Document:

Exhibit 4.1

 

STOCK
OPTION GRANT CERTIFICATE

 

ChromaVision Medical
Systems, Inc., a Delaware corporation (the “Company”), hereby grants to the
grantee named below (“Grantee”) an option (this “Option”) to purchase the total
number of shares shown below of Common Stock of the Company (the “Shares”) at
the exercise price per share set forth below, subject to all of the terms and
conditions on the reverse side of this Stock Option Grant Certificate.  The terms and conditions set forth on the
reverse side hereof are incorporated herein by reference.  This Stock option Grant Certificate shall
constitute the “Agreement” for this Option. 
This option grant is not being granted pursuant to the Company’s 1996
Equity Plan.

 

Grant Date:            July
20, 2004

 

Type of Option:    Non-Qualified Stock Option

 

Shares Subject to
Option:    750,000

 

Exercise Price Per
Share:      $1.58

 

Term of Option:    10
years

 

Shares subject to
issuance under this Option do not become exercisable until the first
anniversary of the grant, and then become exercisable on and after the dates
indicated below:

 

	
  July 20, 2005

  	
   

  	
  25%

  
	
  July 20, 2005 to July
  20, 2008

  	
   

  	
  Monthly

  
	
  July 20, 2008

  	
   

  	
  100%

  

 

This Option shall be
exercisable throughout the Term as to all Shares for which it has become
exercisable as provided above.

 

Grantee hereby
acknowledges receipt of a copy of the Prospectus with respect to Shares
issuable upon exercise of the options granted under the Company’s 1996 Stock
Incentive Plan and further acknowledges that, because this Option is not grated
pursuant to that Plan, some provisions of the Prospectus do not apply to this
Option.  Grantee acknowledges that the
grant and exercise of this Option, and the sale of Shares obtained through the
exercise of this Option, may have tax implications that could result in adverse
tax consequences to the Grantee and that Grantee is not relying on the Company
for any tax, financial or legal advice and will consult a tax adviser prior to
such exercise or disposition.

 

	
  /s/ Ronald Andrews

  	
   

  
	
   Ronald Andrews

  

 

In witness whereof, this
Stock Option Grant Certificate has been executed by the Company by a duly
authorized officer as of the date specified hereon.

 

ChromaVision Medical
Systems, Inc.

 

	
  By

  	
  

  	
   

  

 

 

1.             Option Expiration.  The Option shall automatically terminate upon
the happening of the first of the following events:

 

(a)           The expiration of the three-month
period after the Grantee ceases to be employed by the Company for any reason
other than as provided below in subparagraphs (b) through (e);

 

(b)           The expiration of the one-year period
after the Grantee ceases to be employed by the Company on account of the
Grantee’s disability (as defined in the Plan);

 

(c)           The expiration of the one-year period
after the Grantee’s employment terminates as a result of death while employed
by the Company or within three months after the Grantee’s termination of
employment as described in subparagraph (a) above;

 

(d)           The date on which the Grantee ceases
to be employed by the Company as a result of a termination by the Company for
cause (as defined in the Plan); or

 

(e)           The expiration of the three-year
period after the Grantee’s employment terminates as a result of retirement on
or after the Grantee’s fifty-fifth birthday and a minimum of five years of
employment or three years of Board service.

 

Notwithstanding the
foregoing, in no event may the Option be exercised after the expiration of the
Term of Option specified on the reverse side. 
Any portion of the Option that is not vested at the time the Grantee ceases
to be employed by the Company shall immediately terminate.  In the event a Grantee ceases to be employed
by the Company as a result of a termination by the Company for cause, the
Grantee shall automatically forfeit all shares underlying any exercised portion
of an Option for which the Company has not yet delivered the share certificates
upon refund by the Company of the exercise price paid by the Grantee for such
shares.

 

2.             Exercise Procedures.

 

(a)           Subject to the provisions of this
Stock Option Grant Certificate and the Plan, the Grantee may exercise part or
all of the vested Option by giving the Company written notice of intent to
exercise in the manner provided in Paragraph 11 below, specifying the number of
Shares as to which the Option is to be exercised.  On the delivery date, the Grantee shall pay
the exercise price (i) in cash, (ii) with the prior consent of the
Committee, by delivering Shares of the Company (duly endorsed for transfer or
accompanied by stock powers signed in blank) which shall be valued at their fair
market value on the date of delivery, or (iii) by such other method as the
Committee may approve, including payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board.  The Board may impose from time to time such
limitations as it deems appropriate on the use of Shares of the Company to
exercise the Option.

