Surrender of Options Sample Clauses

Surrender of Options. The Committee may, in its discretion and upon such terms and conditions as it deems appropriate, accept the surrender by a participant of a presently exercisable right to purchase stock granted under an option and authorize payment by the Company in consideration therefor of an amount equal to the difference obtained by subtracting the option price of the stock from its fair market value on the date of such surrender, such payment to be in cash or shares of the Common Stock of the Company valued at fair market value on the date of such surrender, or partly in such stock and partly in cash, provided that the Committee determines such settlement is consistent with the purpose of the Plan.

Surrender of Options. Upon the Optionee's surrender to the Company for cancellation of this Agreement and the Option granted herein; and,

Surrender of Options. (a) Grantee may, at any time following a Repurchase Event and prior to the occurrence of an Exercise Termination Event (or such later period as provided in Section 10), relinquish the Option (together with any Option Shares issued to and then owned by Grantee) to Issuer in exchange for a cash fee equal to the Surrender Price; provided, however, that Grantee may not exercise its rights pursuant to this Section 14 if Issuer has repurchased the Option (or any portion thereof) or any Option Shares pursuant to Section 7. The “Surrender Price” shall be equal to $22 million (i) plus, if applicable, Grantee’s purchase price with respect to any Option Shares being so relinquished and (ii) minus, if applicable, the sum of (1) the excess of (A) the net cash amounts, if any, received by Grantee pursuant to the arms’ length sale of Option Shares (or any other securities into which such Option Shares were converted or exchanged) to any unaffiliated party, over (B) Grantee’s purchase price of such Option Shares, and (2) the net cash amounts, if any, received by Grantee pursuant to an arms’ length sale of any portion of the Option sold. (b) Grantee may exercise its right to relinquish the Option and any Option Shares pursuant to this Section 14 by surrendering to Issuer, at its principal office, a copy of this Agreement together with certificates for Option Shares, if any, accompanied by a written notice stating (i) that Grantee elects to relinquish the Option and Option Shares, if any, in accordance with the provisions of this Section 14 and (ii) the Surrender Price. The Surrender Price shall be payable in immediately available funds on or before the second business day following receipt of such notice by Issuer. (c) To the extent that Issuer is prohibited under applicable law or regulation, or as a consequence of administrative policy, from paying the Surrender Price to Grantee in full, Issuer shall immediately so notify Grantee and thereafter deliver or cause to be delivered, from time to time, to Grantee, the portion of the Surrender Price that it is no longer prohibited from paying, within five business days after the date on which Issuer is no longer so prohibited; provided, however, that if Issuer at any time after delivery of a notice of surrender pursuant to paragraph (b) of this Section 14 is prohibited under applicable law or regulation, or as a consequence of administrative policy, from paying to Grantee the Surrender Price in full, (i) Issuer shall (A) use it...

Surrender of Options. Subject to the terms and conditions of this Agreement, upon the execution of this Agreement, the Executive shall surrender to the Company all of the Options and have no further rights to any of such Options, and the Company shall cancel the Options upon their surrender to the Company. Such surrender and cancellation are together referred to herein as the “Option Cancellation.”

Surrender of Options. The Committee, in its sole discretion, may incorporate one or more provisions in any Option granted under this Plan to allow a Participant to surrender his/her Option in whole or part in lieu of the exercise of all or part of that Option or in payment of any amounts due the Company upon the exercise of such Award. Such provision(s) may specify that the Committee may authorize such surrender after the grant, but before the exercise, of any such Option.

Surrender of Options. Any election by the Employee to surrender options to the Company pursuant to Sections 11(d)(C) or 11(e)(C) must be made on or within 30 days after the Date of Termination, and if the Employee does not make the election during such time period, the Employee’s right to do so shall expire. The Company shall make a cash lump sum payment to the Employee within five days following the surrender equal to the excess of (1) the fair market value on the date of surrender of the securities issuable upon exercise of the options surrendered over (2) the aggregate exercise price of the options surrendered.

Surrender of Options. The Sellers, on the Closing Date, shall surrender to the Company for immediate cancellation, for no additional consideration, any Options that have not been exercised at or prior thereto.

Surrender of Options. As additional consideration for Buyer's payment described in Section 3 below, at the Closing, you shall surrender to Milastar, for no additional consideration, the Options, which consist of options to purchase up to 107, 500 shares of Milastar Class A common stock.

Surrender of Options. Parent shall cause the Surviving Corporation to pay to each Employee Option Holder, in accordance with the Company’s normal payroll processes, as promptly as practicable following receipt by the Surviving Corporation thereof, the Option Payments contemplated to be paid to such Employee Option Holder pursuant to this Section 3.3, subject to any applicable withholdings and subject to adjustment as provided in Section 3.4 hereof. As soon as practicable after the date hereof, the Company or its designee shall deliver to each Non-Employee Option Holder (1) a Letter of Transmittal and (2) instructions for use in effecting the cancellation and termination of the Option in exchange for the portion of Option Payments contemplated to be paid to such Non-Employee Option Holder pursuant to this Section 3.3. As a condition precedent to each Non-Employee Option Holder’s right to receive his, her or its Option Payment, if any, such Non-Employee Option Holder shall deliver to the Company or the Paying Agent an executed Letter of Transmittal. Upon receipt by the Company or its designee of the items set forth in the immediately preceding sentence (but in no event earlier than the Effective Time), the Company or its designee shall pay to such Non-Employee Option Holder, subject to any applicable withholdings and subject to adjustment as provided in Section 3.4 hereof, the portion of Option Payments due under this Section 3.3 with respect to such Option, which payment shall be paid on the later of the Closing Date and five (5) Business Days after the date of receipt by the Company of such deliveries from such Non-Employee Option Holder.