ARTICLE III EFFECT OF THE MERGER ON CAPITAL STOCK
(a) Company Options.
(i) As of the Effective Time, each Company Option that is vested in accordance with its terms and outstanding as of immediately prior to the Effective Time (each, a “Vested Company Option”) shall be canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the total number of shares of Company Common Stock subject to such Vested Company Option and (ii) the excess, if any, of the Merger Consideration, over the exercise price per share of Company Common Stock underlying such Vested Company Option (the “Vested Option Consideration”); provided, that if the exercise price per share of Company Common Stock underlying such Vested Company Option is equal to or greater than the Merger Consideration, such Vested Company Option shall be canceled without any cash payment or other consideration being made in respect thereof.
(ii) As of the Effective Time, each Company Option that is outstanding and is not a Vested Company Option (each, an “Unvested Company Option”) shall be canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the total number of shares of Company Common Stock subject to such Unvested Company Option and (ii) the excess, if any, of the Merger Consideration, over the exercise price per share of Company Common Stock underlying such Unvested Company Option (the “Unvested Option Consideration”); provided that, if the exercise price per share of Company Common Stock underlying such Unvested Company Option is equal to or greater than the Merger Consideration, such Unvested Company Option shall be canceled without any cash payment or other consideration being made in respect thereof. Subject to the holder’s continued service with Parent and its Affiliates (including the Surviving Corporation and its Subsidiaries) through the applicable vesting dates, such Unvested Option Consideration will vest and become payable at the same time as the Unvested Company Option from which such Unvested Option Consideration was converted would have vested and been payable pursuant to its terms and shall otherwise remain subject to the same terms and conditions as were applicable to the underlying Unvested Company Option immediately prior to the Effective Time.
【参考訳】(a) 会社のオプション。
(i) 効力発生時間において、その条項に従って権利が発生しており、効力発生時間直前に未だ有効な各会社オプション（以下、「権利発生会社オプション」）は、キャンセルされ、その権利発生会社オプションに対応する会社普通株の総数と、合併対価がその権利発生会社オプションに基づく会社普通株1株あたりの行使価格を超える場合のその超過額との積と等価な現金額（利息無し）を受け取る権利に変換される（以下、「権利発生オプション対価」）。ただし、権利発生会社オプションに基づく会社普通株1株あたりの行使価格が合併対価と等しいかそれ以上である場合、その権利発生会社オプションは、現金支払いまたは他の対価がない状態でキャンセルされる。
(ii) 効力発生時間において、有効であり、かつ権利発生会社オプションでない各会社オプション（以下、「権利未発生会社オプション」）は、キャンセルされ、その権利未発生会社オプションに対応する会社普通株の総数と、合併対価がその権利未発生会社オプションに基づく会社普通株1株あたりの行使価格を超える場合のその超過額との積と等価な現金額（利息無し）を受け取る権利に変換される（以下、「権利未発生オプション対価」）。ただし、権利未発生会社オプションに基づく会社普通株1株あたりの行使価格が合併対価と等しいかそれ以上である場合、その権利未発生会社オプションは、現金支払いまたは他の対価がない状態でキャンセルされる。その保有者が親会社及びその関連会社（存続会社及びその子会社を含む）との間の継続的なサービスに従事し続ける場合、その権利未発生オプション対価は、その権利未発生会社オプションから変換されたものがその条項に基づいて権利が発生し、支払われるべきだった同じ時期に権利が発生し、支払われることとなる。
