StockOptionAgreement优先认股权协议7doc.docx

StockOptionAgreement优先认股权协议7doc.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