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