Common use of Accelerated Vesting Due to Acquisition Clause in Contracts

Accelerated Vesting Due to Acquisition. In the event an Acquisition that is not a Private Transaction occurs while the Optionee maintains a Business Relationship with the Company and this option has not fully vested, this option shall become exercisable for one-quarter of the Shares (in addition to any Shares already vested), such vesting to occur immediately prior to the closing of the Acquisition, with vesting to continue after the closing at the rate/number set forth on the cover page as to the remainder of the Shares subject to vesting and on the same vesting dates, provided that the Optionee continuously maintains a Business Relationship with the Company or its successor through the applicable vesting dates.

Appears in 3 contracts

Samples: Phase Forward Incorporated (Phase Forward Inc), Incentive Stock Option Agreement (Phase Forward Inc), Phase Forward Inc

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Accelerated Vesting Due to Acquisition. In the event an Acquisition that is not a Private Transaction occurs while the Optionee maintains a Business Relationship with the Company and this option has not fully vested, this option shall become exercisable for one-quarter [accelerated vesting percentage, if any] of the number of Shares (in addition subject to any Shares already vested)this option, such vesting to occur immediately prior to the closing of the Acquisition, with vesting to continue after the closing at the rate/number set forth on the cover page as to the remainder of the Shares subject to vesting at the same rate and on the same vesting datesdates as in effect prior to the closing, provided that the Optionee continuously maintains a Business Relationship with the Company or its successor through the applicable vesting dates.

Appears in 2 contracts

Samples: Non Qualified Stock Option Agreement (World Surveillance Group Inc.), Non Qualified Stock Option Agreement (World Surveillance Group Inc.)

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Accelerated Vesting Due to Acquisition. In the event an Acquisition that is not a Private Transaction occurs while the Optionee maintains a Business Relationship with the Company and this option has not fully vested, this option shall become exercisable for one-quarter [accelerated vesting percentage, if any] of the number of Shares (in addition subject to any Shares already vested)this option, such vesting to occur immediately prior to the closing of the Acquisition, with vesting to continue after the closing at the rate/number set forth on the cover page as to the remainder of the Shares subject to vesting vesting, if any, at the same rate and on the same vesting datesdates as in effect prior to the closing, provided that the Optionee continuously maintains a Business Relationship with the Company or its successor through the applicable vesting dates.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (World Surveillance Group Inc.), Incentive Stock Option Agreement (World Surveillance Group Inc.)

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