Common use of Acceleration and Vesting of Stock Options Clause in Contracts

Acceleration and Vesting of Stock Options. All of the stock options granted to the Employee under the stock option plan of the Company or any of its subsidiary companies shall become immediately exercisable and vested and shall remain exercisable for a period of twelve months from the date of termination of the Employee if after the first anniversary of the Effective Date (i) the Board of Directors of the Company shall fail at any given time to elect the Employee as a Vice-President of the Company or to an executive position possessing comparable duties and responsibilities or (ii) should the Company discharge the Employee from his right and duty to perform services hereunder at any time without cause. Notwithstanding any of the foregoing, under no circumstances shall an option remain exercisable for more than 10 years after the date it was granted.

Acceleration and Vesting of Stock Options. All of the stock options granted to the Employee under the stock option plan of the Company or any of its subsidiary companies shall become immediately exercisable and vested and shall remain exercisable for a period of twelve months from the date of termination of the Employee if after the first anniversary of the Effective Date (i) the Board of Directors of the Company shall fail at any given time to elect the Employee as a Vice-President of the Company and Chief Executive Officer or to an executive position possessing comparable duties and responsibilities or responsibilities, (ii) should the Company discharge the Employee from his right and duty to perform services hereunder at any time without causecause or (iii) should the Employee terminate his employment for good reason. Notwithstanding any of the foregoing, under no circumstances shall an option remain exercisable for more than 10 years after the date it was granted.