employee, Crown shall be entitled to any tax deduction and in its sole discretion shall determine the treatment related to any such tax deduction with respect to the exercise of such stock options. (b) Effective as of the Closing Date, Constar shall establish an equity-based incentive plan and shall make awards thereunder to Active Constar Employees as it in its sole discretion deems appropriate.