StockOptionAgreement优先认股权协议7docWord文档格式.docx
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StockOptionAgreement优先认股权协议7doc@#@StockOptionAgreement优先认股权协议-@#@WHEREAS,ParentandtheCompanyareconcurrentlywiththeexecutionanddeliveryofthisAgreemententeringintoanAgreementandPlanofMerger(theMergerAgreement)pursuanttowhich,amongotherthings,MergerSubsidiarywillmergewithandintotheCompanyonthetermsandsubjecttotheconditionsstatedtherein;@#@andWHEREAS,inordertoinduceParenttoenterintotheMergerAgreementandasaconditionforParent’sagreeingsotodo,theCompanyhasgrantedtoParenttheStockOption(ashereinafterdefined),onthetermsandconditionssetforthherein;@#@NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementssetforthhereinandintheMergerAgreement,andforothergoodandvaluableconsideration,theadequacyofwhichisherebyacknowledged,thepartiesheretoagreeasfollows:
@#@Section1.Definitions.CapitalizedtermsusedandnotdefinedhereinhavetherespectivemeaningsassignedtothemintheMergerAgreement.Section2.GrantofStockOption.TheCompanyherebygrantstoParentanirrevocableoption(theStockOption)topurchase,onthetermsandsubjecttotheconditionshereof,for$,_________pershare(theExercisePrice)incash,upto_________fullypaidandnon-assessableshares(theOptionShares)oftheCompany’scommonstock,parvalue$,_________pershare(theCommonStock).TheExercisePriceandnumberofOptionSharesshallbesubjecttoadjustmentasprovidedinSection5below.Section3.ExerciseofStockOption.(a)Parentmay,subjecttotheprovisionsofthisSection3,exercisetheStockOption,inwholeorinpart,atanytimeorfromtimetotime,aftertheoccurrenceofaCompanyTriggerEvent(definedbelow)andpriortotheTerminationDate.TerminationDateshallmean,subjecttoSection9(a),theearliestof(i)theEffectiveTimeoftheMerger,(ii)120daysafterthedatefullpaymentcontemplatedbySection10.5(a)oftheMergerAgreementismadebytheCompanytoParentthereunder,(iii)thedateoftheterminationoftheMergerAgreementsolongas,inthecaseofthisclause(iii),noCompanyTriggerEventhasoccurredorcouldstilloccurpursuanttoSection10.5(a)oftheMergerAgreementor(iv)thefirstanniversaryofthedateofterminationoftheMergerAgreement.NotwithstandingtheoccurrenceoftheTerminationDate,ParentshallbeentitledtopurchaseOptionSharespursuanttoanyexerciseoftheStockOption,onthetermsandsubjecttotheconditionshereof,totheextentParentexercisedtheStockOptionpriortotheoccurrenceoftheTerminationDate.ACompanyTriggerEventshallmeananeventtheresultofwhichisthatthetotalfeeorfeesrequiredtobepaidbytheCompanytoParentpursuanttoSection10.5(a)oftheMergerAgreementisequalto$,_________million.(b)ParentmaypurchaseOptionSharespursuanttotheStockOptiononlyifallofthefollowingconditionsaresatisfied:
@#@(i)nopreliminaryorpermanentinjunctionorotherorderissuedbyanyfederalorstatecourtofcompetentjurisdictionintheUnitedStatesshallbeineffectprohibitingdeliveryoftheOptionShares,(ii)anywaitingperiodapplicabletothepurchaseoftheOptionSharesundertheHSRActshallhaveexpiredorbeenterminated,and(iii)anypriornotificationtoorapprovalofanyotherregulatoryauthorityintheUnitedStatesorelsewhererequiredinconnectionwithsuchpurchaseshallhavebeenmadeorobtained,otherthanthosewhichifnotmadeorobtainedwouldnotreasonablybeexpectedtoresultinasignificantdetrimenttotheCompanyanditsSubsidiaries,takenasawhole.(c)IfParentshallbeentitledtoandwishestoexercisetheStockOption,itshalldosobygivingtheCompanywrittennotice(theStockExerciseNotice)tosucheffect,specifyingthenumberofOptionSharestobepurchasedandaplaceandclosingdatenotearlierthanthreebusinessdaysnorlaterthan10businessdaysfromthedateofsuchStockExerciseNotice.IftheclosingcannotbeconsummatedonsuchdatebecauseanyconditiontothepurchaseofOptionSharessetforthinSection3(b)hasnotbeensatisfiedorasaresultofanyrestrictionarisingunderanyapplicablelaworregulation,theclosingshalloccurfivedays(orsuchearliertimeasParentmayspecify)aftersatisfactionofallsuchconditionsandthecessationofallsuchrestrictions.