Stock Options and Equity Awards. (1) The Board of Directors of the Company (the "Company Board"), or the appropriate committee thereof, shall take such action as is necessary so that at the Effective Time, each outstanding option to purchase shares of Company Common Stock (a "Company Stock Option") granted under the Company Stock Plans, whether or not vested, shall cease to represent a right to acquire shares of Company Common Stock, and shall thereafter constitute an option to acquire, on the same terms and conditions as were applicable to such Company Stock Option pursuant to the relevant Company Stock Plan under which it was issued and the agreement evidencing the grant thereof prior to the Effective Time, the number (rounded to the nearest whole number) of shares of Parent Common Stock determined by multiplying (x) the number of shares of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time by (y) two times the Exchange Ratio. The exercise price or base price per share of Parent Common Stock subject to any such Company Stock Option at and after the Effective Time shall be an amount (rounded to the nearest one hundredth of a cent) equal to (A) the exercise price or base price per share of Company Common Stock subject to such Company Stock Option prior to the Effective Time divided by (B) two times the Exchange Ratio. The parties acknowledge that as of the Effective Time, all Company Stock Options granted under the 2002 Employee and Director Stock Incentive Plan, the 1998 Non-Employee Directors' Stock Option Plan, the 2000 Employee Stock Incentive Plan, the 1996 Employee Stock Incentive Plan, the 1992 Stock Option Plan for Executives and Key Employees and the 1989 Stock Option Plan for Non-Employee Directors, if unvested, shall vest in full and shall remain exercisable in accordance with the terms of the applicable plan documents and award agreements for each such Company Stock Option. The parties will make good faith efforts to make equitable adjustments to ensure that the conversions of Company Stock Options contemplated by this Section 2.02(b)(1) comply with Section 409A of the Code.
(2) At the Effective Time, (i) each restricted stock unit or performance unit granted under the Company Stock Plans, if unvested, shall vest in full and be settled for a cash payment to the holder of such award equal to $10.50 plus (A) the Exchange Ratio times (B) the closing price of the Parent Common Stock on the Closing Date per unit; and (ii) each award gr...
Stock Options and Equity Awards. (a) At the Effective Time, each outstanding option to purchase shares of Company Common Stock (each, a “Company Stock Option”), whether or not vested, shall cease to represent a right to acquire shares of Company Common Stock, and shall thereafter constitute an option to acquire, on the same terms and conditions as were applicable under such Company Stock Option immediately prior to the Effective Time, including any provisions for acceleration, the number (rounded down to the nearest whole number) of shares of Parent Common Stock determined by multiplying (x) the number of shares of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time by (y) the Stock Award Exchange Ratio. The exercise price per share of Parent Common Stock subject to any such Company Stock Option at and after the Effective Time shall be an amount (rounded up to the nearest one hundredth of a cent) equal to (A) the exercise price per share of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time divided by (B) the Stock Award Exchange Ratio. For purposes of this Section 1.6, the “Stock Award Exchange Ratio” shall mean the sum of (i) the Exchange Ratio plus (ii) the fraction resulting from dividing the Per Share Cash Amount by the closing price per share of the Parent Common Stock on the NYSE on the last trading day immediately preceding the Closing Date (the “Parent Closing Price”).
