StockOptionAgreement优先认股权协议6doc.docx

StockOptionAgreement优先认股权协议6doc.docx

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StockOptionAgreement优先认股权协议6doc

StockOptionAgreement优先认股权协议-

WHEREAS,GranteeandIssuerareconcurrentlywiththeexecutionanddeliveryofthisAgreemententeringintoanAgreementandPlanofMerger（theMergerAgreement）pursuanttowhich,amongotherthings,awhollyownedsubsidiaryofGranteewillmergewithandintoIssueronthetermsandsubjecttotheconditionsstatedtherein;andWHEREAS,inordertoinduceGranteetoenterintotheMergerAgreementandasaconditionforGrantee’sagreeingsotodo,IssuerhasgrantedtoGranteetheStockOption（ashereinafterdefined）,onthetermsandconditionssetforthherein;NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementssetforthhereinandintheMergerAgreement,andforothergoodandvaluableconsideration,theadequacyofwhichisherebyacknowledged,thepartiesheretoagreeasfollows:

Section1.Definitions.CapitalizedtermsusedandnotdefinedhereinhavetherespectivemeaningsassignedtothemintheMergerAgreement.Section2.GrantofStockOption.IssuerherebygrantstoGranteeanirrevocableoption（theStockOption）topurchase,onthetermsandsubjecttotheconditionshereof,for$,_________pershare（theExercisePrice）incash,upto_________fullypaidandnon-assessablesharesofIssuer’scommonstock,parvalue$,_________pershare（theCommonStock）,representingapproximatelyX%ofIssuer’sissuedandoutstandingCommonStockorsuchgreaternumberofsharesasrepresentX%ofthenumberofsharesofCommonStockissuedandoutstandingatthetimeoffirstexercise（withoutgivingeffecttoanysharessubjecttotheStockOption）（theOptionShares）.TheExercisePriceandnumberofOptionSharesshallbesubjecttoadjustmentasprovidedinSection5below.Section3.ExerciseofStockOption.（a）Granteemay,subjecttotheprovisionsofthisSection3,exercisetheStockOption,inwholeorinpart,atanytimeorfromtimetotime,aftertheoccurrenceofaCompanyTriggerEvent（definedbelow）andpriortotheTerminationDate.TerminationDateshallmean,subjecttoSection10（a）,theearliestof（i）theEffectiveTimeoftheMerger,（ii）120daysafterthedatefullpaymentcontemplatedbySection9.3（a）oftheMergerAgreementismadebyIssuertoGranteethereunder（orif,attheexpirationofsuchperiod,theStockOptioncannotbeexercisedbyreasonofanyapplicablejudgment,decree,order,laworregulation,10businessdaysaftersuchimpedimenttoexerciseshallhavebeenremoved）,（iii）thedateoftheterminationoftheMergerAgreementincircumstanceswhichdonotconstituteaCompanyTriggerEventor（iv）thefirstanniversaryofthedateofterminationoftheMergerAgreement.NotwithstandingtheoccurrenceoftheTerminationDate,GranteeshallbeentitledtopurchaseOptionSharespursuanttoanyexerciseoftheStockOption,onthetermsandsubjecttotheconditionshereof,totheextentGranteeexercisedtheStockOptionpriortotheoccurrenceoftheTerminationDate.ACompanyTriggerEventshallmeananeventtheresultofwhichisthattheFeerequiredtobepaidbyIssuertoGranteepursuanttoSection9.3（a）oftheMergerAgreementispayable.（b）GranteemaypurchaseOptionSharespursuanttotheStockOptiononlyifallofthefollowingconditionsaresatisfied:

