Accelerated Vesting of Stock. As of Employee's Resignation Date, Employee is fully vested in 66,666 shares of Company's common stock. As further consideration for the covenants and releases set forth herein, Company shall accelerate Employee's vesting in an additional 81,251 shares of Company's common stock, bringing Employee's total vested shares to 147,917. All other options shall be cancelled and Employee shall not vest in any additional shares. The exercise of any stock options shall continue to be subject to the terms and conditions of the Company's Stock Option Plan and the applicable Stock Option Agreement between Employee and the Company, under which Employee has 90 days after the termination of the employment to exercise options.
Accelerated Vesting of Stock. You currently hold 2,588,000 shares of Common Stock that you purchased pursuant to the early exercise of that certain Stock Option Grant Notice and Stock Option Agreement dated February 3, 2017 (the “February 2017 Agreement”). As of your Separation Date, 2,048,834 of those shares were unvested and subject to the Company’s right to repurchase. In accordance with the terms of your Offer Letter, 647,000 shares (which is equal to 12 months of vesting) will become vested as an additional severance benefit. Subject to Section 3(b) below, the Company will retain its right to repurchase your remaining 1,401,834 unvested shares pursuant to the February 2017 Agreement. In addition, if the Company facilitates a program whereby it agrees to repurchase employee owned shares of Common Stock, or if the Company facilitates a program for the resale of employee owned Common Stock (in each case, a “Secondary Market Resale Program”), in either case prior to the eighteen (18) month anniversary of the Separation Date, then the Company agrees that you shall be permitted to participate in such a Secondary Market Resale Program on terms no less favorable than those applicable to the Company’s employees.
Accelerated Vesting of Stock. In the event that Key Executive becomes entitled to severance benefits by reason of the termination of his employment under the terms and conditions of that certain Key Executive Severance Agreement dated July 10, 1990, between Key Executive and Company, (the "Severance Agreement") then and in such event, Key Executive shall be entitled to receive any shares of stock awarded to him, but not yet vested and delivered, pursuant to any and all Annual Incentive Plans heretofore or hereafter adopted by Company and under which Key Executive is a Participant; provided, however, that this award of stock shall be subject to the overall limit contained in Section 2.3 of the Key Executive Severance Agreement Pension and SERP Supplement, dated July 10, 1990 and entered into by Key Executive and the Company.
