Common use of Outstanding Stock Options Clause in Contracts

Outstanding Stock Options. The Company represents that all outstanding options granted pursuant to the stock option plan or otherwise exceed their respective exercise prices, and agrees and represents that the Board has determined unanimously to use its and their respective reasonable commercial efforts to encourage all persons holding options to purchase Common Shares pursuant to the Company’s stock option plan or otherwise, to either (a) exercise their options (which may include a conditional exercise for the purposes of tendering to the Offer) prior to the expiry of the Offer and to deposit all Common Shares issued in connection therewith to the Offer as more particularly described in Section 2(b)(i) of the form of Lock-Up Agreement attached as Schedule 2.2(a)(iv) hereto; or (b) subject to receipt of any necessary regulatory approvals, elect to receive cash payments from the Company, as described in Section 2(b)(ii) of the form of Lock-Up Agreement attached as Schedule 2.2(a)(iv) hereto, other than those Shareholders respectively who are parties to a Lock-Up Agreement in respect of whom the provisions of the applicable Lock-Up Agreement executed by such Shareholder shall apply.