Common use of Equity Acceleration Clause in Contracts

Equity Acceleration. (1) Subject to paragraph (2) below, upon the date of the Termination Event: (A) All stock options held by the Executive that are not otherwise vested as of that date shall become immediately vested and exercisable notwithstanding any vesting provisions in the grant of those options; and (B) Any restrictions on the restricted stock held by the Executive shall immediately lapse. (2) The Board may exclude any particular grant of stock options or restricted stock from the acceleration provisions of paragraph (1) above, but only as follows: (A) Any current grants as of the Effective Date that are to be excluded must be listed in a separate appendix to this Agreement. (B) Any grants made after the Effective Date will be excluded only if the exclusion is made at the time the grant is made.