Surrender of Options. Upon the Optionee's surrender to the Company for cancellation of this Agreement and the Option granted herein; and,
Surrender of Options. (a) Grantee may, at any time following a Repurchase Event and prior to the occurrence of an Exercise Termination Event (or such later period as provided in Section 10), relinquish the Option (together with any Option Shares issued to and then owned by Grantee) to Issuer in exchange for a cash fee equal to the Surrender Price; provided, however, that Grantee may not exercise its rights pursuant to this Section 14 if Issuer has repurchased the Option (or any portion thereof) or any Option Shares pursuant to Section 7. The “Surrender Price” shall be equal to $22 million (i) plus, if applicable, Grantee’s purchase price with respect to any Option Shares being so relinquished and (ii) minus, if applicable, the sum of (1) the excess of (A) the net cash amounts, if any, received by Grantee pursuant to the arms’ length sale of Option Shares (or any other securities into which such Option Shares were converted or exchanged) to any unaffiliated party, over (B) Grantee’s purchase price of such Option Shares, and (2) the net cash amounts, if any, received by Grantee pursuant to an arms’ length sale of any portion of the Option sold.
(b) Grantee may exercise its right to relinquish the Option and any Option Shares pursuant to this Section 14 by surrendering to Issuer, at its principal office, a copy of this Agreement together with certificates for Option Shares, if any, accompanied by a written notice stating (i) that Grantee elects to relinquish the Option and Option Shares, if any, in accordance with the provisions of this Section 14 and (ii) the Surrender Price. The Surrender Price shall be payable in immediately available funds on or before the second business day following receipt of such notice by Issuer.
(c) To the extent that Issuer is prohibited under applicable law or regulation, or as a consequence of administrative policy, from paying the Surrender Price to Grantee in full, Issuer shall immediately so notify Grantee and thereafter deliver or cause to be delivered, from time to time, to Grantee, the portion of the Surrender Price that it is no longer prohibited from paying, within five business days after the date on which Issuer is no longer so prohibited; provided, however, that if Issuer at any time after delivery of a notice of surrender pursuant to paragraph (b) of this Section 14 is prohibited under applicable law or regulation, or as a consequence of administrative policy, from paying to Grantee the Surrender Price in full, (i) Issuer shall (A) use it...
Surrender of Options. Subject to the terms and conditions of this Agreement, upon the execution of this Agreement, the Executive shall surrender to the Company all of the Options and have no further rights to any of such Options, and the Company shall cancel the Options upon their surrender to the Company. Such surrender and cancellation are together referred to herein as the “Option Cancellation.”
Surrender of Options. The Committee, in its sole discretion, may incorporate one or more provisions in any Option granted under this Plan to allow a Participant to surrender his/her Option in whole or part in lieu of the exercise of all or part of that Option or in payment of any amounts due the Company upon the exercise of such Award. Such provision(s) may specify that the Committee may authorize such surrender after the grant, but before the exercise, of any such Option.
Surrender of Options. Any election by the Employee to surrender options to the Company pursuant to Sections 11(d)(C) or 11(e)(C) must be made on or within 30 days after the Date of Termination, and if the Employee does not make the election during such time period, the Employee’s right to do so shall expire. The Company shall make a cash lump sum payment to the Employee within five days following the surrender equal to the excess of (1) the fair market value on the date of surrender of the securities issuable upon exercise of the options surrendered over (2) the aggregate exercise price of the options surrendered.
Surrender of Options. The Sellers, on the Closing Date, shall surrender to the Company for immediate cancellation, for no additional consideration, any Options that have not been exercised at or prior thereto.
Surrender of Options. As soon as practicable after the date hereof but no later than promptly following the Effective Time, the Company or its designee shall mail to each Option Holder (1) a letter of transmittal (which shall include the acknowledgment and agreement by the Option Holder that the Equity Agreements were terminated upon the Effective Time, except for those provisions of the Equity Agreements that survive such termination in accordance with their terms) and (2) instructions for use in effecting the cancellation and termination of the Option in exchange for the portion of Option Payments contemplated to be paid to such Option Holder pursuant to this Section 2.04. As a condition precedent to each Option Holder’s right to receive his, her or its Option Payment, if any, such Option Holder shall deliver to the Company an executed letter of transmittal as determined above. Upon receipt by the Company or its designee of such Option Holder’s executed letter of transmittal (but in no event earlier than the Effective Time), the Company or its designee shall pay to such Option Holder, subject to any applicable withholdings and subject to adjustment as provided in Section 2.05 hereof, the portion of the Option Payments due under this Section 2.04 with respect to such Option, and the Company shall use reasonable best efforts to make such payment (i) on the Closing Date if all deliveries from the applicable Option Holder are received by the Company at least two (2) Business Days prior to the Closing Date or (ii) otherwise within five (5) Business Days after the date of receipt by the Company of such deliveries from the applicable Option Holder.
Surrender of Options. For the consideration cited above, at the closing of the Stock Agreement (the "Closing"), you shall surrender to Milastar your Options to purchase up to 25,000 shares of Milastar Class A common stock.
Surrender of Options. As additional consideration for the Shares, William Pursley, the Companx'x Xxxxx Xxxxxtive Officer, hereby agrees, at the direction of Xechem, to surrender his options to purchase 43,000,000 shares of the common stock, par value $ .00001 per share, of Xechem.
Surrender of Options. The Committee may, in its discretion and upon such terms and conditions as it deems appropriate, accept the surrender by a participant of a presently exercisable right to purchase stock granted under an option and authorize payment by the Company in consideration therefor of an amount equal to the difference obtained by subtracting the option price of the stock from its fair market value on the date of such surrender, such payment to be in cash or shares of the Common Stock of the Company valued at fair market value on the date of such surrender, or partly in such stock and partly in cash, provided that the Committee determines such settlement is consistent with the purpose of the Plan.
