Common use of Partial Acceleration Clause in Contracts

Partial Acceleration. During the term of this Agreement, if any of the events described in Section 2 constituting a Change in Control shall have occurred which Change of Control was not approved by a vote of a majority of the board of directors of Leap, and you are employed by the Company at any time during the period commencing 90 days prior to such Change in Control (or, if earlier, commencing on the date on which Leap enters into an agreement that provides for such Change in Control), and ending on such Change in Control, then: (i) immediately prior to such Change in Control: (A) each of your Unvested Awards (as defined below) shall become immediately vested and exercisable as to 50% of the shares subject to such Unvested Award (or each installment thereof), and all repurchase, transfer and other restrictions with respect to the stock issued pursuant to each of your Unvested Awards (or each installment thereof) shall immediately lapse and terminate as to 50% of the shares, and (B) all of your Deferred Compensation (as defined below) shall become immediately vested as to all amounts deferred thereunder, and (ii) upon the first anniversary of such Change in Control, if you are then employed by the Company, your Unvested Awards shall become immediately vested and exercisable as to all shares subject thereto, and all repurchase, transfer and other restrictions with respect to the stock issued pursuant to your Unvested Awards shall immediately lapse and terminate as to all shares subject thereto.

Appears in 9 contracts

Samples: Control Agreement (Leap Wireless International Inc), Leap Wireless International Inc, Leap Wireless International Inc

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.