Excess Options Sample Clauses

Excess Options. As compensation for the Excess Options surrendered by ▇▇▇▇▇▇ hereunder, EMCC shall pay ▇▇▇▇▇▇ an amount equal to the estimated “bargain element” that would have been received by him had he retained and later exercised the Excess Options, with the bargain element being equal to the difference between the designated exercise price of each Excess Option and the greater of: (i) the average of the high and low market prices for the Common Stock reported as of the close of trading on the Effective Date (the “Market Price”); and (ii) the sum of: (a) the low market price of the Common Stock during the 12-month period ending on the Effective Date; and (b) 75% of the difference between the high and low market prices of the Common Stock during such 12-month period (the “Calculated Price”); provided, however, that: (i) in the event the Effective Date shall fall within any black-out period in which ▇▇▇▇▇▇ is restricted from trading in the Common Stock, then the Market Price shall be determined by reference to the average of the high and low market prices for the Common Stock reported as of the close of trading on the last trading day prior to the commencement of such black-out period, and the Calculated Price shall be determined by reference to the