Common use of Cancelled Options Clause in Contracts

Cancelled Options. Notwithstanding the foregoing, if the per share exercise price of any Company Option that is unexpired, unexercised and outstanding as of immediately prior to the Effective Time, whether held by a Specified Optionee or any other Person, is equal to or greater than the Per Share Closing Consideration, such Company Option will be cancelled at the Effective Time without any consideration paid therefor (together with the vested Company Options cancelled pursuant to the Option Cancellation Agreements, the “Cancelled Options”).

Cancelled Options. Notwithstanding the foregoing, if the each Company Option (whether vested or unvested) with a per share exercise price of any Company Option that is unexpired, unexercised and outstanding as of immediately prior to the Effective Time, whether held by a Specified Optionee greater than or any other Person, is equal to or greater than the Per Share Closing ConsiderationAmount (each, such Company Option will a “Cancelled Option”) shall be cancelled at the Effective Time without any for no consideration paid therefor (together with or payment. No outstanding Company Option shall be assumed, substituted or continued by the vested Parent. The Company shall take all action necessary to effectuate the treatment of Company Options cancelled pursuant to the Option Cancellation Agreements, the “Cancelled Options”this Section 1.5(b)(ii).