Accelerated Termination and Forfeiture of Option; Company Repurchase Right Sample Clauses

Accelerated Termination and Forfeiture of Option; Company Repurchase Right. On the effective date of termination of this Agreement by the Company for Cause under Section 4(c) of this Agreement, or by the Executive under Section 4(e), as the case may be, (A) the Option shall immediately terminate and revert to the Company (including all vested but unexercised shares subject to the Option); and (B) any and all shares issued upon exercise of the Option on or prior to such effective date of termination or date of notice shall be subject to a repurchase right in favor of the Company at a purchase price equal to the exercise price of such shares.
Accelerated Termination and Forfeiture of Option; Company Repurchase Right. On the effective date of termination of this Agreement by the Company for Cause or by the Executive without Good Reason, or as of the date of notice by the Company to Executive that, in the good faith determination of the Board of Directors, Executive has breached his covenant not to compete contained herein, as the case may be, (A) the Option shall immediately terminate and revert to the Company (including all vested but unexercised shares subject to the Option); and (B) any and all shares issued upon exercise of the Option on or prior to such effective date of termination or date of notice shall be subject to a repurchase right in favor of the Company at a purchase price equal to the exercise price of such shares. (f) INCENTIVE PLANS. In addition to all other benefits and compensation provided by this Agreement, Executive shall be eligible to participate in such of the Company's equity, compensation and incentive plans as are generally available to any of the management executives of the Company, including without limitation any executive and performance bonus or incentive plans. (g) VACATION. Executive shall be entitled to such annual vacation time with full pay as the Company may provide in its standard policies and practices for any other management executives; provided, however, that in any event Executive shall be entitled to a minimum of fourteen (14) days annual paid vacation time.