Common use of Accelerated Vesting in the Event of Termination of Employment Clause in Contracts

Accelerated Vesting in the Event of Termination of Employment. (a) Termination of Employment by the Company Other than for Cause or by Holder for Good Reason After February 28, 2006. In the event of Holder's Termination of Employment (without regard to any consulting services provided pursuant to this paragraph (a)) by reason of discharge by the Company other than for Cause, or by reason of resignation by the Holder for Good Reason after February 28, 2006, (i) if the Holder, upon written request of the Company and reasonable advance notice, agrees to provide, and does provide, consulting services to the Company (or to the Parent at the direction of the Company, or both) for up to five (5) days a month for up to a one (1) year period for a fee of $1,500 per day, the remaining unvested shares of Common Stock subject to the Option shall vest and become exercisable on the last day of the one (1) year period, or (ii) such remaining unvested shares of Common Stock subject to the Option shall otherwise vest and become exercisable on the third anniversary of the Grant Date. The Company and the Holder shall mutually use their best efforts to schedule the date or dates on which the Holder will provide the requested consulting services so as not to prevent the Holder from being gainfully employed by a subsequent employer, and shall be arranged so as to reasonably accommodate Holder's vacation or other personal affairs.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Leap Wireless International Inc)

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Accelerated Vesting in the Event of Termination of Employment. (a) Accelerated Vesting in the Event of Termination of Employment by the Company Other than for Cause or by Holder for Good Reason After February 28, 2006. In the event of Holder's Termination of Employment (without regard to any consulting services provided pursuant to this paragraph (a)) by reason of discharge by the Company other than for Cause, or by reason of resignation by the Holder for Good Reason after February 28, 2006, (i) if the Holder, upon written request of the Company and reasonable advance notice, agrees to provide, and does provide, consulting services to the Company (or to the Parent at the -5- direction of the Company, or both) for up to five (5) days a month for up to a one (1) year period for a fee of $1,500 per day, the remaining unvested shares of Common Stock subject to Unreleased Shares shall be released from the Company's Repurchase Option shall vest and become exercisable on the last day of the one (1) year period, or (ii) such remaining unvested shares of Common Stock subject to the Option Unreleased Shares shall otherwise vest and become exercisable be released from the Company's Repurchase Option on the third anniversary of the Grant Date. The Company and the Holder shall mutually use their best efforts to schedule the date or dates on which the Holder will provide the requested consulting services so as not to prevent the Holder from being gainfully employed by a subsequent employer, and shall be arranged so as to reasonably accommodate Holder's vacation or other personal affairs.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Leap Wireless International Inc)

Accelerated Vesting in the Event of Termination of Employment. (a) Accelerated Vesting in the Event of Termination of Employment by the Company Other than for Cause or by Holder for Good Reason After February 28, 2006. In the event of Holder's Termination of Employment (without regard to any consulting services provided pursuant to this paragraph (a)) by reason of discharge by the Company other than for Cause, or by reason of resignation by the Holder for Good Reason after February 28, 2006, (i) if the Holder, upon written request of the Company and reasonable advance notice, agrees to provide, and does provide, consulting services to the Company (or to the Parent at the direction of the Company, or both) for up to five (5) days a month for up to a one (1) year period for a fee of $1,500 per day, the remaining unvested shares of Common Stock subject to Unreleased Shares shall be released from the Company's Repurchase Option shall vest and become exercisable on the last day of the one (1) year period, or (ii) such remaining unvested shares of Common Stock subject to the Option Unreleased Shares shall otherwise vest and become exercisable be released from the Company's Repurchase Option on the third anniversary of the Grant Date. The Company and the Holder shall mutually use their best efforts to schedule the date or dates on which the Holder will provide the requested consulting services so as not to prevent the Holder from being gainfully employed by a subsequent employer, and shall be arranged so as to reasonably accommodate Holder's vacation or other personal affairs.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Leap Wireless International Inc)

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Accelerated Vesting in the Event of Termination of Employment. (a) Accelerated Vesting in the Event of Termination of Employment by the Company Other than for Cause or by Holder for Good Reason After February 28, 2006. In the event of Holder's Termination of Employment (without regard to any consulting services provided pursuant to this paragraph (a)) by reason of discharge by the Company other than for Cause, or by reason of resignation by the Holder for Good Reason after February 28, 2006, (i) if the Holder, upon written request of the Company and reasonable advance notice, agrees to provide, and does provide, consulting services to the Company (or to the Parent at the direction of the Company, or both) for up to five (5) days a month for up to a one (1) year period for a fee of $1,500 per day, the remaining unvested shares of Common Stock subject to Unreleased Shares shall be released from the Company's Repurchase Option shall vest and become exercisable on the last day of the one (1) year period, or (ii) such remaining unvested shares of Common Stock subject to the Option Unreleased Shares shall otherwise vest and become exercisable be released from the Company's Repurchase Option on the third anniversary of the Grant DateDecember 31, 2008. The Company and the Holder shall mutually use their best efforts to schedule the date or dates on which the Holder will provide the requested consulting services so as not to prevent the Holder from being gainfully employed by a subsequent employer, and shall be arranged so as to reasonably accommodate Holder's vacation or other personal affairs.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Leap Wireless International Inc)

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