Common use of Accelerated Vesting of Options Upon a Change of Control Clause in Contracts

Accelerated Vesting of Options Upon a Change of Control. If this Agreement is terminated by Executive pursuant to Section 4.1(d) or if GTC terminates the Employee without Cause upon a Change in Control, any options then held by Executive to purchase shares of the Common Stock of GTC which options are then subject to vesting, shall, notwithstanding any contrary provision in the agreement or plan pursuant to which such options had been granted, be fully vested and exercisable on the date immediately preceding the effective date of such termination for the duration of the term of such options as if such termination of employment had not occurred.

Appears in 1 contract

Samples: Employment Agreement (Genzyme Transgenics Corp)

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Accelerated Vesting of Options Upon a Change of Control. If this Agreement is terminated by Executive pursuant to Section 4.1(d) or if GTC terminates the Employee without Cause upon in contemplation of or within 24 months after a Change in Control, any options then held by Executive to purchase shares of the Common Stock of GTC which options are then subject to vesting, shall, notwithstanding any contrary provision in the agreement or plan pursuant to which such options had been granted, be fully vested and exercisable on the date immediately preceding the effective date of such termination for the duration of the term of such options as if such termination of employment had not occurred.

Appears in 1 contract

Samples: Employment Agreement (Genzyme Transgenics Corp)

Accelerated Vesting of Options Upon a Change of Control. If this Agreement is terminated by Executive Employee pursuant to Section 4.1(d) or 4.1(e) or if GTC terminates the Employee without Cause upon a Change in ControlControl or a CRO Disposition, any options then held by Executive Employee to purchase shares of the Common Stock of GTC GTC, which options are then subject to vesting, shall, notwithstanding any contrary provision in the agreement or plan pursuant to which such options had been granted, be fully vested and exercisable on the date immediately preceding the effective date of such termination for the duration of the term of such options options, as if such termination of employment had not occurred.

Appears in 1 contract

Samples: Employment Agreement (Genzyme Transgenics Corp)

Accelerated Vesting of Options Upon a Change of Control. If this Agreement is terminated by Executive Employee pursuant to Section 4.1(d) or if GTC terminates the Employee without Cause upon a Change in of Control, any options then held by Executive Employee to purchase shares of the Common Stock of GTC GTC, which options are then subject to vesting, shall, notwithstanding any contrary provision in the agreement or plan pursuant to which such options had been granted, be fully vested and exercisable on the date immediately preceding the effective date of such termination for the duration of the term of such options options, as if such termination of employment had not occurred.

Appears in 1 contract

Samples: Employment Agreement (GTC Biotherapeutics Inc)

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Accelerated Vesting of Options Upon a Change of Control. If this Agreement is terminated by Executive Employee pursuant to Section 4.1(d) or if GTC terminates the Employee without Cause upon a Change in Control, any options then held by Executive Employee to purchase shares of the Common Stock of GTC GTC, which options are then subject to vesting, shall, notwithstanding any contrary provision in the agreement or plan pursuant to which such options had been granted, be fully vested and exercisable on the date immediately preceding the effective date of such termination for the duration of the term of such options options, as if such termination of employment had not occurred.

Appears in 1 contract

Samples: Employment Agreement (Genzyme Transgenics Corp)

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