Common use of Accelerated Vesting Clause in Contracts

Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve (12) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately prior to or within twelve (12) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 7 contracts

Samples: Executive Employment Agreement (Seattle Genetics Inc /Wa), Executive Employment Agreement (Seattle Genetics Inc /Wa), Executive Employment Agreement (Seattle Genetics Inc /Wa)

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Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve (12) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately prior to or within twelve (12) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 7 contracts

Samples: Executive Employment Agreement (Seattle Genetics Inc /Wa), Executive Employment Agreement (Seattle Genetics Inc /Wa), Executive Employment Agreement (Seattle Genetics Inc /Wa)

Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve (12) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately within three (3) months prior to or within twelve eighteen (1218) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 5 contracts

Samples: Executive Employment Agreement (Seagen Inc.), Executive Employment Agreement (Seagen Inc.), Executive Employment Agreement (Seagen Inc.)

Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve (12) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately prior to or within twelve (12) months 187018506 v8 after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 1 contract

Samples: Executive Employment Agreement (Seattle Genetics Inc /Wa)

Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve (12) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately prior to or within twelve (12) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section the preceding sentence shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section. Unless specifically provided otherwise in the applicable equity award agreement, in the event of a Change of Control (as defined below), in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, the vesting of all equity awards granted by the Company to Executive shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Change of Control, to the extent that such equity awards are outstanding and unvested immediately prior to the date of such Change of Control.

Appears in 1 contract

Samples: Executive Employment Agreement (Seattle Genetics Inc /Wa)

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Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executive’s employment is terminated due to an Involuntary Termination, the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve eighteen (1218) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately within three (3) months prior to or within twelve eighteen (1218) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 1 contract

Samples: Executive Employment Agreement (Seagen Inc.)

Accelerated Vesting. Unless specifically provided otherwise in the applicable equity award agreement, in addition to any other right of acceleration that may be provided pursuant to any equity award plan or agreement pursuant to which Executive has been granted an equity award by the Company, if Executiveexecutive’s employment is terminated due to an Involuntary Termination, (a) the vesting of any equity awards granted by the Company to Executive shall accelerate such that such equity awards shall become vested as to an additional twelve eighteen (1218) months, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary Termination; provided that if such Involuntary Termination occurs immediately within three (3) months prior to or within twelve eighteen (1218) months after a Change of Control (as defined below), then the vesting of all such equity awards shall be accelerated completely so that such equity awards shall become fully vested, effective as of the date of such Involuntary Termination, to the extent that such equity awards are outstanding and unvested as of the date of such Involuntary TerminationTermination (but the Performance Options shall be performance earned or forfeited on a Change in Control, and the vesting in this Section 4.1 shall not apply to any forfeited amounts) and (b) the exercisability of any outstanding, vested option awards (after taking into account clause (a)) granted by the Company to Executive shall extend until the earlier of (i) eighteen (18) months after the date of such Involuntary Termination and (ii) the expiration date of such option award. For the avoidance of any doubt, this Section shall prevail over any provision in an equity award agreement providing that unvested equity awards shall terminate or be forfeited as of the date of such termination, and any such provision shall be inoperative to the extent it is in conflict with this Section.

Appears in 1 contract

Samples: Executive Employment Agreement (Seagen Inc.)

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