 

(b)           The obligation of the Company to
deliver Shares upon exercise of the Option shall be subject to all applicable
laws, rules, and regulations and such approvals by governmental agencies as may
be deemed appropriate by the Board, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and
regulations.  The Company may require
that the Grantee (or other person exercising the Option after the Grantee’s
death) represent that the Grantee is purchasing Shares for the Grantee’s own
account and not with a view to or for sale in connection with any distribution
of the Shares, or such other representation as the Board deems
appropriate.  All obligations of the
Company under this Stock Option Grant Certificate shall be subject to the
rights of the Company as set forth in the Plan to withhold amounts required to
be withheld for any taxes, if applicable. 
Subject to Committee approval, the Grantee may elect to satisfy any
income tax withholding obligation of the Company with respect to the Option by
having Shares withheld with a fair market value equal to the federal (including
FICA), state and local tax liabilities with respect to the exercise of the
Option, based on the minimum statutory tax rates applicable to supplemental
wages.

 

3.             Change of Control.  In the event of a “Change of Control,” all of
the unvested portion of the Option shall vest immediately.  “Change in Control” is defined to mean the
issuance, sale or transfer (including a transfer as a result of death,
disability, operation of law or otherwise) in a single transaction or group of
related transactions to any entity, person or group (other than Safeguard
Scientifics, Inc. and/or its affiliates) of the beneficial ownership of
newly issued, outstanding or treasury shares of the capital stock of the
Company having 50% or more of the combined voting power of the Company’s then
outstanding securities entitled to vote for at least a majority of the
authorized number of directors of the Company, or any merger, consolidation,
sale of all or substantially all of the assets or other comparable transaction
as a result of which all or substantially all of the assets and business of the
Company are acquired directly or indirectly by another entity which prior to
the acquisition was not an affiliate of the Company (as defined in the
regulations of the Securities and Exchange Commission under the Securities Act
of 1933), other than any such merger, consolidation, sale or other transaction
which results in the Company’s voting securities outstanding immediately before
the transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a
result of the transaction, controls, directly or indirectly, the Company or
owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least 50% of the
combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction.  Group
shall have the same meaning as in Section 13(d) of the Securities
Exchange Act of 1934, and “affiliate” shall have the same meaning as in
Rule 405 of the Securities Exchange Commission adopted under the
Securities Act of 1933.

 

4.             Restrictions on Exercise.  Only the Grantee may exercise the Option
during the Grantee’s lifetime.  After the
Grantee’s death, the Option shall be exercisable (subject to the limitations
specified in the Plan) solely by the legal representatives of the Grantee, or
by the person who acquires the right to exercise the Option by will or by the
laws of descent and distribution, to the extent that the Option is exercisable
pursuant to this Stock Option Grant Certificate. Notwithstanding the foregoing,
the Committee may provide, at or after grant, that a Grantee may transfer
non-qualified stock options pursuant to a domestic relations order or to family
members or other persons or entities on such terms as the Committee may
determine.

 

5.             Grant Subject to Plan Provisions.  Notwithstanding that this grant has not been
made pursuant to the Plan, this grant shall be subject to the terms and
conditions of the Plan as if it had been issued pursuant to the Plan, the terms
of which are incorporated herein by reference, and in all respects shall be
interpreted in accordance with the Plan. 
The grant and exercise of the Option are subject to the provisions of
the Plan and to interpretations, regulations and determinations concerning the
Plan established from time to time by the Committee in accordance with the
provisions of the Plan, including, but not limited to, provisions pertaining to
(i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the Shares,
(iii) capital or other changes of the Company, and (iv) other requirements
of applicable law.  The Committee shall
have the authority to interpret and construe the Option pursuant to the terms
of the Plan, and its decisions shall be conclusive as to any questions arising
hereunder.

