Common use of Termination Vesting; Liquidity Event Vesting Clause in Contracts

Termination Vesting; Liquidity Event Vesting. (i) If, within the 12-month period following the date of a Change in Control, the Optionee becomes entitled to receive severance payments pursuant to Section 4(b) of the Employment Agreement and Optionee executes and does not revoke any release agreement that is required under the Employment Agreement, any and all unvested Time Options shall become fully vested. Notwithstanding anything herein to the contrary, no unvested Time Options shall vest pursuant to this Section 2.1(b)(i) if the Administrator determines that the Deemed Internal Rate of Return was less than 20% as of the effective date of such Change in Control. (ii) Any and all unvested Time Options shall become fully vested at the effective time of the first Liquidity Event.