Common use of Acceleration of Vesting of Stock Awards Clause in Contracts

Acceleration of Vesting of Stock Awards. Except as may be otherwise agreed to by the Executive, all stock option and similar agreements with the Executive evidencing the grant of a stock option or other award under the Company’s 2001 Stock Incentive Plan or any successor or replacement plan will provide that (i) the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the Change of Control Date, and (ii) in the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, but in no event longer that the end of the regular term thereof (determined without regard to the Executive’s cessation of employment) to exercise the stock options.

Appears in 7 contracts

Samples: Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc)

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Acceleration of Vesting of Stock Awards. Except as may be otherwise agreed to by the Executive, all stock option and similar agreements with the Executive evidencing the grant of a stock option or other award under the Company’s 2001 Stock Incentive Plan Plan, or any successor or replacement plan plan, will provide that (i) the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the Change of in Control Date, and (ii) in the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, but in no event longer that the end of the regular term thereof (determined without regard to the Executive’s cessation of employment) to exercise the stock optionsoption.

Appears in 4 contracts

Samples: Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc)

Acceleration of Vesting of Stock Awards. Except as may be otherwise agreed to by the Executive, all stock option and similar agreements with the Executive evidencing the grant of a stock option or other award under the Company’s 2001 's Stock Incentive Plan Plan, or any successor or replacement plan plan, will provide that (i) the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the Change of in Control Date, and (ii) in the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, but in no event longer that the end of the regular term thereof (determined without regard to the Executive’s cessation of employment) to exercise the stock optionsoption.

Appears in 3 contracts

Samples: Employment Agreement (Virginia Financial Corp), Employment Agreement (Virginia Financial Corp), Employment Agreement (Virginia Financial Corp)

Acceleration of Vesting of Stock Awards. Except as may be otherwise agreed to by the ExecutiveEmployee, all stock option and similar agreements with the Executive Employee evidencing the grant of a stock option or other award under the Company’s 2001 2006 Stock Incentive Plan or any successor or replacement plan will provide that (i) the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the Change of Control Date, and (ii) in the case of stock options, the Executive Employee will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, but in no event longer that the end of the regular term thereof (determined without regard to the ExecutiveEmployee’s cessation of employment) to exercise the stock options.

Appears in 2 contracts

Samples: Change of Control Agreement (Central Virginia Bankshares Inc), Change of Control Agreement (Central Virginia Bankshares Inc)

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Acceleration of Vesting of Stock Awards. Except as may be otherwise agreed to by the Executive, all stock option and similar agreements with the Executive evidencing the grant of a stock option or other award under the Company’s 2001 2006 Stock Incentive Plan or any successor or replacement plan will provide that (i) the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the Change of Control Date, and (ii) in the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, but in no event longer that the end of the regular term thereof (determined without regard to the Executive’s cessation of employment) to exercise the stock options.

Appears in 2 contracts

Samples: Employment Agreement (Central Virginia Bankshares Inc), Employment Agreement (Middleburg Financial Corp)

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