Substituted Options Sample Clauses
The Substituted Options clause allows one party to replace an originally agreed-upon item, service, or obligation with an alternative of equivalent value or function. In practice, this means that if the original option becomes unavailable or impractical, the party can propose a substitute, subject to the other party's approval or predefined criteria. This clause provides flexibility in fulfilling contractual obligations and helps prevent delays or disputes when circumstances change, ensuring the contract can still be performed as intended.
Substituted Options. As part of the Spin-off, KCSI plans to substitute options for all KCSI non-qualified stock options outstanding on the day after the record date for the Spin-off ("Options") in order to provide for the equitable adjustment of the Options as allowed by the KCSI stock option plans pursuant to which the Options have been granted. All such Options will remain outstanding with an adjusted exercise price ("New KCSI Options"), and holders of the Options will receive separately exercisable options to buy ▇▇▇▇▇▇▇▇ common stock ("New ▇▇▇▇▇▇▇▇ Options") (collectively the New KCSI Options and the New ▇▇▇▇▇▇▇▇ Options are referred to as "Substituted Options").
Substituted Options. At the Effective Time, the Company agrees with the Parent that the Substituted Options (being unexercised at the Effective Time) shall be released in exchange for Parent Options. The Parent Options shall be issued on the terms of and governed by the Parent Option Agreements referred to in Section 1.6 (g)(iv) below. Subject to the foregoing, the Parent Options shall have, and be subject to, substantially equivalent terms and conditions as the Substituted Options set forth in the option agreements relating thereto, as in effect immediately prior to the Effective Time, except that each Parent Option will be exercisable for that number of shares of Parent Common Stock and with an exercise price per share as set forth on Schedule 1.3(a)-1. Without limiting the generality of the foregoing, the Parent Options shall have the same term, exercisability and vesting schedule as the Substituted Options; provided, however, that (A) for avoidance of doubt, to the extent not already vested, all Parent Options will be fully vested upon the Effective Time, and (B) the shares of Parent Common Stock issuable upon exercise of the Parent Options shall be subject to the new lock-up provisions set forth in Section 1.6(g)(iii) below.
Substituted Options. (a) The substituted options can be exercised into 58,064,516 Ordinary Shares of the Company (“Exercise Shares”) until February 28, 2013 with the addition of the period from the Date of Completion until the date of allocating the substituted options.
(b) Each option can be exercised into one Ordinary Share with a par value of (US) Dollar 0.001 of the Company in exchange for payment in cash equaling the amount for exercising the Old Options, meaning a total of NIS 0.01 (one agura) (hereinafter: “Exercise Amount”).
(c) All the remaining terms of the substituted options, including adjustments to the Exercise Amount, will be identical to the terms of the Old Options, all according to the specified in section 4 of the agreement between the Company and ▇▇▇▇▇ dated February 2, 2009, attached to this Agreement as “Appendix B”.
Substituted Options. The Substituted Options will, when issued and delivered in accordance with this Agreement, be duly authorized, validly issued and binding obligations of Parent, enforceable against Parent in accordance with their terms, and any Parent Ordinary Shares issued upon exercise thereof in accordance with the terms of the relevant option plan and option agreement will, when issued, be duly authorized, validly issued, fully paid and nonassessable.
Substituted Options. Pursuant to the Agreement and Plan of Merger among the Company, Helmerich & ▇▇▇▇▇, Inc. ("H&P"), Key Production Company, Inc. ("Key"), and others, the Company agreed to substitute Options and shares of Restricted Stock for outstanding options and shares of restricted stock granted by H&P and Key. The Committee shall grant the substituted Options and shares of Restricted Stock under this Plan. Substituted Options and Restricted Stock shall be granted pursuant to the Agreement and Plan of Merger under this Plan from the seven million (7,000,000) shares of Common Stock authorized for Awards under this Plan. The terms and conditions of the substituted Options and shares of Restricted Stock shall be the same as the terms and conditions of the options and shares of restricted stock that they replace.
Substituted Options. Any option issued pursuant to the provisions of the proceeding section, or upon exchange, division, or partial exercise of this option or combination thereof with another option or options shall set forth each provision set forth in this agreement, as each such provision is set forth herein, and shall be duly executed on behalf of the Company by an authorized officer.
Substituted Options. If the Committee cancels, with the consent of an Optionee, any Option granted under the Plan, and a new Option is substituted therefor, then the Committee may, in its discretion, provide that the Date of Grant of the canceled Option shall be the date used to determine the earliest date or dates for exercising the new substituted Option under SUBSECTION 7.2 hereof so that the Optionee may exercise or dispose of the substituted Option at the same time as if the Optionee had held the substituted Option since the Date of Grant of the canceled Option.