Common use of Stock Option and Restricted Stock Awards Clause in Contracts

Stock Option and Restricted Stock Awards. Subject to the timely execution and non-revocation of the Release in accordance with Section 10 below, there shall be a 12 month acceleration of vesting for those stock options and shares of restricted stock held by the Executive and outstanding as of the Separation Date (and, accordingly, such restricted stock and stock options shall immediately become vested and/or exercisable, and all forfeiture restrictions shall lapse, as of the Release Effective Date), and the Executive shall be entitled to exercise his vested stock options during the 12 month period immediately following the Release Effective Date (or, if earlier, the expiration of such stock options pursuant to their terms). The remaining unvested stock options (the “Retained Options”) and shares of restricted stock (the “Retained Restricted Shares”) held by the Executive as of the Separation Date will be treated in accordance with Section 4(b) below. Except as set forth in this Section 3, each of these stock options and shares of restricted stock shall otherwise remain subject in all respects to the restrictions of the applicable stock option grant or stock bonus award agreements between the Executive and the Company and the Amended and Restated 2002 Equity Incentive Plan.

Appears in 1 contract

Samples: Separation Agreement (Impax Laboratories Inc)

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Stock Option and Restricted Stock Awards. Subject to If Executive executes, delivers, and does not revoke this Release within the timely execution and non-revocation of the Release time set forth in accordance with Section 10 13 below, then (i) there shall be [a 12 month acceleration of vesting vesting] for those stock options and shares of restricted stock held by the Executive described in Table 1 of Exhibit A hereof [and outstanding as of the Separation Date (and, accordingly, such restricted stock and stock options shall immediately become vested and/or exercisable, and all forfeiture restrictions shall lapse, as of the Release Effective Date), and the Executive shall be entitled to exercise his vested such stock options described in Table 1 of Exhibit A hereof during the 12 month period immediately following the Release Effective Date Termination Date, and (or, if earlier, the expiration of such ii) Executive shall be entitled to exercise those vested stock options pursuant to their terms)described in Table 2 of Exhibit A hereof during the 12 month period immediately following the Termination Date]. The remaining unvested stock options (the “Retained Options”) and shares of restricted stock (the “Retained Restricted Shares”) held by the Executive as of the Separation Date will be treated in accordance with Section 4(b) below. Except as set forth in this Section 3, each Each of these stock options and shares of restricted stock shall otherwise remain subject in all respects to the restrictions of the applicable stock option grant or stock bonus award agreements between the Executive and the Company and the Amended and Restated 2002 Equity Incentive Plan. Except as set forth in this Section 3(e) and Exhibit A; all other stock options and shares of restricted stock held by Executive that are unvested shall terminate and be forfeited.]

Appears in 1 contract

Samples: Employment Agreement (Impax Laboratories Inc)

Stock Option and Restricted Stock Awards. Subject to the timely execution and non-revocation of the Release becoming irrevocable in accordance with Section 10 12 below, (i) there shall be a 12 month acceleration of vesting for those stock options and shares of restricted stock held by the Executive and outstanding as described in Table 1 of the Separation Date Exhibit B hereof (and, accordingly, such the restricted stock and stock options described therein shall immediately become vested and/or exercisable, and all forfeiture restrictions shall lapse, as of the Release Effective Date), and (ii) the Executive shall be entitled to exercise his vested stock options during the 12 month period immediately following the Release Effective Date (or, if earlier, the expiration of such stock options pursuant to their terms). The remaining unvested stock options (the “Retained Options”) and shares of restricted stock (the “Retained Restricted Shares”) held by the Executive as of the Separation Date will be treated in accordance with Section 4(b) below. Except as set forth in this Section 3, each Each of these stock options and shares of restricted stock shall otherwise remain subject in all respects to the restrictions of the applicable stock option grant or stock bonus award agreements between the Executive and the Company and the Amended and Restated 2002 Equity Incentive Plan. Except as set forth in this Section 3(e) and Exhibit B, all other stock options and shares of restricted stock held by the Executive that are unvested as of the Release Effective Date shall terminate and be forfeited.

Appears in 1 contract

Samples: General Release and Waiver (Impax Laboratories Inc)

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Stock Option and Restricted Stock Awards. Subject to If Executive executes, delivers, and does not revoke this Release within the timely execution and non-revocation of the Release time set forth in accordance with Section 10 13 below, then (i) there shall be a 12 month acceleration of vesting for those stock options and shares of restricted stock held by the Executive described in Table 1 of Exhibit A hereof and outstanding as of the Separation Date (and, accordingly, such restricted stock and stock options shall immediately become vested and/or exercisable, and all forfeiture restrictions shall lapse, as of the Release Effective Date), and the Executive shall be entitled to exercise his vested such stock options described in Table 1 of Exhibit A hereof during the 12 month period immediately following the Release Effective Date Termination Date, and (or, if earlier, the expiration of such ii) Executive shall be entitled to exercise those vested stock options pursuant to their terms)described in Table 2 of Exhibit A hereof during the 12 month period immediately following the Termination Date. The remaining unvested stock options (the “Retained Options”) and shares of restricted stock (the “Retained Restricted Shares”) held by the Executive as of the Separation Date will be treated in accordance with Section 4(b) below. Except as set forth in this Section 3, each Each of these stock options and shares of restricted stock shall otherwise remain subject in all respects to the restrictions of the applicable stock option grant or stock bonus award agreements between the Executive and the Company and the Amended and Restated 2002 Equity Incentive Plan. Except as set forth in this Section 3(e) and Exhibit A; all other stock options and shares of restricted stock held by Executive that are unvested shall terminate and be forfeited.

Appears in 1 contract

Samples: General Release and Waiver (Impax Laboratories Inc)

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