 

6.             No Employment Rights.  The grant of the Option shall not confer upon
the Grantee any right to be retained by or in the employ of the Company and
shall not interfere in any way with the right of the Company to terminate the
Grantee’s employment or service at any time. 
The right of the Company to terminate at will the Grantee’s employment
or service at any time for any reason is specifically reserved.  No policies, procedures or statements of any
nature by or on behalf of the Company (whether written or oral, and whether or
not contained in any formal employee manual or handbook) shall be construed to
modify this Grant Letter or to create express or implied obligations to the
Grantee of any nature.

 

7.             No Stockholder Rights.  Neither the Grantee, nor any person entitled
to exercise the Grantee’s rights in the event of the Grantee’s death, shall
have any of the rights and privileges of a stockholder with respect to the
Shares subject to the Option until certificates for Shares have been issued
upon the exercise of the Option.

 

8.             No Disclosure. 
The Grantee acknowledges that the Company has no duty to disclose to the
Grantee any material information regarding the business of the Company or
affecting the value of the Shares before or at the time of a termination of the
Grantee’s employment, including without limitation any plans regarding a public
offering or merger involving the Company.

 

9.             Assignment and Transfers.  The rights and interests of the Grantee under
this Stock Option Grant Certificate may not be sold, assigned, encumbered or
otherwise transferred except, in the event of the death of the Grantee, by will
or by the laws of descent and distribution. 
In the event of any attempt by the Grantee to alienate, assign, pledge,
hypothecate, or otherwise dispose of the Option or any right hereunder, except
as provided for in this Stock Option Grant Certificate, or in the event of the
levy or any attachment, execution or similar process upon the rights or
interests hereby conferred, the Company may terminate the Option by notice to
the Grantee, and the Option and all rights hereunder shall thereupon become
null and void.  The rights and
protections of the Company hereunder shall extend to any successors or assigns
of the Company and to the Company’s parents, subsidiaries, and affiliates.  This Stock Option Grant Certificate may be
assigned by the Company without the Grantee’s consent.

 

10.           Applicable Law.  The validity, construction, interpretation
and effect of this instrument shall be governed by and determined in accordance
with the laws of the State of Delaware.

 

11.           Notice.  Any notice to the Company provided for in
this instrument shall be addressed to the Company in care of the Chief
Financial Officer at the Company’s headquarters and any notice to the Grantee
shall be addressed to such Grantee at the current address shown on the payroll
of the Company, or to such other address as the Grantee may designate to the
Company in writing.  Any notice shall be
delivered by hand, sent by telecopy or enclosed in a properly sealed envelope
addressed as stated above, registered and deposited, postage prepaid, in a post
office regularly maintained by the United States Postal Service.

 

12.           Antidilution.  If the outstanding shares of Common Stock of
the Company are changed into a different number or kind of shares of Company
stock (I) by reason of a stock dividend, recapitalization , stock split or
reverse stock split, (ii) by reason of a merger, reorganization or
consolidation in which the outstanding shares of Common Stock of the Company
are converted into a different number or kind of shares of Company stock
(iii) by reason of a reclassification, change in par value or (iv) by
reason of any other extraordinary or usual event affecting the outstanding
Common Stock as a class without the Company’s receipt of consideration, or if
the value of outstanding shares of Company’s Common Stock I substantially
reduced as a result of a spin-off or the Company’s payment of an extraordinary
dividend or distribution, then unless such event would change results in the
termination of this Option, the Company shall make an appropriate and
proportionate adjustment in the number and class shares subject in this
Option.  If the outstanding shares of
Common Stock of the Company are converted into or exchanged for cash, property
or securities not issued by the Company as a result of a reorganization,
merger, consolidation or sale of assets of the Company, then, unless provision
is made in writing in connection with such transaction for the assumption of
the Option or the substitution for the Option of a new option covering the
securities of a successor entity, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices, this
Option shall become exercisable to purchase, in lieu of the Shares subject
hereto, the cash, property of securities that would have been received by the
Grantee with respect to the Shares then subject to this Option if this Option
has been exercised immediately before the consummation of such transaction.  Any fractional shares resulting from any such
adjustment shall be eliminated by rounding any portion of a share equal to .5
or greater up, and any portion of a share equal to less than .5 down, in each
case to the nearest whole number.Exhibit 4.2

 