（i）nopreliminaryorpermanentinjunctionorotherorderissuedbyanyfederalorstatecourtofcompetentjurisdictionintheUnitedStatesshallbeineffectprohibitingdeliveryoftheOptionShares,（ii）anywaitingperiodapplicabletothepurchaseoftheOptionSharesundertheHSRActshallhaveexpiredorbeenterminated,and（iii）anypriornotificationtoorapprovalofanyotherregulatoryauthorityintheUnitedStatesorelsewhererequiredinconnectionwithsuchpurchaseshallhavebeenmadeorobtained,otherthanthosewhichifnotmadeorobtainedwouldnotreasonablybeexpectedtoresultinasignificantdetrimenttoIssueranditsSubsidiaries,takenasawhole.（c）IfGranteeshallbeentitledtoandwishestoexercisetheStockOption,itshalldosobygivingIssuerwrittennotice（theStockExerciseNotice）tosucheffect,specifyingthenumberofOptionSharestobepurchasedandaplaceandclosingdatenotearlierthanthreebusinessdaysnorlaterthan10businessdaysfromthedateofsuchStockExerciseNotice.IftheclosingcannotbeconsummatedonsuchdatebecauseanyconditiontothepurchaseofOptionSharessetforthinSection3（b）hasnotbeensatisfiedorasaresultofanyrestrictionarisingunderanyapplicablelaworregulation,theclosingshalloccurfivedays（orsuchearliertimeasGranteemayspecify）aftersatisfactionofallsuchconditionsandthecessationofallsuchrestrictions.（d）SolongastheStockOptionisexercisablepursuanttothetermsofSection3（a）,GranteemayelecttosendawrittennoticetoIssuer（theCashExerciseNotice）specifyingadatenotlaterthan_________businessdaysandnotearlierthan5businessdaysfollowingthedatesuchnoticeisgivenonwhichdateIssuershallpaytoGranteeinexchangeforthecancellationoftherelevantportionoftheStockOptionanamountincashequaltotheSpread（ashereinafterdefined）multipliedbyallorsuchrelevantportionoftheOptionSharessubjecttotheStockOptionasGranteeshallspecify.Asusedherein,Spreadshallmeantheexcess,ifany,overtheExercisePriceofthehigherof（x）ifapplicable,thehighestpricepershareofCommonStockpaidorproposedtobepaidbyanyPersonpursuanttoanyAcquisitionProposalrelatingtoIssuer（theProposedAlternativeTransactionPrice）or（y）theaverageoftheclosingpricesofthesharesofCommonStockontheprincipalsecuritiesexchangeorquotationsystemonwhichtheCommonStockisthenlistedortradedasreportedinTheWallStreetJournal（butsubjecttocorrectionfortypographicalorothermanifesterrorsinsuchreporting）forthefiveconsecutivetradingdaysimmediatelyprecedingthedateonwhichtheCashExerciseNoticeisgiven（theAverageMarketPrice）.IftheProposedAlternativeTransactionPriceincludesanypropertyotherthancash,theProposedAlternativeTransactionPriceshallbethesumof（i）thefixedcashamount,ifany,includedintheProposedAlternativeTransactionPriceplus（ii）thefairmarketvalueofsuchotherproperty.Ifsuchotherpropertyconsistsofsecuritieswithanexistingpublictradingmarket,theaverageoftheclosingprices（ortheaverageoftheclosingbidandaskedpricesifclosingpricesareunavailable）forsuchsecuritiesintheirprincipalpublictradingmarketonthefivetradingdaysendingfivedayspriortothedateonwhichtheCashExerciseNoticeisgivenshallbedeemedtoequalthefairmarketvalueofsuchproperty.Ifsuchotherpropertyincludesanythingotherthancashorsecuritieswithanexistingpublictradingmarket,theProposedAlternativeTransactionPriceshallbedeemedtoequaltheAverageMarketPrice.UponexerciseofitsrightpursuanttothisSection3（d）andthereceiptbyGranteeoftheapplicablecashamountwithrespecttotheOptionSharesortheapplicableportionthereof,theobligationsofIssuertodeliverOptionSharespursuanttoSection3（e）shallbeterminatedwithrespecttothenumberofOptionSharesspecifiedintheCashExerciseNotice.TheSpreadshallbeappropriatelyadjusted,ifapplicable,togiveeffecttoSection5.（e）（i）AtanyclosingpursuanttoSection3（c）hereof,GranteeshallmakepaymenttoIssueroftheaggregatepurchasepricefortheOptionSharestobepurchasedandIssuershalldelivertoGranteeacertificaterepresentingthepurchasedOptionShares,registeredinthenameofGranteeoritsdesigneeand（ii）atanyclosingpursuanttoSection3（d）hereof,IssuerwilldelivertoGranteecashinanamountdeterminedpursuanttoSection3（d）hereof.AnypaymentmadebyGranteetoIssuer,orbyIssuertoGrantee,pursuanttothisAgreementshallbemadebywiretransferofimmediatelyavailablefundstoabankdesignatedbythepartyreceivingsuchfunds,providedthatthefailureorrefusalbyIssuertodesignatesuchabankaccountshallnotprecludeGranteefromexercisingtheStockOption.IfatthetimeoftheissuanceofOptionSharespursuanttotheexerciseoftheStockOption,rightspursuanttoanyshareholderrightsplanareoutstanding,thentheOptionSharesissuedpursuanttosuchexerciseshallbeaccompaniedbycorrespondingshareholderrights.（f）CertificatesforCommonStockdeliveredattheclosingdescribedinSection3（c）hereofshallbeendorsedwitharestrictivelegendwhichshallreadsubstantiallyasfollows:

ThetransferofthesharesrepresentedbythiscertificateissubjecttoresalerestrictionsarisingundertheSecuritiesActof1933,asamended.Itisunderstoodandagreedthattheabovelegendshallberemovedbydeliveryofsubstitutecertificate（s）withoutthisreference（i）ifGranteeshallhavedeliveredtoIssueracopyofano-actionletterfromthestaffoftheSecuritiesandExchangeCommission,orawrittenopinionofcounsel,informandsubstancereasonablysatisfactorytoIssuer,totheeffectthatsuchlegendisnotrequiredforpurposesof,orresalemaybeeffectedpursuanttoanexemptionfromregistrationunder,theSecuritiesActor（ii）inconnectionwithanysaleregisteredundertheSecuritiesAct.Inaddition,thesecertificatesshallbearanyotherlegendasmayberequiredbyapplicablelaw.Section4.RepresentationsofGrantee.GranteeherebyrepresentsandwarrantstoIssuerthatanyOptionSharesacquiredbyGranteeupontheexerciseoftheStockOptionwillnotbe,andtheStockOptionisnotbeing,acquiredbyGranteewiththeintentionofmakingapublicdistributionthereof,otherthanpursuantt