Common use of Stock Acceleration Clause in Contracts

Stock Acceleration. If the Change in Control Date occurs during the Term, then, effective upon the Change in Control Date and upon termination without Cause or for Good Reason, (a) each outstanding option to purchase shares of Common Stock of the Company held by the Executive shall become immediately exercisable in full and will no longer be subject to a right of repurchase by the Company, (b) each outstanding restricted stock award shall be deemed to be fully vested and will no longer be subject to a right of repurchase by the Company and (c) notwithstanding any provision in any applicable option agreement to the contrary, each such option shall continue to be exercisable by the Executive (to the extent such option was exercisable on the Date of Termination) for the duration of the term set forth in the stock option agreement applicable to such options as if termination of employment had not occurred.

Appears in 2 contracts

Samples: Executive Retention Agreement (Idx Systems Corp), Executive Retention Agreement (Idx Systems Corp)

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Stock Acceleration. If the Change in Control Date occurs during the Term, then, effective upon the Change in Control Date and upon termination without Cause or for Good ReasonDate, (a) each outstanding option to purchase shares of Common Stock of the Company held by the Executive (or Executive’s heirs) shall become immediately exercisable in full and shares of Common Stock of the Company received upon exercise of any options will no longer be subject to a right of repurchase by the Company, (b) each outstanding restricted stock award or restricted stock unit shall be deemed to be fully vested and will no longer be subject to a right of repurchase by the Company and (c) notwithstanding any provision in any applicable option agreement to the contrary, each such option shall continue to be exercisable by the Executive (to the extent such option was exercisable on the Date of Termination) for until the duration earlier of (i) a period of six months following the term set forth in Date of Termination and (ii) the stock option agreement applicable to original expiration date of such options as if termination of employment had not occurredoption.

Appears in 2 contracts

Samples: Executive Severance and Retention Agreement (Oclaro, Inc.), Executive Severance and Retention Agreement (Oclaro, Inc.)

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Stock Acceleration. If the Change in Control Date occurs during the Term, then, effective upon the Change in Control Date and upon termination without Cause or for Good Reasonthe Executive’s death, (a) each outstanding option to purchase shares of Common Stock of the Company held by the Executive (or Executive’s heirs) shall become immediately exercisable in full and shares of Common Stock of the Company received upon exercise of any options will no longer be subject to a right of repurchase by the Company, (b) each outstanding restricted stock award or restricted stock unit shall be deemed to be fully vested and will no longer be subject to a right of repurchase by the Company and (c) notwithstanding any provision in any applicable option agreement to the contrary, each such option shall continue to be exercisable by the Executive (to the extent such option was exercisable on the Date of Termination) for a period of six months following the duration Date of the term set forth in the stock option agreement applicable to such options as if termination of employment had not occurredTermination.

Appears in 1 contract

Samples: Executive Severance and Retention Agreement (Bookham, Inc.)

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