Examples of Norbord Options in a sentence
Each Option granted to a Participant will be subject to vesting in accordance with the vesting schedule applicable to the related Norbord Options granted to the Participant as of immediately prior to the Effective Time.
The Expiry Date of each Option granted to a Participant will be the original expiry date of the related Norbord Options held by the Participant, subject to extension under Section 4.06 and subject to earlier termination as set forth in this Plan and any Option Agreement.
The exact number of West Fraser Shares that will ultimately be issued will be dependent upon the number of issued and outstanding Norbord Shares on the Effective Date, which may change due to the exercise of Norbord Options, rounding in respect of fractional share entitlements, and adjustments to the Exchange Ratio in accordance with the Arrangement Agreement.
The participants of the Plan will be those persons who held Norbord Options immediately prior to the Effective Time and whose Norbord Options were exchanged for Options at the Effective Time pursuant to the Plan of Arrangement.
As disclosed in this Norbord Circular, if certain current employees of Norbord are terminated in connection with the Arrangement, they will receive compensation in the form of severance payments and payments in respect of the accelerated vesting of the Norbord Options and Norbord RSUs upon Closing.
In addition, this summary does not apply to a person holding Norbord Options, Norbord RSUs, Norbord DSUs or other conversion or exchange rights to acquire Norbord Shares or to a Norbord Shareholder who received Norbord Shares upon the exercise of a stock option.
This is comprised of (i) an estimated 54,480,178 West Fraser Shares to be issued to Norbord Shareholders and Qualifying Holdco Shareholders as consideration under the Arrangement and (ii) an estimated 893,703 West Fraser Shares issuable upon the exercise of Replacement Options to be issued to Norbord Optionholders in exchange for their Norbord Options pursuant to the Arrangement.
The Options were granted to the Participants at the Effective Time pursuant to the Plan of Arrangement in exchange for the Norbord Options held by each Participant immediately prior to the Effective Time, which Options will have the terms and be subject to the conditions set forth in this Plan.