Examples of Old Option Plan in a sentence
On the Effective Date, in accordance with the terms and conditions of the Noteholder Voting Agreement, Mpower Holding shall enter into a New Key Employee Option Plan that is substantially identical to the Old Option Plan.
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Stock options granted under the 2011 Equity Incentive Plan as part of the exchange were granted with similar vesting terms as the original option awards under the Old Option Plan.
In conjunction with the Offering and the Reorganization, on June 15, 2011, the Company established a long-term incentive plan (the “2011 Equity Incentive Award Plan”) whereby all outstanding stock options under the Old Option Plan were rolled over into the 2011 Equity Incentive Plan and the Old Option Plan was replaced.
In the event of resignation of any beneficiary of the Old Option Plan, and/or with cause, pursuant to labor laws, he/she will not be entitled to exercise the options classified as “Silver” or “Gold.” In the event of death, disability or incapability of any beneficiary, the involuntary dismissal rules described above shall apply, provided that the options may be exercised by a person duly permitted to do so by the competent authority.
In order to acquire the shares subject matter of the Old Option Plan, the beneficiaries had to remain related to our Company for a specific term, as provided for in item (j) below, except for the dismissal cases described in item (n) below.
The Old Option Plan provided for the issuance of stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors, consultants, and other associates.
Finally, the Stock Option Committee may determine the suspension, change or termination of the Old Option Plan without the previous consent from the beneficiaries, provided that their rights and obligations are not affected.
In conjunction with the Offering, on June 15, 2011, all outstanding stock options under the Old Option Plan were rolled over into new awards under the 2011 Equity Incentive Plan, and the Old Option Plan was terminated.
Concurrently with the Offering, the stock options outstanding under the Old Option Plan were exchanged for a combination of stock options and RSUs under the 2011 Equity Incentive Plan, with the new awards having the same ‘‘in-the-money’’ amount as the stock options outstanding under the Old Option Plan.