STOCK OPTION GRANT CERTIFICATE

 

ChromaVision Medical
Systems, Inc., a Delaware corporation (the “Company”), hereby grants to
the grantee named below (“Grantee”) an option (this “Option”) to purchase the
total number of shares shown below of Common Stock of the Company (the
“Shares”) at the exercise price per share set forth below, subject to all of
the terms and conditions on the reverse side of this Stock Option Grant
Certificate.  The terms and conditions
set forth on the reverse side hereof are incorporated herein by reference.  This Stock option Grant Certificate shall
constitute the “Agreement” for this Option. 
This option grant is not being granted pursuant to the Company’s 1996
Equity Plan.

 

Grant Date:            September 2,
2004

 

Type of Option:    Non-Qualified
Stock Option

 

Shares Subject to Option:
   400,000

 

Exercise Price Per Share:
     $1.04

 

Term of Option:    10 years

 

Shares subject to
issuance under this Option do not become exercisable until the first
anniversary of the grant, and then become exercisable on and after the dates
indicated below:

 

	
  September 2,
  2005

  	
   

  	
  25%

  
	
  September 2,
  2005 to September 2, 2008

  	
   

  	
  Monthly

  
	
  September 2,
  2008

  	
   

  	
  100%

  

 

This Option shall be
exercisable throughout the Term as to all Shares for which it has become exercisable
as provided above.

 

Grantee hereby
acknowledges receipt of a copy of the Prospectus with respect to Shares
issuable upon exercise of the options granted under the Company’s 1996 Stock
Incentive Plan and further acknowledges that, because this Option is not grated
pursuant to that Plan, some provisions of the Prospectus do not apply to this
Option.  Grantee acknowledges that the
grant and exercise of this Option, and the sale of Shares obtained through the
exercise of this Option, may have tax implications that could result in adverse
tax consequences to the Grantee and that Grantee is not relying on the Company
for any tax, financial or legal advice and will consult a tax adviser prior to
such exercise or disposition.

 

	
  /s/ Kenneth
  Bloom

  	
   

  
	
   Kenneth Bloom

  

 

In witness whereof, this
Stock Option Grant Certificate has been executed by the Company by a duly
authorized officer as of the date specified hereon.

 

ChromaVision Medical
Systems, Inc.

	
  By

  	
  

  	
   

  

 

 

1.             Option Expiration.  The Option shall automatically terminate upon
the happening of the first of the following events:

 

(a)           The expiration of the three-month
period after the Grantee ceases to be employed by the Company for any reason
other than as provided below in subparagraphs (b) through (e);

 

(b)           The expiration of the one-year period
after the Grantee ceases to be employed by the Company on account of the
Grantee’s disability (as defined in the Plan);

 

(c)           The expiration of the one-year period
after the Grantee’s employment terminates as a result of death while employed
by the Company or within three months after the Grantee’s termination of
employment as described in subparagraph (a) above;

 

(d)           The date on which the Grantee ceases
to be employed by the Company as a result of a termination by the Company for
cause (as defined in the Plan); or

 

(e)           The expiration of the three-year
period after the Grantee’s employment terminates as a result of retirement on
or after the Grantee’s fifty-fifth birthday and a minimum of five years of
employment or three years of Board service.

 

Notwithstanding the
foregoing, in no event may the Option be exercised after the expiration of the
Term of Option specified on the reverse side. 
Any portion of the Option that is not vested at the time the Grantee ceases
to be employed by the Company shall immediately terminate.  In the event a Grantee ceases to be employed
by the Company as a result of a termination by the Company for cause, the
Grantee shall automatically forfeit all shares underlying any exercised portion
of an Option for which the Company has not yet delivered the share certificates
upon refund by the Company of the exercise price paid by the Grantee for such
shares.

 

2.             Exercise Procedures.

 

(a)           Subject to the provisions of this
Stock Option Grant Certificate and the Plan, the Grantee may exercise part or
all of the vested Option by giving the Company written notice of intent to
exercise in the manner provided in Paragraph 11 below, specifying the number of
Shares as to which the Option is to be exercised.  On the delivery date, the Grantee shall pay
the exercise price (i) in cash, (ii) with the prior consent of the
Committee, by delivering Shares of the Company (duly endorsed for transfer or
accompanied by stock powers signed in blank) which shall be valued at their
fair market value on the date of delivery, or (iii) by such other method
as the Committee may approve, including payment through a broker in accordance
with procedures permitted by Regulation T of the Federal Reserve Board.  The Board may impose from time to time such
limitations as it deems appropriate on the use of Shares of the Company to
exercise the Option.

