Alternative Options. Notwithstanding Section 5(a), no cancellation or cash settlement or other payment shall occur with respect to any Option in connection with an Exit Event if the Committee reasonably determines in good faith, prior to the occurrence of such Exit Event, that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted Option being hereinafter referred to as an “Alternative Option”) by the new employer, provided that any such Alternative Option must:
Appears in 3 contracts
Samples: Form Nonqualified Stock Option Agreement (Adesa California, LLC), Exchange Stock Option Agreement (IAA Acquisition Corp.), Nonqualified Stock Option Agreement (IAA Acquisition Corp.)
Alternative Options. Notwithstanding Section 5(a), no cancellation or cash settlement or other payment shall occur with respect to any Option in connection with an Exit Event if the Committee reasonably determines in good faith, prior to the occurrence of such Exit Event, that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted Option being hereinafter referred to as an “Alternative Option”) by the new employer, ; provided that any such Alternative Option must:
Appears in 2 contracts
Samples: Rollover Stock Option Agreement (Adesa California, LLC), Conversion Stock Option Agreement (Adesa California, LLC)
Alternative Options. Notwithstanding Section 5(a), no cancellation or cancellation, cash settlement or other payment shall occur with respect to any Option in connection with an Exit Event a Change in Control if the Committee reasonably determines in good faith, prior to the occurrence of such Exit EventChange in Control, that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted Option being hereinafter referred to as an “Alternative Option”) by the new employer, provided that any such Alternative Option must:
Appears in 2 contracts
Samples: Form of Nonqualified Stock Option Agreement (Alliance Laundry Systems LLC), Nonqualified Stock Option Agreement (Bway Corp)
