StockOptionAgreement优先认股权协议4doc.docx
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StockOptionAgreement优先认股权协议4doc
StockOptionAgreement优先认股权协议-
1.GrantofOptionAAAherebygrantstoBBBanirrevocableoption(theOption)toacquireupto1,726,398shares(theOptionShares)oftheCommonStock,parvalue$,_________pershare,ofAAA(AAAShares)inthemannersetforthbelow(i)byexchangingthereforsharesoftheCommonStock,parvalue$,_________pershare,ofBBB(BBBShares)atarateoftwo
(2)BBBSharesforeachOptionShare(theExerciseRatio)and/or,atBBB’selection,(ii)bypayingcashatapricedeterminedinaccordancewithSection4below.CapitalizedtermsusedinthisAgreementbutnotdefinedhereinshallhavethemeaningsascribedtheretointheMergerAgreement.2.ExerciseofOptionTheOptionmayonlybeexercisedbyBBB,inwholeorinpart,atanytimeorfromtimetotime,upontheoccurrenceof(i)thecommencementofatenderorexchangeofferfor25%ormoreofanyclassofAAA’scapitalstock,or(ii)anyoftheeventsspecifiedinSection7.03(c)oftheMergerAgreement,otherthaneventsdescribedinSection7.01(g)thereof(anyoftheeventsspecifiedinclauses(i)or(ii)ofthissentencebeingreferredtohereinasanExerciseEvent).IntheeventBBBwishestoexercisetheOption,BBBshalldelivertoAAAawrittennotice(anExerciseNotice)specifyingthetotalnumberofOptionsharesitwishestoacquireandtheformofconsiderationtobepaid.EachclosingofapurchaseofOptionShares(aClosing)shalloccuronadateandatatimedesignatedbyBBBinanExerciseNoticedeliveredatBBBfivebusinessdayspriortothedateofsuchClosing,whichClosingshallbeheldattheofficesofcounseltoAAA.TheOptionshallterminateupontheearlierof(i)theEffectiveTime,(ii)180daysfollowingtheterminationoftheMergerAgreementpursuanttoArticleVIIthereof,ifanExerciseEventshallhaveoccurredonorpriortothedateofsuchtermination,and(iii)thedateonwhichtheMergerAgreementisterminatedpursuanttoArticleVIIthereofifanExerciseEventshallnothaveoccurredonorpriortosuchdate;provided,however,withrespecttotheprecedingclause(ii)ofthissentence,thatiftheOptioncannotbeexercisedbyreasonofanyapplicablegovernmentorder,thentheOptionshallnotterminateuntilthetenthbusinessdayaftersuchimpedimenttoexerciseshallhavebeenremovedorshallhavebecomefinalandnotsubjecttoappeal.Notwithstandingtheforegoing,theOptionmaynotbeexercisedifBBBisinbreachinanymaterialrespectofanyofitscovenantsoragreementscontainedintheMergerAgreement.3.ConditionstoClosingTheobligationofAAAtoissueOptionSharestoBBBhereunderissubjecttotheconditionsthat(a)allconsents,approvals,ordersorauthorizationsof,orregistrations,declarationsorfilingswith,anyFederal,stateorlocaladministrativeagencyorcommissionorotherFederalstateorlocalgovernmentalauthorityorinstrumentality,ifany,requiredinconnectionwiththeissuanceoftheOptionShareshereundershallhavebeenobtainedormade,asthecasemaybe;and(b)nopreliminaryorpermanentinjunctionorotherorderbyanycourtofcompetentjurisdictionprohibitingorotherwiserestrainingsuchissuanceshallbeineffect.4.ClosingAtanyClosing,(a)AAAshalldelivertoBBBasinglecertificateindefinitiveformrepresentingthenumberofAAASharesdesignatedbyBBBinitsExerciseNotice,suchcertificatetoberegisteredinthenameofBBBandtobearthelegendsetforthinSection10hereof,and(b)BBBshallpaytoAAAtheaggregatepurchasepricefortheAAASharessodesignatedandbeingpurchasedbydeliveryof(i)asinglecertificateindefinitiveformrepresentingthenumberofBBBSharesbeingissuedbyBBBinconsiderationtherefor(basedontheExerciseRatio),suchcertificatetoberegisteredinthenameofAAAandtobearthelegendsetforthinSection10hereof,and/or,atBBB’selection,(ii)acertifiedchecks,bankcheckorwiretransfer,asthecasemaybe.IfBBBhaselectedtodelivercashinpaymentforanyAAAShares,thepricetobepaidbyBBBincashtoAAAatanyClosinginrespectofsuchAAASharesshallbe$,_________pershare(theExercisePrice).5.RepresentationsandWarrantiesofAAAAAArepresentsandwarrantstoBBBthat(a)AAAisacorporationdulyorganized,validlyexistingandingoodstandingunderthelawsoftheStateof_________(Placename)andhasthecorporatepowerandauthoritytoenterintothisAgreementandtocarryoutitsobligationshereunder;(b)theexecutionanddeliveryofthisAgreementbyAAAandconsummationbyAAAofthetransactionscontemplatedherebyhavebeendulyauthorizedbyallnecessarycorporateactiononthepartofAAAandnoothercorporateproceedingsonthepartofAAAarenecessarytoauthorizethisAgreementoranyofthetransactionscontemplatedhereby;(c)thisAgreementhasbeendulyexecutedanddeliveredbyAAAandconstitutesalegal,validandbindingobligationofAAAand,assumingthisAgreementconstitutesalegal,validandbindingobligationofBBB,isenforceableagainstAAAinaccordancewithitsterms,exceptasenforceabilitymaybelimitedbybankruptcyandotherlawsaffectingtherightsandremediesofcreditorsgenerallyandgeneralprinciplesofequity;(d)AAAhastakenallnecessarycorporateandotheractiontoauthorizeandreserveforissuanceandtopermitittoissueuponexerciseoftheOption,andatalltimesfromthedatehereofuntiltheterminationoftheOptionwillhavereservedforissuance,asufficientnumberofunissuedAAASharesforBBBtoexercisetheOptioninfullandwilltakeallnecessarycorporateorotheractiontoauthorizeandreserveforissuancealladditionalAAASharesnecessarycorporateorotheractiontoauthorizeandreserveforissuancealladditionalAAASharesorothersecuritieswhichmaybeissuablepursuanttoSection9(a)uponexerciseoftheOption,allofwhich,upontheirissuanceanddeliveryinaccordancewiththetermsofthisAgreement,willbevalidlyissued,fullypaidandnonassessable;(e)upondeliveryoftheAAASharesandanyothersecuritiestoBBBuponexerciseoftheOption,BBBwillacquiresuchAAASharesorothersecuritiesfreeandclearofallmaterialclaims,liens,charges,encumbrancesandsecurityinterestsofanykindornaturewhatsoever,excludingthoseimposedbyBBB;(f)theexecutionanddeliveryofthisAgreementbyAAAdonot,andtheperformanceofthisAgreementbyAAAwillnot,(i)violatetheCertificateofIncorporationorBy-LawsofAAA,(ii)conflictwithorviolateanyorderapplicabletoAAAoranyofitssubsidiariesorbywhichtheyoranyoftheirpropertyisboundoraffectedor(iii)resultinanybreachoforconstituteadefault(oraneventwhichwithnoticeorlapseoftimeorbothwouldbecomeadefault)under,orgiverisetoanyrightoftermination,amendment,accelerationorcancellationof,orresultinthecreationofalienorencumbranceonanyofthepropertyorassetsofAAAoranyofitssubsidiariespursuant,toanycontractoragreementtowhichAAAoranyofitssubsidiariesisapartyorbywhichAAAoranyofitssubsidiariesoranyoftheirpropertyisboundoraffected,except,inthecaseofclauses(ii)and(iii)above,forviolations,conflicts,breaches,defaults,rightsoftermination,amendment,accelerationorcancellation,liensorencumbranceswhichwouldnot,BBBlyorintheaggregate,haveaMaterialAdverseEffectonAAA;(g)theexecutionanddeliveryofthisAgreementbyAAAdoesnot,andtheperformanceofthisAgreementbyAAAwillnot,requireanyconsent,approval,authorizationorpermitof,orfilingwith,ornotificationto,anyGovernmentalEntityand(h)anyBBBSharesacquiredpursuanttothisAgreementwillnotbeacquiredbyAAAwithaviewtothepublicdistributionthereofandAAAwillnotsellorotherwisedisposeofsuchsharesinviolationofapplicablelaworthisAgreement.6.RepresentationsandWarrantiesofBBBBBBrepresentsandwarrantstoAAAthat(a)BBBisacorporationdulyincorporated,validlyexistingandingoodstandingunderthelawsoftheStateof_________(Placename)andhasthecorporatepowerandauthoritytoenterintothisAgreementandtocarryoutitsobligationshereunder;(b)theexecutionanddeliveryofthisAgreementbyBBBandtheconsummationbyBBBofthetransactionscontemplatedherebyhavebeendulyauthorizedbyallnecessarycorporateactiononthepartofBBBandnoothercorporateproceedingsonthepartofBBBarenecessarytoauthorizethisAgreementoranyofthetransactionscontemplatedhereby;(c)thisAgreementhasbeendulyexecutedanddeliveredbyBBBandconstitutesalegal,validandbindingobligationofBBBand,assumingthisAgreementconstitutesalegal,validandbindingobligationofAAA,isenforceableagainstBBBinaccordancewithitsterm,exceptasenforceabilitymaybelimitedbybankruptcyandotherlawsaffectingtherightsandremediesofcreditorsgenerallyandgeneralprinciplesofequity;(d)BBBhastaken(orwillinatimelymannertake)allnecessarycorporateandotheractiontoauthorizeandreserveforissuanceandtopermitittoissueuponexerciseoftheOptionandwilltakeallnecessarycorporateorotheractiontoauthorizeandreserveforissuancealladditionalBBBSharesorothersecuritieswhichmaybeissuablepursuanttoSection9(b)uponexerciseoftheOption,allofwhich,upontheirissuanceanddeliveryinaccordancewiththetermsofthisAgreement,willbevalidlyissued,fullypaidandnonassessable;(e)upondeliveryofAAASharestoBBBinconsiderationofanyacquisitionofBBBSharespursuanthereto,BBBwillacquiresuchAAASharesfreeandclearofallmaterialclaims,liens,charges,encumbrance