Exchange Program Definition Example

This example Exchange Program definition appears in 2 contracts from 2 companies

Exchange Program. A program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower -2- exercise prices and different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.
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