Takeovers. (i) Where a person (or a group of persons acting in concert) obtains Control of the Company as a result of making an offer to acquire Shares, Options will be exercisable, subject to paragraph (ii) below, for six months from the date the person obtains Control and then lapses. (ii) An Option will not be exercisable under paragraph (i) but will be exchanged for a new option to the extent that: (a) an offer to exchange the Option is made and accepted by the Optionholder; or (b) the Committee, with the consent of the person who obtains Control, decide that the Option will be automatically exchanged.
Appears in 2 contracts
Sources: Executive Service Agreement, Executive Service Agreement (Lloyds TSB Group PLC)