EDISTO OPTIONS Clause Samples

EDISTO OPTIONS. Each outstanding stock option or warrant granted to employees and directors of Edisto and its Subsidiaries or to any other Persons with respect to Edisto Common Stock (an "EDISTO OPTION") shall be either (A) redeemed by Edisto or (B) exercised or canceled in accordance with its terms, in each case, prior to Merger 1. If any Edisto Option is redeemed pursuant to this provision, such redemption shall be at a price no greater than the amount (if any) by which $9.95 exceeds the exercise price of such Edisto Option (unless otherwise consented to by Parent). The total amount that may be expended to effect any such redemptions may not exceed $1,500,000.