VQ » Topics » Cashless Exercise

These excerpts taken from the VQ 10-Q filed Nov 21, 2005.
Cashless Exercise”):

 

Net Number

=

(A x B) - (A x C)

 

 

B

 

For the purpose of this formula:

 

A

 

=

 

the total number of shares with respect to which the Option is then being exercised.

B

 

=

 

the Fair Market Value (as defined in the Plan) per share of the Common Stock on the date the Exercise Agreement is executed.

C

 

=

 

the exercise price in effect for the shares with respect to which the Option is being exercised.

 

Cashless Exercise”):

 

 

Net Number =

(A x B) – (A x C)

 

 

 

B

 

 

For the purpose of this formula:

 

 

 

A

=

the total number of shares with respect to which the Option is then being exercised.

 

 

 

 

 

 

 

B

=

the Fair Market Value (as defined in the Plan) per share of the Common Stock on the date the Exercise Agreement is executed.

 

 

 

 

 

 

 

C

=

the exercise price in effect for the shares with respect to which the Option is being exercise.

 

4.             Change in Control.

 

4.1           In accordance with Section 4.2.2 of the Plan, immediately upon the occurrence of a Change in Control (as defined below), the Option shall become fully vested and exercisable.  Subject to Sections 4.2.3 through 4.2.6 of the Plan, the Participant shall have the right to exercise the Option (to the extent not previously exercised) until the Expiration Date or earlier termination of the Option.

 

4.2           For the purpose of this Option Agreement, a “

Cashless Exercise”):

 

Net Number = (A x B) – (A x C)

B

 

For the purpose of this formula:

 

A = the total number of shares with respect to which the Option is then being exercised.

B = the Fair Market Value (as defined in the Plan) per share of the Common Stock on the date the Exercise Agreement is executed.

C = the exercise price in effect for the shares with respect to which the Option is being exercise.

 

4.             Change in Control.

 

4.1           In accordance with Section 4.2.2 of the Plan, immediately upon the occurrence of a Change in Control (as defined below), the Option shall become fully vested and exercisable.  Subject to Sections 4.2.3 through 4.2.6 of the Plan, the Participant shall have the right to exercise the Option (to the extent not previously exercised) until the Expiration Date or earlier termination of the Option.

 

4.2           For the purpose of this Option Agreement, a “

EXCERPTS ON THIS PAGE:

10-Q (3 sections)
Nov 21, 2005
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