Common use of Stock Options and Warrants Clause in Contracts

Stock Options and Warrants. At or immediately prior to the Effective Time, each outstanding stock option (an "Option") to purchase Shares granted under any stock option plan, compensation plan or arrangement of the Company or outstanding warrant (a "Warrant") to purchase Shares shall be canceled and the holder of each such Option or Warrant (whether or not then vested or exercisable) shall be paid by the Company promptly after the Effective Time for each such Option or Warrant an amount equal to the product of (a) the excess, if any, of the Merger Consideration over the applicable exercise price per Share and (b) the number of Shares such holder could have purchased (assuming full vesting and exercisability of such Option or Warrant) had such holder exercised such Option or Warrant in full immediately prior to the Effective Time.

Stock Options and Warrants. At or immediately prior to the Effective Time, each outstanding stock option (an "Option") to purchase Shares granted under any stock option plan, compensation plan or arrangement of the Company or outstanding warrant (a "Warrant") to purchase Shares shall be canceled and the holder of each such Option or Warrant (whether or not then vested or exercisable) shall be paid by the Company promptly after the Effective Time for each such Option or Warrant an amount equal to the product of (a) the excess, if any, of the Merger Consideration over the applicable exercise price per Share and (b) the number of Shares such each holder could have purchased (assuming full vesting and exercisability of such Option or Warrant) had such holder exercised such Option or Warrant in full immediately prior to the Effective Time.