Continuing Service Provider definition
Examples of Continuing Service Provider in a sentence
Without limiting the foregoing, nothing in this Agreement shall confer upon any Person (including, without limitation, any Company Optionholder or any holder of a Converted Option) any right to be a Continuing Service Provider or to otherwise continue in service with Surviving Pubco or any of its Affiliates in any capacity, nor limit the right of the Company or any of its Affiliates to terminate the employment or other service of any such Person for any reason and without notice.
Each Company Stock Option that is not a Vested Company Option and that is outstanding immediately prior to the Effective Time and is held by a Person that is not a Continuing Service Provider shall not be assumed by Parent and by virtue of the Merger and without any action on the part of Parent, Merger Sub, the Company or the holder thereof, shall be cancelled and shall have no further effect following the Effective Time.
At the Effective Time, each Company Stock Option that is outstanding immediately prior to the Effective Time, is held by a Continuing Service Provider, is solely subject to time-based vesting and is not a Vested Company Option (each, an “Assumed Option”) shall be assumed by Parent and converted into an option to acquire a number of shares of Parent Class A Common Stock, as provided herein.
At the Effective Time, each Company Option (or portion thereof) that is outstanding as of immediately prior to the Effective Time and that is held by a Continuing Service Provider shall, without any further action on the part of any holder of Company Options, be assumed by Parent (each, an “Assumed Option”), unless Parent provides written notice to the Company that certain Company Options shall not be assumed in accordance with Section 1.8(g).
Each Company Restricted Stock Unit and each Company Performance Stock Unit that is outstanding immediately prior to the Effective Time that is not a Vested Company Unit and is held by a Person that is not a Continuing Service Provider shall not be assumed by Parent and by virtue of the Merger and without any action on the part of Parent, Merger Sub, the Company or the holder thereof, shall be cancelled and shall have no further effect following the Effective Time.