New Options. At the Effective Time, by virtue of the Merger and without any action on the part of any holder of any ECI Option, each ECI Option, whether vested or unvested, exercisable or unexercisable, shall be deemed to constitute an option (a "New Option") to purchase, on the same terms and conditions as were applicable under the terms of the ECI Employee Stock Option Plan, a number of shares of Microfield Common Stock at an exercise price per share determined respectively as follows:
Appears in 2 contracts
Sources: Merger Agreement (Microfield Group Inc), Merger Agreement (Microfield Group Inc)