Conditions to Exercise of Option. The Purchaser may exercise the Option if, but only if (i) the Purchaser shall have accepted for payment all Tendered Shares (the “Accepted Shares”), and (ii) the Accepted Shares (excluding all Shares tendered by any officer or director of the Company) shall represent at least a majority of the outstanding Shares not owned by Giannulli, Parent or the Purchaser at the commencement of the Offer.
Appears in 2 contracts
Sources: Stock Option Agreement (Mossimo Giannulli), Stock Option Agreement (Mossimo Inc)