Common use of Full Equity Vesting Clause in Contracts

Full Equity Vesting. The Company will accelerate the vesting and exercisability of all unvested and unexercisable equity awards made pursuant to any Stock Plan . Any option (or portion thereof) that vests pursuant to this provision shall terminate at 5:00 p.m. (local Virginia time) on the 90th calendar day following the date such option (or portion thereof) vests pursuant to this Agreement or, if earlier, at their original term (the “Equity Cancellation Date”). Any terminated option shall be cancelled and shall have no further force or effect. Any Stock Plan awards of performance-based restricted stock or restricted stock units shall be settled as if all performance criteria had been satisfied at target levels. Except as expressly provided herein, the terms of the Stock Plan and applicable award agreements shall govern all of Employee’s outstanding Stock Plan awards. If Employee materially breaches this Agreement or the Release, all outstanding and unvested Stock Plan awards shall be forfeited except as otherwise provided by the Committee.

Appears in 2 contracts

Samples: Employment Agreement (RCN Corp /De/), Employment Agreement (RCN Corp /De/)

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Full Equity Vesting. The Company will accelerate the vesting and exercisability of all unvested and unexercisable equity awards made pursuant to any Stock Plan Plan. Any option (or portion thereof) that vests pursuant to this provision shall terminate at 5:00 p.m. (local Virginia time) on the 90th calendar day following the date such option (or portion thereof) vests pursuant to this Agreement or, if earlier, at their original term (the “Equity Cancellation Date”). Any terminated option shall be cancelled and shall have no further force or effect. Any Stock Plan awards of performance-based restricted stock or restricted stock units shall be settled as if all performance criteria had been satisfied at target levels. Except as expressly provided herein, the terms of the Stock Plan and applicable award agreements shall govern all of Employee’s outstanding Stock Plan awards. If Employee materially breaches this Agreement or the Release, all outstanding and unvested Stock Plan awards shall be forfeited except as otherwise provided by the Committee.

Appears in 2 contracts

Samples: Employment Agreement (RCN Corp /De/), Employment Agreement (RCN Corp /De/)

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