Stock Options and Equity Awards. (a) The Board of Directors of the Company shall take such action as is necessary so that at the Effective Time, each outstanding option to purchase shares of Company Common Stock (a "Company Stock Option") granted under the Company's plans or agreements identified in Company Disclosure Schedule (defined in the introductory clause to Article 3) 1.4 as being the only compensation or benefit plans or agreements pursuant to which shares of Company Common Stock may be issued (collectively, the "Company Stock Option Plans"), whether vested or not vested, shall cease to represent a right to acquire shares of Company Common Stock and shall thereafter constitute an option to acquire, on the same terms and conditions as were applicable under such Company Stock Option (including without limitation the stock option restoration feature applicable thereto) pursuant to the relevant Company Stock Option Plan under which it was issued and the agreement evidencing the grant thereof prior to the Effective Time, the number (rounded to the nearest whole number) of shares of Parent Common Stock determined by multiplying (x) the number of shares of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time by (y) the Exchange Ratio. The exercise price per share of Parent Common Stock subject to any such Company Stock Option at and after the Effective Time shall be an amount (rounded to the nearest one-hundredth of a cent) equal to (x) the exercise price per share of Company Common Stock subject to such Company Stock Option prior to the Effective Time, divided by (y)
Stock Options and Equity Awards. (a) At the Effective Time, (x) each option to purchase shares of Company Common Stock, whether or not vested or exercisable (each, a Company Stock Option”), that is outstanding immediately prior to the Effective Time and that has an exercise price per share of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time (the “Exercise Price”) less than the Option Consideration (as defined below) shall, without any further action on the part of the holder thereof, be cancelled and converted at the Effective Time into the right to receive from the Surviving Corporation an amount in cash, without interest, equal to the product of (I) the number of shares of Company Common Stock subject to such Company Stock Option immediately prior to the Effective Time and (II) the excess of the Option Consideration over the Exercise Price of such Company Stock Option; and (y) each Company Stock Option that is outstanding immediately prior to the Effective Time and that has an Exercise Price equal to or greater than the Option Consideration shall be cancelled and terminated at the Effective Time, without any payment in respect thereof. At the Effective Time, each holder of a Company Stock Option shall cease to be a holder of Company Stock Options, such holder’s name shall be removed from the applicable register, and all award agreements relating to the Company Stock Options shall be terminated and be of no further force and effect. Promptly after the Effective Time (but in any event not later than the second payroll date following the Effective Time), the Surviving Corporation shall pay to holders of Company Stock Options, through the Surviving Corporation’s payroll systems, any amounts due pursuant to this Section 1.6(a), subject to Section 2.4. For purposes of this Section 1.6, “Option Consideration” means the U.S. dollar amount, rounded to the nearest whole cent, equal to the sum of (A) the product of the Exchange Ratio and the closing price per share of the Parent Common Stock on the NYSE on the last trading day immediately preceding the Closing Date (the “Parent Closing Price”) plus (B) the Per Share Cash Amount.
Stock Options and Equity Awards. (a) The Board of Directors of the Company shall take such action as is necessary so that at the Effective Time, each outstanding option to purchase shares of Company Common Stock (a "COMPANY STOCK OPTION") and each phantom option to receive cash measured by an increase in value of Company Common Stock over a specified base or exercise price (a "COMPANY PHANTOM STOCK OPTION") granted under the Company's plans or agreements identified in Section 3.16(a) of the Company Disclosure Schedules as being, to the Company's knowledge, the only employee benefit plans or agreements (including nonemployee director plans) as to which shares of Company Common Stock may be issued upon exercise of an option (collectively the "COMPANY STOCK OPTION PLANS"), whether or not vested, shall cease to represent a right to acquire shares of Company Common Stock or a Company Phantom Stock Option with respect to Company Common Stock, and shall thereafter constitute an option to acquire or to be a phantom option with respect to, as the case may be, on the same terms and conditions as were applicable under such Company Stock Option or Company Phantom Stock Option, as applicable, pursuant to the relevant Company Stock Option Plan under which it was issued and the agreement evidencing the grant thereof prior to the Effective Time, including any provisions for acceleration (as such terms and conditions have been interpreted and applied by the Company in accordance with its past practice), the number (rounded down to the nearest whole
Stock Options and Equity Awards. (a) At the Effective Time, each outstanding employee, director or consultant option to purchase shares of Preview Common Stock (a "Preview Stock Option") granted under Preview's Stock Option Plans or otherwise, whether vested or not vested, shall be assumed by Xxxxxxxxxxx.xxx. As of and after the Effective Time (i) each Preview Stock Option then outstanding shall be converted into a stock option to acquire the number of shares of Xxxxxxxxxxx.xxx Common Stock equal to the number of shares of Preview Common Stock subject to such Preview Stock Option immediately prior to the Effective Time, and (ii) the exercise price per share of Xxxxxxxxxxx.xxx Common Stock subject to any such converted Preview Stock Option shall be an amount equal to the exercise price per share of Preview Common Stock subject to the underlying Preview Stock Option immediately prior to the Effective Time. Other than as provided above, as of and after the Effective Time, each Xxxxxxxxxxx.xxx stock option that had been a Preview Stock Option immediately prior to the Effective Time shall be subject to the same terms and conditions as in effect immediately prior to the Effective Time, including the timing of the vesting of such options.
