Examples of Target Option Plans in a sentence
Each share of Target Common Stock acquired under the Target Option Plans through the exercise of an outstanding option effected immediately prior to the Effective Time shall be canceled and extinguished at the Effective Time and converted automatically into the right to receive the Merger Consideration payable per share of Target Common Stock.
However, if the Merger is not consummated, the option exercise price paid for any shares of Target Common Stock purchased under the Target Option Plans on the basis of the acceleration provided under this Section 1.6(c) shall be refunded by Target, and the vesting schedule for those shares shall revert to the schedule in effect immediately prior to acceleration hereunder.
Promptly after the Effective Time, the Surviving Corporation shall cause to be mailed to each holder of an option under the Target Option Plans which is cancelled in accordance with Section 5.10 instructions for use in effecting the surrender of the documentation for that option in exchange for the consideration payable per option share under Section 5.10.
Immediately prior to the Effective Time, all options issued under the Target Option Plans (other than the Specified Options) that are outstanding on such date will be cancelled and will cease to exist, and the holder of such option will cease to have any rights with respect thereto, except the right to receive a pro rata portion of the Merger Consideration.
Any options which remain outstanding under the Target Option Plans at the Effective Time shall be cancelled in accordance with the provisions of Section 5.10.
The consideration payable per option share under Section 5.10 with respect to the options outstanding under the Target Option Plans at the Effective Time shall be full satisfaction of all rights the holders of those options would otherwise have to acquire shares of Target Common Stock under those options, and those options shall accordingly be cancelled, together with the Target Option Plans, and no further shares of Target Common Stock shall be issuable under the cancelled options or Target Option Plans.
As of the same date 2,621,797, shares of Target Common Stock were issuable pursuant to outstanding Options under the Target Option Plans and there are no shares of treasury stock.
As of June 30, 2010, there were 32,978,600 shares of Target Common Stock reserved for issuance under the Target Option Plans, of which 18,499,712 shares of Target Common Stock were subject to outstanding options, 12,140,851 shares of Target Common Stock were issued pursuant to stock grants, restricted stock grants and the exercise of previously granted options and 2,338,037 shares of Target Common Stock were reserved for future option or stock grants.
As of the date hereof, options to acquire an aggregate of 5,206,666 shares of Target Common Stock (the “Options”) are outstanding under Target Option Plans.
Target shall, prior to the Effective Time, provide timely notice in accordance with the terms of the Target Option Plans to all holders of outstanding Target Options and Target Warrants describing the treatment of such Target Options and Target Warrants as provided in this Agreement.