Examples of Substituted Parent Option in a sentence
The Substituted Parent Options shall have the same vesting schedule as the Company Options and continuous employment with the Company shall be credited to each optionee for purposes of determining the number of shares of Parent Common Stock subject to exercise under such optionee's Substituted Parent Option after the Effective Time.
For the avoidance of doubt, no holder of a Substituted Parent Option shall receive any such dividends or other distributions unless and until such option vests and the applicable shares of Parent Common Stock are payable to such holder pursuant to Section 1.7(d)(i)(B) or (C).
An amendment to the Plan to increase the number of shares under the Plan by 500,000 was authorized by the Board of Directors on April 24, 2003 and was approved by shareholders on October 21, 2003.
Notwithstanding the foregoing, this Section 9.5 shall not be construed to prohibit an action (i) for payment of Merger consideration by a Company Stockholder or holder of a Company Option or Substituted Parent Option that is unpaid at a time when Parent is then obligated to pay such amounts or (ii) to enforce the vesting and exercisability rights of a Terminated Company Employee with respect to his or her Unvested Substituted Parent Options, in each case, pursuant to Article I.
If the foregoing calculation results in a Substituted Parent Option being exercisable for a fraction of a share of Parent Common Stock, then the number of shares of Parent Common Stock subject to such Substituted Parent Option shall be rounded down to the nearest whole number of shares.
Following the Effective Time, the Company Options shall no longer be exercisable and shall entitle the Company Option holder only to the Option Cash Payment or the Substituted Parent Option Award, as applicable, which, in the case of the Option Cash Payment, shall be paid as of, or promptly following, the Effective Time (but in no event later than the fifth (5th) Business Day following the Closing Date) or, in the case of the Substituted Parent Option Award, shall be issued as of the Effective Time.