eligible corporation
eligible corporation (as defined inparagraph (a)(2)of this section) may, by reason of acorporate transaction(as defined inparagraph (a)(3)of this section), substitute a new statutory option (new option) for an outstanding statutory option (old option) or assume an old option without such substitution or assumption being considered a modification of the old option. For the definition ofmodification,seeparagraph (e)of this section.