(d)SolongastheStockOptionisexercisablepursuanttothetermsofSection3(a),ParentmayelecttosendawrittennoticetotheCompany(theCashExerciseNotice)specifyingadatenotlaterthan20businessdaysandnotearlierthan5businessdaysfollowingthedatesuchnoticeisgivenonwhichdatetheCompanyshallpaytoParentinexchangeforthecancellationoftherelevantportionoftheStockOptionanamountincashequaltotheSpread(ashereinafterdefined)multipliedbyallorsuchrelevantportionoftheOptionSharessubjecttotheStockOptionasParentshallspecify.Asusedherein,Spreadshallmeantheexcess,ifany,overtheExercisePriceofthehigherof(x)ifapplicable,thehighestpricepershareofCommonStockpaidorproposedtobepaidbyanyPersonpursuanttoanyAcquisitionProposalrelatingtoParent(theProposedAlternativeTransactionPrice)or(y)theaverageoftheclosingpricesofthesharesofCommonStockontheprincipalsecuritiesexchangeorquotationsystemonwhichtheCommonStockisthenlistedortradedasreportedinTheWallStreetJournal(butsubjecttocorrectionfortypographicalorothermanifesterrorsinsuchreporting)forthefiveconsecutivetradingdaysimmediatelyprecedingthedateonwhichtheCashExerciseNoticeisgiven(theAverageMarketPrice).IftheProposedAlternativeTransactionPriceincludesanypropertyotherthancash,theProposedAlternativeTransactionPriceshallbethesumof(i)thefixedcashamount,ifany,includedintheProposedAlternativeTransactionPriceplus(ii)thefairmarketvalueofsuchotherproperty.Ifsuchotherpropertyconsistsofsecuritieswithanexistingpublictradingmarket,theaverageoftheclosingprices(ortheaverageoftheclosingbidandaskedpricesifclosingpricesareunavailable)forsuchsecuritiesintheirprincipalpublictradingmarketonthefivetradingdaysendingfivedayspriortothedateonwhichtheCashExerciseNoticeisgivenshallbedeemedtoequalthefairmarketvalueofsuchproperty.Ifsuchotherpropertyincludesanythingotherthancashorsecuritieswithanexistingpublictradingmarket,theProposedAlternativeTransactionPriceshallbedeemedtoequaltheAverageMarketPrice.UponexerciseofitsrightpursuanttothisSection3(d)andthereceiptbyParentoftheapplicablecashamountwithrespecttotheOptionSharesortheapplicableportionthereof,theobligationsoftheCompanytodeliverOptionSharespursuanttoSection3(e)shallbeterminatedwithrespecttothenumberofOptionSharesspecifiedintheCashExerciseNotice.TheSpreadshallbeappropriatelyadjusted,ifapplicable,togiveeffecttoSection5.(e)(i)AtanyclosingpursuanttoSection3(c)hereof,ParentshallmakepaymenttotheCompanyoftheaggregatepurchasepricefortheOptionSharestobepurchasedandtheCompanyshalldelivertoParentacertificaterepresentingthepurchasedOptionShares,registeredinthenameofParentoritsdesigneeand(ii)atanyclosingpursuanttoSection3(d)hereof,theCompanywilldelivertoParentcashinanamountdeterminedpursuanttoSection3(d)hereof.AnypaymentmadebyParenttotheCompany,orbytheCompanytoParent,pursuanttothisAgreementshallbemadebywiretransferofimmediatelyavailablefundstoabankdesignatedbythepartyreceivingsuchfunds,providedthatthefailureorrefusalbytheCompanytodesignatesuchabankaccountshallnotprecludeParentfromexercisingtheStockOption.IfatthetimeoftheissuanceofOptionsSharespursuanttotheexerciseoftheStockOption,CompanyRightsoranysimilarsecuritiesareoutstanding,thentheOptionSharesissuedpursuanttosuchexerciseshallbeaccompaniedbycorrespondingCompanyRightsorsuchsimilarsecurities.(f)CertificatesforCommonStockdeliveredattheclosingdescribedinSection3(c)hereofshallbeendorsedwitharestrictivelegendwhichshallreadsubstantiallyasfollows:
@#@ThetransferofthesharesrepresentedbythiscertificateissubjecttoresalerestrictionsarisingundertheSecuritiesActof1933,asamended.Itisunderstoodandagreedthattheabovelegendshallberemovedbydeliveryofsubstitutecertificate(s)withoutthisreference(i)ifParentshallhavedeliveredtotheCompanyacopyofano-actionletterfromthestaffoftheSecuritiesandExchangeCommission,orawrittenopinionofcounsel,informandsubstancereasonablysatisfactorytotheCompany,totheeffectthatsuchlegendisnotrequiredforpurposesof,orresalemaybeeffectedpursuanttoanexemptionfromregistrationunder,theSecuritiesActor(ii)inconnectionwithanysaleregisteredundertheSecuritiesAct.Inaddition,thesecertificatesshallbearanyotherlegendasmayberequiredbyapplicablelaw.Section4.RepresentationsofParent.ParentherebyrepresentsandwarrantstotheCompanythatanyOptionSharesacquiredbyParentupontheexerciseoftheStockOptionwillnotbe,andtheStockOptionisnotbeing,acquiredbyParentwiththeintentionofmakingapublicdistributionthereof,otherthanpursuanttoaneffectiveregistrationstatementundertheSecuritiesActorotherwiseincompliancewiththeSecuritiesAct.Section5.AdjustmentuponChangesinCapitalizationorMerger.(a)IntheeventofanychangeintheoutstandingsharesofCommonStockbyreasonofastockdividend,stocksplit,reversestocksplit,s