Common use of Effect on Option Clause in Contracts

Effect on Option. (i) If this Option is assumed in connection with a Change in Control (as defined in the Plan) or otherwise continued in effect, then this Option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Grantee in consummation of such Change in Control had the Option been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the exercise price, provided the aggregate exercise price shall remain the same. (ii) In the event of a Change in Control, to the extent the successor Company does not assume or substitute for the Option on substantially the same terms and conditions (which may include settlement in the common stock of the successor Company), the Option shall (A) vest and become exercisable on the day immediately prior to the date of the Change in Control if the Grantee is then a member of the Board or an Employee and (B) terminate on the date of the Change in Control. (iii) This Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

Effect on Option. (i) If this Option is assumed in connection with a Change in Control (as defined in the Plan) or otherwise continued in effect, then this Option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Grantee in consummation of such Change in Control had the Option been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the exercise price, provided the aggregate exercise price shall remain the same. (ii) In the event of a Change in Control, to the extent the successor Company does not assume or substitute for the Option on substantially the same terms and conditions (which may include settlement in the common stock of the successor Company), the Option shall (A) vest and become exercisable on the day immediately prior to the date of the Change in Control if the Grantee is then employed by the Company or a member of the Board or an Employee Subsidiary and (B) terminate on the date of the Change in Control. (iii) This Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.