(b) At the Effective Time, each outstanding employee, director or consultant option to purchase shares of Sabre Class A Common Stock $.01 par value, (a "Sabre Stock Option") granted under Sabre's Stock Option Plans or otherwise and set forth on Schedule 2.3(b), whether vested or not vested, shall be assumed by Xxxxxxxxxxx.xxx as provided in this Section 2.3(b). As of and after the Effective Time (i) each Sabre Stock Option then outstanding, the holder of which has consented to such conversion, shall be converted into a stock option to acquire the number (rounded down to the nearest whole number) of shares of Xxxxxxxxxxx.xxx Common Stock determined by multiplying (x) the number of shares of Sabre Class A Common Stock subject to such Sabre Stock Option immediately prior to the Effective Time by (y) the Option Exchange Ratio, and (ii) the exercise price per share of Xxxxxxxxxxx.xxx Common Stock subject to any such converted Sabre Stock Option shall be an amount (rounded down to the nearest one-hundredth of a cent) equal to (x) the exercise price per share of Sabre Class A Common Stock subject to the underlying Sabre Stock Option immediately prior to the Effective Time, divided by (y) the Option Exchange Ratio. Other than as provided above, as of and after the Effe...
Stock Options and Equity Awards. Upon the Executive's termination pursuant to Sections 3(b) or 3(c), all stock options and equity awards granted prior to a Change in Control to the Executive pursuant to the Dollar Thrifty Automotive Group, Inc. Long-Term Incentive Plan, or any successor or similar plan, shall be vested.
Stock Options and Equity Awards. (a) At the Effective Time, each outstanding employee, director or consultant option to purchase shares of Preview Common Stock (a "PREVIEW STOCK OPTION") granted under Preview's Stock Option Plans or otherwise, whether vested or not vested, shall be assumed by Xxxxxxxxxxx.xxx. As of and after the Effective Time (i) each Preview Stock Option then outstanding shall be converted into a stock option to acquire the number of shares of Xxxxxxxxxxx.xxx Common Stock equal to the number of shares of Preview Common Stock subject to such Preview Stock Option immediately prior to the Effective Time, and (ii) the exercise price per share of Xxxxxxxxxxx.xxx Common Stock subject to any such converted Preview Stock Option shall be an amount equal to the exercise price per share of Preview Common Stock subject to the underlying Preview Stock Option immediately prior to the Effective Time. Other than as provided above, as of and after the Effective Time, each Xxxxxxxxxxx.xxx stock option that had been a Preview Stock Option immediately prior to the Effective Time shall be subject to the same terms and conditions as in effect immediately prior to the Effective Time, including the timing of the vesting of such options.
(b) At the Effective Time, each outstanding employee, director or consultant option to purchase shares of Sabre Class A Common Stock $.01 par value, (a "SABRE STOCK OPTION") granted under Sabre's Stock Option Plans or otherwise and set forth on Schedule
Stock Options and Equity Awards. Upon the Executive's Termination Date, all stock options and equity awards granted prior to a Change in Control to the Executive pursuant to the 1988 Incentive Equity Plan, the 1998 Stock Option Plan or any successor or similar plan, shall be vested. ----------
Stock Options and Equity Awards. (a) At the Effective Time, the option held by Xx. Xxxx Xxxxxxxx to purchase 21.21 shares of CMJ Common Stock (the "CMJ Stock Option"), which CMJ represents will constitute all outstanding options, warrants or other rights to purchase CMJ Common Stock immediately prior to the Effective Time, shall be deemed cancelled and the holder thereof shall receive in exchange therefor options to purchase 85,485.93375 shares of XXX.xxx Common Stock (the "Xxxxxxxx Options") (subject to adjustment pursuant to Sections 1.5(b), (d) and (e)) at an exercise price of $ 5.865 per share; provided that such options to purchase XXX.xxx Common Stock shall be granted pursuant to an option agreement which shall provide that the right to exercise such options shall be evidenced only by one or more option certificates to be issued to Xx. Xxxxxxxx at the Effective Time.
(b) Notwithstanding the foregoing paragraph (a), one or more option certificates representing the right to purchase 30% of the shares of XXX.xxx Common Stock underlying the Xxxxxxxx Options shall constitute part of the Escrow Fund, shall be maintained as security for the possible adjustments to the CMJ Merger Consideration pursuant to Sections 1.5(b), (d) and (e) hereof and shall be delivered to the Escrow Agent at the Effective Time to be held in accordance with the terms of the Escrow Agreement.
