If all, and no less than all, your Vested Shares are not tendered to the Offer in accordance with the Offer, the exercise of your Options through the cashless exercise arrangement described above will not become effective.
If you exercise all, and no less than all, your Options and tender all, and no less than all, your Vested Shares to the Offer, you will receive, shortly following the completion of the Offer, for each Vested Share resulting from the exercise of all your Options, an amount in cash, without interest, equal to the excess, if any, of the Offer Price over the applicable per share Exercise Price for each such Options, less any applicable tax withholding amount.
The exercise of your Options in the context of the cashless exercise arrangement described above is subject to the satisfaction of the conditions set forth in this letter and those described in the Exercise Documents (as described below), including the satisfaction of the Minimum Condition (as defined by article 8.1 of the MoU).
If you wish to exercise your Options through the cashless exercise arrangement described above, you must complete the form attached as Exhibit B electronically no later than July 25, 2021, 23:59 CET or such later deadline as may be extended by the Purchaser (the “Exercise Deadline”) (the documents for completing the exercise of the Options through the cashless exercise, the “Exercise Documents. If the Purchaser elects to extend the Exercise Deadline beyond the date identified above, the Company will notify you as soon as possible. Any extension will not impact previously completed Exercise Documents, unless otherwise indicated by the Purchaser.
Please note that if you wish to exercise your Options through the cashless exercise arrangement described above, you must exercise all, and no less than all, of your Options.
If you fail to timely complete the Exercise Documents by the Exercise Deadline, you may not have any other opportunity to monetize your Options or the underlying Shares.
All or part of your Options may become null and void if not exercised in the context of the Offer, as may be provided under the terms and conditions of your Options plan(s) and/or the Company may decide to cancel such Options plan(s).
The tax implications of exercising your Options are complex and you are encouraged to consult with your own legal and tax advisors, accountant, and/or financial advisor before completing the form attached as Exhibit B. However, in the event you are a U.S. employee holding an Option that is an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (“ISO”), your Options will convert into nonstatutory stock options (“NSOs”) as a result of this offer being held open for thirty (30) calendar days or more. As a result, upon exercise of your Options, you will be required to satisfy the Exercise Price and applicable tax withholding for each Vested Share that you intend to acquire upon the Option exercise.
Yours sincerely,
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