Common use of SPECIAL RIGHT OF EMPLOYEE UNDER CERTAIN CIRCUMSTANCES Clause in Contracts

SPECIAL RIGHT OF EMPLOYEE UNDER CERTAIN CIRCUMSTANCES. During the term of this Agreement, if the Employer or the Parent is involved in a merger, consolidation or other business combination in which the Employer or the Parent is not the surviving and controlling entity and the Employee is required to relocate outside out of the State in which the Employee resides at the time of the merger, consolidation or other business combination in a manner not mutually acceptable to Employee and Employer, then Employee shall have the following rights: A) To terminate this Agreement with 30 days prior notice, in which event Employer shall pay Employee an amount equal to one year's salary at the Employee's current rate and B) All options granted shall, to the extent not specifically prohibited by the stock option plan then in effect, vest immediately and be exercisable within one year of the termination notice provided in A above.

SPECIAL RIGHT OF EMPLOYEE UNDER CERTAIN CIRCUMSTANCES. During the term of this Agreement, if the Employer or the Parent is involved in a merger, consolidation or other business combination in which the Employer or the Parent is not the surviving and controlling entity and the Employee is required to relocate outside out of the State in which the Employee resides at the time of the merger, consolidation or other business combination in a manner not mutually acceptable to Employee and Employer, then Employee shall have the following rights: A) To terminate this Agreement with 30 days prior notice, in which event Employer shall pay Employee an amount equal to one year's salary at the Employee's current rate and B) All options granted shall, to the extent not specifically prohibited by the stock option plan then in effect, vest immediately and be exercisable within one year of the termination notice provided in A above.