Other Accelerated Vesting Sample Clauses
The 'Other Accelerated Vesting' clause defines circumstances under which unvested equity or benefits become fully vested ahead of the original schedule. Typically, this clause applies in situations such as a change of control, company acquisition, or termination without cause, where employees or stakeholders would otherwise lose unvested rights. Its core function is to protect individuals from losing potential benefits due to events outside their control, ensuring fairness and incentivizing retention during significant corporate changes.
Other Accelerated Vesting. Notwithstanding section 5 above, in the event that the Participant’s employment under the Employment Agreement terminates prior to the Expiry Date due to his death or Disability (as such term is defined in the Employment Agreement), or in the event that the Participant’s employment under the Employment Agreement is terminated prior to the Expiry Date in a termination governed by Section 8(d), 8(e) or 8(g) of the Employment Agreement (relating to terminations without cause or non-extension of the Employment Agreement by the Company) but not governed by section 6 above, the Options shall immediately become fully vested and exercisable to the extent that such Options were then scheduled to become vested or exercisable on or before the first anniversary of the Termination Date and shall remain exercisable until the earlier of (x) one year following the Termination Date and (y) the Expiry Date.
Other Accelerated Vesting. Notwithstanding section 5 above, in the event that the Participant’s employment under the Employment Agreement is terminated prior to the Expiry Date in a termination governed by Section 4, 6(d) or 6(f) of the Employment Agreement (relating to terminations without cause or non-extension of the Employment Agreement by the Company or NPI) but not governed by section 6 of this Award Agreement above, the Options shall immediately become fully vested and exercisable to the extent that such Options were then scheduled to become vested or exercisable on or before the second anniversary of the Termination Date and shall remain exercisable until the earlier of (x) one hundred and twenty (120) days following the Termination Date and (y) the Expiry Date.
Other Accelerated Vesting. Vesting and exercisability of this Option may be accelerated or extended during the term of the Option under the circumstances described in Section 9 of this Agreement, and at the discretion of the Committee in accordance with Sections 3.2 and 11.2 of the Plan.