Common use of Hostile Takeover Clause in Contracts

Hostile Takeover. Subject to Section 7(l) below, in the event of a Hostile Takeover and regardless of whether the Employee's employment with the Company is terminated in connection with such takeover, each stock option granted for the Company's securities held by the Employee shall become immediately exercisable and vested, and shall be considered "Vested Shares" under each such stock option, on the effective date of the Hostile Takeover as to 100% of the shares issuable upon exercise of such option and shall be exercisable in full in accordance with the provisions of the Option Agreement and Plan pursuant to which such option was granted; and the Company's right of repurchase with respect to such shares and any shares previously issued upon exercise of stock options held by the Employee shall immediately lapse on such date.

Hostile Takeover. Subject to Section 7(l) below, in the ---------------- event of a Hostile Takeover and regardless of whether the Employee's employment with the Company is terminated in connection with such takeover, each stock option granted for the Company's securities held by the Employee shall become immediately exercisable and vested, and shall be considered "Vested Shares" under each such stock option, on the effective date of the Hostile Takeover as to 100% of the shares issuable upon exercise of such option and shall be exercisable in full in accordance with the provisions of the Option Agreement and Plan pursuant to which such option was granted; and the Company's right of repurchase with respect to such shares and any shares previously issued upon exercise of stock options held by the Employee shall immediately lapse on such date.