 

(b)           The obligation of the Company to
deliver Shares upon exercise of the Option shall be subject to all applicable
laws, rules, and regulations and such approvals by governmental agencies as may
be deemed appropriate by the Board, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and
regulations.  The Company may require
that the Grantee (or other person exercising the Option after the Grantee’s
death) represent that the Grantee is purchasing Shares for the Grantee’s own
account and not with a view to or for sale in connection with any distribution
of the Shares, or such other representation as the Board deems
appropriate.  All obligations of the
Company under this Stock Option Grant Certificate shall be subject to the
rights of the Company as set forth in the Plan to withhold amounts required to
be withheld for any taxes, if applicable. 
Subject to Committee approval, the Grantee may elect to satisfy any
income tax withholding obligation of the Company with respect to the Option by
having Shares withheld with a fair market value equal to the federal (including
FICA), state and local tax liabilities with respect to the exercise of the
Option, based on the minimum statutory tax rates applicable to supplemental
wages.

 

3.             Change of Control.  In the event of a “Change of Control,” all of
the unvested portion of the Option shall vest immediately.  “Change in Control” is defined to mean the
issuance, sale or transfer (including a transfer as a result of death,
disability, operation of law or otherwise) in a single transaction or group of
related transactions to any entity, person or group (other than Safeguard
Scientifics, Inc. and/or its affiliates) of the beneficial ownership of
newly issued, outstanding or treasury shares of the capital stock of the
Company having 50% or more of the combined voting power of the Company’s then
outstanding securities entitled to vote for at least a majority of the
authorized number of directors of the Company, or any merger, consolidation,
sale of all or substantially all of the assets or other comparable transaction
as a result of which all or substantially all of the assets and business of the
Company are acquired directly or indirectly by another entity which prior to
the acquisition was not an affiliate of the Company (as defined in the
regulations of the Securities and Exchange Commission under the Securities Act
of 1933), other than any such merger, consolidation, sale or other transaction
which results in the Company’s voting securities outstanding immediately before
the transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a
result of the transaction, controls, directly or indirectly, the Company or
owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least 50% of the
combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction.  Group
shall have the same meaning as in Section 13(d) of the Securities
Exchange Act of 1934, and “affiliate” shall have the same meaning as in
Rule 405 of the Securities Exchange Commission adopted under the
Securities Act of 1933.

 

4.             Restrictions on Exercise.  Only the Grantee may exercise the Option
during the Grantee’s lifetime.  After the
Grantee’s death, the Option shall be exercisable (subject to the limitations
specified in the Plan) solely by the legal representatives of the Grantee, or
by the person who acquires the right to exercise the Option by will or by the
laws of descent and distribution, to the extent that the Option is exercisable
pursuant to this Stock Option Grant Certificate. Notwithstanding the foregoing,
the Committee may provide, at or after grant, that a Grantee may transfer
non-qualified stock options pursuant to a domestic relations order or to family
members or other persons or entities on such terms as the Committee may
determine.

 

5.             Grant Subject to Plan Provisions.  Notwithstanding that this grant has not been
made pursuant to the Plan, this grant shall be subject to the terms and
conditions of the Plan as if it had been issued pursuant to the Plan, the terms
of which are incorporated herein by reference, and in all respects shall be
interpreted in accordance with the Plan. 
The grant and exercise of the Option are subject to the provisions of
the Plan and to interpretations, regulations and determinations concerning the
Plan established from time to time by the Committee in accordance with the provisions
of the Plan, including, but not limited to, provisions pertaining to
(i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the Shares,
(iii) capital or other changes of the Company, and (iv) other
requirements of applicable law.  The
Committee shall have the authority to interpret and construe the Option
pursuant to the terms of the Plan, and its decisions shall be conclusive as to
any questions arising hereunder.

