Common use of Target Options Clause in Contracts

Target Options. At the Effective Time, each holder of an outstanding option (collectively, the "Target Options") to purchase an Interest shall be entitled, in accordance with the terms of such option, to purchase after the Effective Time that number of shares of Acquirer's Common Stock, determined by multiplying the Percentage Interest (as defined in the agreement relating to such Target Option) subject to such Target Option on the Effective Date by 100,000, and the exercise price per share for each such Target Option will equal the aggregate exercise price of the Target Option immediately prior to the Effective Time divided by the number of shares of Acquirer's Common Stock as determined above. If the foregoing calculation results in an assumed option being exercisable for a fraction of a share, then the number of shares of Acquirer's Common Stock subject to such option will be rounded down to the nearest whole number with no cash being payable for such fractional share. The term, exercisability, vesting schedule, status as an "incentive stock option" under Sect▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ernal Revenue Code, if applicable, and all other terms of the Target Options will otherwise be unchanged. Continuous employment with the Target will be credited to an optionee for purposes of determining the number of shares subject to exercise after the Effective Time.