Common use of Eligibility and Type of Awards Clause in Contracts

Eligibility and Type of Awards. Prior to the Effective Date, Ruthigen shall create and Oculus shall approve the Ruthigen, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan, consistent with the general principles described herein and in the form attached as Exhibit A hereto (the “Equity Plan”). The Equity Plan provides for the grant to employees, directors and consultants of Ruthigen of Common Stock, stock options and other Stock-Based Awards (as defined in the Equity Plan) issuable for Common Stock; provided, however, restricted stock units (a form of Stock-Based Award under the Equity Plan, “RSUs”) and stock options shall be the only form of equity that may be granted pursuant to Section 3.3(b) below on the Post Closing Grant Date (as defined below) and stock options shall be the only form of equity that may be granted thereafter. All RSUs and stock options shall be subject to vesting schedules of not less than three years on a quarterly basis, vesting ratably for the applicable vesting period, unless otherwise set forth in this Section 3.3. In addition, at the sole discretion of the Ruthigen board of directors, the vesting of any awards granted under the Equity Plan may be accelerated (a) for any grantee upon a change of control, and (b) for any key employee if the key employee (X) is terminated by Ruthigen without “Cause” (as defined in the Equity Plan, except that for employment agreements entered into prior to the date of this Agreement, the definitions of “Cause” set forth in such employment agreements shall govern, or (Y) terminates his employment for “good reason,” (as defined in such grantee’s employment agreement), in each case (X) or (Y) other than due to the death or disability of the grantee. Ruthigen shall withhold (or cause to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to any award granted under the Equity Plan such federal, state and local income, employment, or other taxes as shall be required to be withheld pursuant to any applicable law or regulation.

Appears in 3 contracts

Samples: Separation Agreement (Oculus Innovative Sciences, Inc.), Separation Agreement (Oculus Innovative Sciences, Inc.), Separation Agreement (Ruthigen, Inc.)

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Eligibility and Type of Awards. Prior to the Effective Date, Ruthigen shall create and Oculus shall approve the Ruthigen, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan, consistent with the general principles described herein and in the form attached as Exhibit A hereto (the “Equity Plan”). The Equity Plan provides for the grant to employees, directors and consultants of Ruthigen of Common Stock, stock options and other Stock-Based Awards (as defined in the Equity Plan) issuable for Common Stock; provided, however, restricted stock units (a form of Stock-Based Award under the Equity Plan, “RSUsPlan,“RSUs”) and stock options shall be the only form of equity that may be granted pursuant to Section 3.3(b) below on the Post Closing Grant Date (as defined below) and stock options shall be the only form of equity that may be granted thereafter. All RSUs and stock options shall be subject to vesting schedules of not less than three years on a quarterly basis, vesting ratably for the applicable vesting period, unless otherwise set forth in this Section 3.3. In addition, at the sole discretion of the Ruthigen board of directors, the vesting of any awards granted under the Equity Plan may be accelerated (a) for any grantee upon a change of control, and (b) for any key employee if the key employee (X) is terminated by Ruthigen without “Cause” (as defined in the Equity Plan, except that for employment agreements entered into prior to the date of this Agreement, the definitions of “Cause” set forth in such employment agreements shall govern, or (Y) terminates his employment for “good reason,” (as defined in such grantee’s employment agreement), in each case (X) or (Y) other than due to the death or disability of the grantee. Ruthigen shall withhold (or cause to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to any award granted under the Equity Plan such federal, state and local income, employment, or other taxes as shall be required to be withheld pursuant to any applicable law or regulation.

Appears in 1 contract

Samples: Separation Agreement (Ruthigen, Inc.)

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