Seller Option Plan definition
Examples of Seller Option Plan in a sentence
Each Stock Option assumed by Buyer shall be exercisable upon the same terms and conditions as under the Seller Option Plan and applicable option agreement issued thereunder, except that (i) such option shall be exercisable for that number of shares of Buyer Common Stock equal to the number of Common Shares for which such option was exercisable times the Conversion Ratio, and (ii) the exercise price of such option shall be equal to the exercise price of such option divided by the Conversion Ratio.
As of December 31, 1997, (i) 202,000 Common Shares were issued and outstanding, (ii) 600,000 Series A Acute Preferred Shares were issued and outstanding and were convertible into 600,000 Common Shares, (iii) 2,039 Series B Acute Preferred Shares were issued and outstanding and held by JJDC, (iv) no shares of Common Stock were held in the treasury of Seller, and (v) 202,300 Common Shares were reserved for issuance upon exercise of outstanding options under the Seller Option Plan.
Each outstanding option to purchase Common Shares issued to employees, non-employee directors and consultants of Seller pursuant to Seller's 1996 Stock Option/Stock Issuance Plan, as amended (the "Seller Option Plan"), except for options to purchase 44,800 Common Shares granted on October 10, 1996, as listed on Schedule 2.5 hereto which shall terminate on the Closing, whether vested or unvested (each a "Stock Option"), shall remain outstanding after the Effective Time and shall be assumed by Buyer.
After the Effective Time, the Surviving Entity will have no obligation to issue, transfer or sell any capital shares or other interests of Seller or the Surviving Entity pursuant to any Seller Option Plan or any other Seller Benefit Plan (as defined in Section 5.17 hereof).
At the Closing, the Seller Option Plan shall be deemed assumed by Buyer with respect to Assumed Business Employee Options.
Seller has not, since September 30, 2000 adopted or modified the terms of any stock option plan or restricted stock or phantom stock plan or any grants under the Seller Option Plan.
As of the date hereof, except as provided in the Yonkers Financial Corporation Employee Stock Ownership Plan (the "ESOP"), and the options issued under the Seller Option Plan, there are no outstanding contractual obligations of Seller or any of its Subsidiaries to repurchase, redeem or otherwise acquire any shares of capital stock of Seller or any of its Subsidiaries.
Prior to the date hereof (in the case of the individuals listed in Section 1.06 of Seller Disclosure Schedule) and within thirty (30) days thereafter (in the case of all others) Seller shall obtain the written consent to the provisions of this Section 1.06 on the form prescribed by the Purchaser of each person who is the holder of options outstanding under the 1996 Stock Option and Incentive Plan (the "Seller Option Plan") that will not, by their terms, expire prior to the Effective Time.
The Disclosure Letter sets forth a complete and accurate list of all options to purchase Seller Common Stock that have been granted and are outstanding pursuant to the Seller Option Plan and all restricted stock grants under Seller's MRP including the dates of grant, exercise prices, dates of vesting, dates of termination and shares subject to each grant.
Schedule 2.02(b)(i) sets forth a complete and accurate list of all options to purchase Seller Common Stock that have been granted and are outstanding pursuant to the Seller Option Plan (each a "Seller Option") and all currently outstanding restricted stock grants under the Seller RRP including the dates of grant, exercise prices, dates of vesting, dates of termination and shares subject to each grant.