Common use of Upon Termination Without Cause or For Good Reason Clause in Contracts

Upon Termination Without Cause or For Good Reason. Except as set forth in Section 4.4(a) above, in which case the terms of Section 4.4(a) shall apply, if the Employee’s employment is terminated during the Term by the Company without Cause or by the Employee for Good Reason, then, (i) with respect to any restricted stock held by the Employee on the Date of Termination, the vesting of such restricted stock shall accelerate by 12 months and (ii) with respect to each outstanding option to purchase shares of Common Stock of the Company held by the Employee on the Date of Termination, (A) the vesting of each such option shall accelerate by 12 months and (B) the vested portion of such option shall remain exercisable during the Extension Period (as defined below).

Appears in 3 contracts

Samples: Retention Agreement (Applix Inc /Ma/), Retention Agreement (Applix Inc /Ma/), Retention Agreement (Applix Inc /Ma/)

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Upon Termination Without Cause or For Good Reason. Except as set forth in Section 4.4(a) above, in which case the terms of Section 4.4(a) shall apply, if the Employee’s employment is terminated during the Term by the Company without Cause or by the Employee for Good Reason, then, (i) with respect to any restricted stock held by the Employee on the Date of Termination, the vesting of such restricted stock shall accelerate by 12 18 months and (ii) with respect to each outstanding option to purchase shares of Common Stock of the Company held by the Employee on the Date of Termination, (A) the vesting of each such option shall accelerate by 12 18 months and (B) the vested portion of such option shall remain exercisable during the Extension Period (as defined below).

Appears in 1 contract

Samples: Retention Agreement (Applix Inc /Ma/)

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Upon Termination Without Cause or For Good Reason. Except as set forth in Section 4.4(a) above, in which case the terms of Section 4.4(a) shall apply, if the Employee’s 's employment is terminated during the Term by the Company without Cause or by the Employee for Good Reason, then, (i) with respect to any restricted stock held by the Employee on the Date of Termination, the vesting of such restricted stock shall accelerate by 12 [CEO: 18; Other Officers: 12] months and (ii) with respect to each outstanding option to purchase shares of Common Stock of the Company held by the Employee on the Date of Termination, (A) the vesting of each such option shall accelerate by 12 [CEO: 18; Other Officers: 12] months and (B) the vested portion of such option shall remain exercisable during the Extension Period (as defined below).

Appears in 1 contract

Samples: Retention Agreement (Applix Inc /Ma/)

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