Common use of Qualified Public Offering Clause in Contracts

Qualified Public Offering. Notwithstanding anything to the contrary in Section 1(a)(ii) above, if the Company consummates a Public Offering prior to the date on which the Option has otherwise become exercisable with respect to all of the Option Shares, the Option will vest and become exercisable immediately prior to consummation of such Public Offering with respect to 50% of the unvested Option Shares, if such Public Offering is a Qualified Public Offering, and with respect to 25% of the unvested Option Shares, if such Public Offering is a Non-Qualified Public Offering, so long as the Executive is, and has been continuously, employed by the Company or any Subsidiary from the date hereof through the date of the consummation of such Public Offering. All Option Shares which remain unvested after application of the preceding sentence shall vest monthly on a pro rata basis over the remainder of the Vesting Period commencing on the date of the consummation of the Public Offering (or, if later, the Six-Month Date) so long as the Executive is, and has been continuously, employed by the Company or any Subsidiary thereof from the date hereof through such date (with the cumulative percentage of Option Shares vested on any given date based on the number of complete calendar months elapsed since the Public Offering).

Qualified Public Offering. Notwithstanding anything to the contrary in Section 1(a)(iil(a)(ii) above, if the Company consummates a Public Offering prior to the date on which the Option has otherwise become exercisable with respect to all of the Option Shares, the Option will vest and become exercisable immediately prior to consummation of such Public Offering with respect to 50% of the unvested Option Shares, if such Public Offering is a Qualified Public Offering, and with respect to 25% of the unvested Option Shares, if such Public Offering is a Non-Qualified Public Offering, so long as the Executive is, and has been continuously, employed by the Company or any Subsidiary from the date hereof through the date of the consummation of such Public Offering. All Option Shares which remain unvested after application of the preceding sentence shall vest monthly on a pro rata basis over the remainder of the Vesting Period commencing on the date of the consummation of the Public Offering (or, if later, the Six-Month Date) so long as the Executive is, and has been continuously, employed by the Company or any Subsidiary thereof from the date hereof through such date (with the cumulative percentage of Option Shares vested on any given date based on the number of complete calendar months elapsed since the Public Offering).