Net Option Value definition
Net Option Value has the meaning set forth in Section 1.2(a).
Net Option Value with respect to an Option means, in respect of each share of Common Stock issuable upon the exercise of that Option, the Per Share Offering Price less the per share exercise price of such Option (after giving effect to the stock split contemplated thereby). The parties hereto agree that, pursuant to Section 4 of the Investor Rights Agreement and Section 5.1(b) of each of the Deferred Compensation Plans, a number of Deferred Shares equal to the number of shares of Common Stock a Non-Apollo Group Holder is permitted to sell in connection with the Offering as calculated pursuant to this Section 1.2(a) shall be paid to such Non-Apollo Group Holder from the Deferred Compensation Plans immediately prior to the Offering.
Net Option Value is equal to quotient of (1) the product of (i) the Company Merger Share Price for each Company Stock Option less the exercise price per share for each Company Stock Option multiplied by (ii) the number of shares of Company Common Stock subject to each Company Stock Option divided by (2) $31.42, provided however, that the maximum number of shares of Parent Common Stock into which the aggregate Company Stock Options shall be exchanged shall not exceed 431,936 (“Parent Share Maximum”). If the
Examples of Net Option Value in a sentence
As of the Effective Time, by virtue of the Merger and without any action on the part of Holder, the Options set forth on Exhibit A, whether vested or unvested, shall be cancelled and, in exchange for such cancellation, each Holder shall be issued, immediately after the Effective Time (as defined in the Merger Agreement), the number of whole shares of Parent’s common stock (“Parent Common Stock”) that is equal to the Net Option Value (such issuance of Parent Common Stock, a “Stock Grant”).
The Options are cash settled in U.S. dollars upon exercise, and the SETTLEMENT AMOUNT (which may not be less than zero) is the Net Option Value at the time of exercise.
The "Net Option Value" shall be equal to the amount obtained by multiplying the difference, if positive, between $46.00 less the applicable exercise price of such Seller Stock Option times the number of shares for which such Seller Stock Option is exercisable, such number of shares and exercise prices as expressly stated in the applicable stock option agreement relating to such Seller Stock Option.
More Definitions of Net Option Value
Net Option Value has the meaning set forth in Section 3.06(a).
Net Option Value shall be equal to the amount obtained by multiplying the difference, if positive, between $46.00 less the applicable exercise price of such Seller Stock Option times the number of shares for which such Seller Stock Option is exercisable, such number of shares and exercise prices as expressly stated in the applicable stock option agreement relating to such Seller Stock Option. At or prior to the Effective Time, Seller shall take all reasonable action as is necessary to fully advise holders of Seller Stock Options of their rights under this Agreement and the Seller Stock Options, to facilitate their timely exercise of such rights and to effectuate the provisions of this Section 3.06(a). From and after the Effective Time, other than as expressly set forth in this Section 3.06(a), no holder of a Seller Stock Option shall have any other rights in respect thereof other than to receive the consideration for his or her Seller Stock Options in the manner described above. The surrender of a Seller Stock Option to Acquirer in exchange for the Option Stock Consideration shall be deemed a release of any and all rights the option holder had or may have had in respect of such Seller Stock Option.
Net Option Value means the amount by which the total Fair Market Value of the Shares for Options granted and United Financial Stock Option and Incentive Compensation Plan outstanding (whether or not vested) under the Plan exceed the total cost of exercising such Options.
Net Option Value is equal to quotient of (1) the product of (i) the Company Merger Share Price (as defined in the Merger Agreement) for the Options less the exercise price per share for the Options multiplied by (ii) the number of shares of Company Common Stock subject to the Options divided by (2) $31.42; provided however, that the maximum number of shares of Parent Common Stock into which the aggregate of all Company Stock Options (as defined in the Merger Agreement) shall be exchanged shall not exceed 431,936 (“Parent Share Maximum”). If the aggregate Net Option Value for all Stock Grants as calculated above exceeds the Parent Share Maximum, then the Options shall be exchanged into (i) the number of shares of Parent Common Stock (rounded down to the nearest whole share) equal to the Parent Share Maximum multiplied by the Net Option Value Percentage applicable to the Options and (ii) the amount of any Excess Payment (as defined in the supplemental letter from Parent to the holders of Company Stock Options). The “Net Option Value Percentage” of the Options is equal to the quotient of (1) the Net Option Value of the Options as would otherwise be calculated except for exceeding the Parent Share Maximum divided by (2) the aggregate Net Option Value of all Company Stock Options as would otherwise be calculated except for exceeding the Parent Share Maximum. The “Company Merger Share Price” is calculated as follows: divide (1) the Merger Consideration (as defined in the Merger Agreement) (prior to adjustments pursuant to Sections 2.4 and 2.5 of the Merger Agreement) y (2) 769,170. In accordance with the Plan, the Committee has approved the cancellation and exchange as set forth herein.