 

6.             No Employment Rights.  The grant of the Option shall not confer upon
the Grantee any right to be retained by or in the employ of the Company and
shall not interfere in any way with the right of the Company to terminate the
Grantee’s employment or service at any time. 
The right of the Company to terminate at will the Grantee’s employment
or service at any time for any reason is specifically reserved.  No policies, procedures or statements of any
nature by or on behalf of the Company (whether written or oral, and whether or
not contained in any formal employee manual or handbook) shall be construed to
modify this Grant Letter or to create express or implied obligations to the
Grantee of any nature.

 

7.             No Stockholder Rights.  Neither the Grantee, nor any person entitled
to exercise the Grantee’s rights in the event of the Grantee’s death, shall
have any of the rights and privileges of a stockholder with respect to the
Shares subject to the Option until certificates for Shares have been issued
upon the exercise of the Option.

 

8.             No Disclosure. 
The Grantee acknowledges that the Company has no duty to disclose to the
Grantee any material information regarding the business of the Company or
affecting the value of the Shares before or at the time of a termination of the
Grantee’s employment, including without limitation any plans regarding a public
offering or merger involving the Company.

 

9.             Assignment and Transfers.  The rights and interests of the Grantee under
this Stock Option Grant Certificate may not be sold, assigned, encumbered or
otherwise transferred except, in the event of the death of the Grantee, by will
or by the laws of descent and distribution. 
In the event of any attempt by the Grantee to alienate, assign, pledge,
hypothecate, or otherwise dispose of the Option or any right hereunder, except
as provided for in this Stock Option Grant Certificate, or in the event of the
levy or any attachment, execution or similar process upon the rights or
interests hereby conferred, the Company may terminate the Option by notice to
the Grantee, and the Option and all rights hereunder shall thereupon become
null and void.  The rights and
protections of the Company hereunder shall extend to any successors or assigns
of the Company and to the Company’s parents, subsidiaries, and affiliates.  This Stock Option Grant Certificate may be
assigned by the Company without the Grantee’s consent.

 

10.           Applicable Law.  The validity, construction, interpretation
and effect of this instrument shall be governed by and determined in accordance
with the laws of the State of Delaware.

 

11.           Notice.  Any notice to the Company provided for in
this instrument shall be addressed to the Company in care of the Chief
Financial Officer at the Company’s headquarters and any notice to the Grantee
shall be addressed to such Grantee at the current address shown on the payroll
of the Company, or to such other address as the Grantee may designate to the
Company in writing.  Any notice shall be
delivered by hand, sent by telecopy or enclosed in a properly sealed envelope
addressed as stated above, registered and deposited, postage prepaid, in a post
office regularly maintained by the United States Postal Service.

 

12.           Antidilution.  If the outstanding shares of Common Stock of
the Company are changed into a different number or kind of shares of Company
stock (I) by reason of a stock dividend, recapitalization , stock split or
reverse stock split, (ii) by reason of a merger, reorganization or
consolidation in which the outstanding shares of Common Stock of the Company are
converted into a different number or kind of shares of Company stock
(iii) by reason of a reclassification, change in par value or (iv) by
reason of any other extraordinary or usual event affecting the outstanding
Common Stock as a class without the Company’s receipt of consideration, or if
the value of outstanding shares of Company’s Common Stock I substantially
reduced as a result of a spin-off or the Company’s payment of an extraordinary
dividend or distribution, then unless such event would change results in the
termination of this Option, the Company shall make an appropriate and
proportionate adjustment in the number and class shares subject in this
Option.  If the outstanding shares of
Common Stock of the Company are converted into or exchanged for cash, property
or securities not issued by the Company as a result of a reorganization,
merger, consolidation or sale of assets of the Company, then, unless provision
is made in writing in connection with such transaction for the assumption of
the Option or the substitution for the Option of a new option covering the
securities of a successor entity, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices, this
Option shall become exercisable to purchase, in lieu of the Shares subject
hereto, the cash, property of securities that would have been received by the
Grantee with respect to the Shares then subject to this Option if this Option
has been exercised immediately before the consummation of such transaction.  Any fractional shares resulting from any such
adjustment shall be eliminated by rounding any portion of a share equal to .5
or greater up, and any portion of a share equal to less than .5 down, in each
case to the nearest whole number.

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